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Dr. Muhammad Bilal Zafar

Associate Professor
Extension
NA
Email
bilal.zafar@iobm.edu.pk
Department
Accounting and Finance
Specialization
Finance / Islamic Finance

About

Dr. Muhammad Bilal Zafar holds a PhD from the University of Malaya, Malaysia, and completed his postdoctoral fellowship at Universiti Teknologi Malaysia, Malaysia. His research interests include Islamic finance, sustainable finance, ESG, banking stability, climate finance, and financial risk management. His research employs advanced econometric techniques, machine learning, natural language processing (NLP), and artificial intelligence to investigate contemporary issues in finance, banking, and economic development. His interdisciplinary research integrates financial theory with computational methods to examine emerging challenges in financial markets and institutions. He is particularly interested in developing data-driven approaches to understanding financial behaviour, institutional resilience, and sustainable economic development.
Academic Qualification
PhD Finance / Islamic Finance, University of Malaya, Malaysia - 2020 MS, National University of Modern Languages, Islamabad, Pakistan - 2015 BBA, National University of Modern Languages, Islamabad, Pakistan – 2012
Sustainable Finance, ESG, Climate Finance, Banking Stability and Risk Management, FinTech, AI / ML / NLP in Finance, Corporate Finance, Islamic Banking and Finance, Data Analytics

Zafar, M. B., & Ali, H. (2026). Sustainable talk, digital walk: ESG dynamics and stakeholder engagement in family firms. Business Strategy and the Environment. Advance online publication. https://doi.org/10.1002/bse.71358 [Scopus/WoS/Q1/ABDC-A/ABS-3 – Wiley]
Zafar, M. B., Ali, H., & Aysan, A. F. (2026). Signals from the noise: Decoding global AI discourse in central bank communications. Central Bank Review, 26, 100268. https://doi.org/10.1016/j.cbrev.2026.100268 [Scopus/WoS/Q1 – Elsvier]
Zafar, M. B., & Ali, H. (2026). Shariah governance standard on generative AI for Islamic financial institutions. Journal of Islamic Accounting and Business Research. Advance online publication. https://doi.org/10.1108/JIABR-03-2025-0141 [Scopus/WoS/Q2 – Emerald]

Zafar, M. B., Ali, A. J., & Abu-Hussin, M. F. (2026). Diverging paths to well-being: A cross-national hierarchical analysis of Islamic work ethic among working Muslims. International Journal of Psychology, 61, e70232. https://doi.org/10.1002/ijop.70232 [Scopus/WoS/Q1 – Wiley]
Zafar, M. B. (2026). Exploring the intellectual landscape of ROSCAs: A fifty-year bibliometric review. International Journal of Bank Marketing. https://doi.org/10.1108/IJBM-06-2025-0486 [Scopus/WoS/Q1 – Emerald]
Zafar, M. B. (2026). A domain specific BERT model for identifying AI disclosures in Islamic banking. Discover Analytics. 14(12). https://doi.org/10.1007/s44257-026-00061-w [Scopus – Springer]
Zafar, M. B. (2026). A computational mapping of global digital discourse on ChatGPT and the emergence of generative artificial intelligence. Discover Artificial Intelligence. https://doi.org/10.1007/s44163-026-01039-z [Scopus – Springer]
Zafar, M. B. (2026). Human capital disclosure in Islamic banks: A multi-method analysis using machine learning. Journal of Intellectual Capital. https://doi.org/10.1108/JIC-06-2025-0251 [Scopus/WoS/Q1 – Emerald]
Zafar, M. B. (2026). Talk or action? Unveiling the nature and depth of climate disclosures in Islamic banks using machine learning. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2026.100789 [Scopus/WoS/Q1 – Elsevier]
Zafar, M. B. (2026). From people to profits: Examining human capital efficiency in Islamic banking through machine learning. Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-026- 03230-0 [Scopus/Q1 – Springer]
Zafar, M. B., & Aziz, Y. (2026). Zakat and sustainable development goals: Does Islamic almsgiving reduce food insecurity? Food Ethics. https://doi.org/10.1007/s41055-025-00200-1 [Scopus/Q2 – Springer]
Zafar, M. B. (2026). CentralBank-BERT: Machine learning evidence on central bank digital currency discourse. Journal of Economics and Business. https://doi.org/10.1016/j.jeconbus.2026.106300 [Scopus/WoS/Q1 – Elsevier]
Zafar, M. B., Ali, A. J., & Abu-Hussin, M. F. (2026). Exploring Islamic work ethic in the workplace: A systematic literature review. Personnel Review. https://doi.org/10.1108/PR-08-2024-0720 [Scopus/WoS Q1 – Emerald]
Zafar, M. B., & Jafar, A. (2026). A meta-analytic structural equation model of Halal purchasing behavior: Extending the theory of planned behavior with religiosity. Current Psychology, 45, Article 630. https://doi.org/10.1007/s12144-026-09152-z [Scopus/WoS/Q1 – Springer]
Zafar, M. B. (2026). Corporate social responsibility in Islamic finance: A two-decade bibliometric analysis. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-12- 2024-0497 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B., & Jafar, A. (2026). Waqf over a century: Innovation and tradition in shaping social equity and sustainable development. International Journal of Sociology and Social Policy. https://doi.org/10.1108/IJSSP-12-2024-0625 [Scopus/WoS/Q1 – Emerald]
Zafar, M. B. (2026). Happiness, economic shocks, and household savings: A multi-country mixed- effects analysis. Journal of Family and Economic Issues. https://doi.org/10.1007/s10834-026-10076-w [Scopus/WoS/Q1 – Springer]
Sualeh Khattak, M., Zafar, M. B., Wong, Z. A. H., & Wong, H. A. (2026). Linking green intellectual capital and sustainable performance through a meta-analysis. Business Process Management Journal. https://doi.org/10.1108/BPMJ-10-2025-1608 [Scopus/WoS/Q1 – Emerald]
Abu-Hussin, M. F., Zafar, M. B., Hassan, A., & Junaidi, J. (2026). From religious obligation to market state: The politics of halal certification in Malaysia. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-12-2024-0672 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B. (2026). The longitudinal dynamics of the trade-off between environmental consciousness and economic growth. Discover Environment. https://doi.org/10.1007/s44274-026-00604-8 [Scopus/WoS – Springer]
Zafar, M. B., & Ali, H. (2026). Waqf as a socioeconomic institution and its governance and development for welfare and sustainability. Discover Global Society, 4, Article 58. https://doi.org/10.1007/s44282-026-00412-8 [Scopus – Springer]
Zafar, M. B. (2026). A computational mapping of global digital discourse on ChatGPT and the emergence of generative artificial intelligence. Discover Artificial Intelligence. https://doi.org/10.1007/s44163-026-01039-z [Scopus – Springer]
Zafar, M. B., Yasin, T., & Ali, H. (2025). Emerging technologies and Islamic finance: A bibliometric review. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-05-2025-0343 [Scopus/WoS/Q2 – Emerald]
Mehmood, U., & Zafar, M. B. (2025). Generative AI in facility management: A structural topic modeling (STM) review with qualitative synthesis. Journal of Facilities Management. https://doi.org/10.1108/JFM-04-2025-0054 [Scopus/WoS/Q3 – Emerald]
Zafar, M. B., & Mehmood, U. (2026). Understanding maintenance cost drivers in higher education: A multi-model econometric study. Built Environment Project and Asset Management. https://doi.org/10.1108/BEPAM-05-2025-0144 [Scopus/WoS/Q1 – Emerald]
Khattak, M. S., Zafar, M. B., Anwar, M., & Aziz, Y. (2025). Linking intellectual capital and firms’ internationalization through a meta-analysis. Journal of Intellectual Capital. https://doi.org/10.1108/JIC-04-2025-0147 [Scopus/WoS/Q1 – Emerald]
Zafar, M. B., & Shair, W. (2025). Community-driven financial practices: Socioeconomic determinants of interest-free ROSCAs in Muslim communities. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-11-2024-0462 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B., Jafar, A., & Ali, H. (2025). Corporate social responsibility and profitability in Islamic insurance firms: Insights from explainable AI. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-03-2025-0184 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B., & Mehmood, U. (2025). Climate policy enforcement and ESG alignment in green building startups. International Journal of Building Pathology and Adaptation. https://doi.org/10.1108/IJBPA-05-2025-0133 [Scopus/WoS/Q2 – Emerald]
Ali, H., Zafar, M. B., & Aysan, A. F. (2025). Generative AI in finance: Replicability, methodological contingencies, and future research directions. Finance Research Letters, 86, 108797. https://doi.org/10.1016/j.frl.2025.108797 [Scopus/WoS/Q1 – Elsevier]
Zafar, M. B., & Yasin, T. (2025). A meta-analysis of CSR disclosure in Islamic banks. Journal of Global Responsibility. https://doi.org/10.1108/JGR-12-2024-0241 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B., & Ali, H. (2025). Pathways to Economic Resilience: Assessing the Economic Diversification Efforts in the GCC Countries. Contemporary Review of the Middle East. https://doi.org/10.1177/23477989251369188 [Scopus/WoS/Q2 – Sage]
Zafar, M. B., & Abu-Hussin, M. F. (2025). Faith, growth, and ethics: cross-cultural analysis of religiosity and environment protection vis-a-vis economic priorities among Muslims. Journal of Environmental Psychology, 106, 102716. https://doi.org/10.1016/j.jenvp.2025.102716 [Scopus/WoS/Q1 – CABS 3 – Elsevier]
Qadri, H.M., Zafar, M. B., Ali H. & Tahir, M. (2025). Wealth, Wisdom, and the Will to Protect: An Examination of Socioeconomic Influences on Environmental Behavior. Social Indicator Research. https://doi.org/10.1007/s11205-025-03563-4 [Scopus/WoS/Q1 – Springer]
Zafar, M. B., & Abu-Hussin, M. F. (2025). Halal Purchasing Decisions and Consumer Behavior: A Multi-Method Review. Journal of Islamic Marketing. https://doi.org/10.1108/jima-08-2024-0365 [Scopus/WoS/Q1 – Emerald]
Jafar, A. & Zafar, M. B. (2025). Corporate Social Responsibility Disclosure in the Takaful Sector. International Journal of Ethics and Systems. https://doi.org/10.1108/ijoes-11-2024-0367 [Scopus/WoS/Q1 – Emerald]
Zafar, M. B., & Yasin, T. (2025). Intellectual capital and financial performance of Islamic banks: A meta-analysis. Accounting Research Journal. https://doi.org/10.1108/arj-07-2024-0245 [Scopus/WoS/Q2 – CABS 2 – Emerald]
Zafar, M. B., & Abu-Hussin, M. F. (2025). Religiosity and Islamic Work Ethic: A Cross-Cultural Comparison in Majority and Non-Majority Muslim Countries. International Journal of Intercultural Relations. https://doi.org/10.1016/j.ijintrel.2024.102115 [Scopus/WoS/Q1 – Elsevier]
Zafar, M. B., & Abu-Hussin, M. F. (2025). Mapping the landscape of Islamic work ethic: topic modeling and key research drivers. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-04-2024-0144 [Scopus/WoS/Q2 – Emerald]
Abu-Husin, M. F., Afifah, K., Rusydiana, A. S., Asnawi, Zafar, M. B., Noor, M. H. M., Mustafa, S. N. M., & Salleh, M. A. (2025). Research Trend in Islamic Financial Technology and Blockchain: a Bibliometric Analysis. Malaysian Journal of Syariah and Law, 13(1), 147–163. https://doi.org/10.33102/mjsl.vol13no1.590 [Scopus]
Afifah, K., Abu-Hussin, M. F., & Zafar, M. B. (2025). Transforming Islamic social finance: determinants of blockchain technology adoption for zakat payment. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-08-2024-0283 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B., & Abu-Hussin, M. F. (2024). Reliability generalization meta-analysis of measuring Islamic work ethic. Current Psychology. https://doi.org/10.1007/s12144-024-06835-3 [Scopus/WoS/Q2 – Springer]
Zafar, M. B., Abu-Hussin, M. F., & Ali, H. (2024). Mapping research on Halal industry: a retrospective analysis. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-08-2024-0348 [Scopus/WoS/Q1 – Emerald]
Zafar, M. B., Abu-Hussin, M. F. & Sulaiman, A. A. (2024). Digital Distractions and Work-Leisure Balance: Excessive Information Through Digital Consumption and Its Impact on Work Ethic among Muslims. International Journal of Ethics and Systems. https://doi.org/10.1108/IJOES-08-2024-0244 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B. & Jafar, A. (2025). Human capital and Islamic banking: a systematic literature review. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-11-2023-0376 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B. (2024). Islamic Financial Accounting Standards in Pakistan: A Comparison with AAOIFI. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-10-2023-0335 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B. (2024). Human capital and financial performance of Islamic banks: a meta-analysis. Accounting Research Journal. https://doi.org/10.1108/ARJ-09-2023-0257 [Scopus/WoS/Q2 – Emerald]
Ahmad, M., Zafar, M. B., & Perveen, A. (2024). Consumer shift behavior from conventional to Islamic banking: decision-making analysis through AHP. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-02-2023-0036 [Scopus/WoS/Q2 – Emerald]
Wasim, M. H., & Zafar, M. B. (2024). Shariah governance and Islamic banks: a systematic literature review. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-11-2023- 0386 [Scopus/WoS/Q2 – Emerald]
Wasim, M. H., Zafar, M. B. (2024). Shariah governance framework for Islamic banking in Pakistan: a critical review and comparison with AAOIFI. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-03-2023-0101 [Scopus/WoS/Q2 – Emerald1]
Zafar, M. B., & Sulaiman, A. A. (2022). Corporate social responsibility disclosure and Islamic banks: a case study of Pakistan. Journal of Islamic Accounting and Business Research, 13(1), 73–97. https://doi.org/10.1108/JIABR-12-2020-0373 [Scopus/WoS/Q2 – Emerald]
Zafar, M. B., Sulaiman, A. A., & Nawaz, M. (2022). Does corporate social responsibility yield financial returns in Islamic banking? Social Responsibility Journal, 18(7), 1285–1310. https://doi.org/10.1108/SRJ-04-2020-0160 [Scopus/WoS/Q1 – Emerald]
Zafar, M. B., & Sulaiman, A. A. (2021). CSR narrative under Islamic banking paradigm. Social Responsibility Journal, 17(1), 15–29. https://doi.org/10.1108/SRJ-09-2018-0230 [Scopus/WoS/Q1 – Emerald]

Consultant, AI Readiness and GCC’s Financial Institutions. A funded project (QAR 40,000) by Hamad Bin Khalifa University, Qatar, January 2026–Present. Member, A Shariah-Compliant Risk Management Model for Islamic Banking Institutions Using Artificial Intelligence. A funded project (MYR 64,340) by Universiti Teknologi Malaysia (UTM), Malaysia, November 2025–Present. Member, Data Visualisation of Zakat Collection and Distribution through Integrated Power BI, GIS, and Web-Crawler Systems to Support Amil Decision-Making. A funded project (MYR 48,460) under the Digital-Infused Grant Scheme, Universiti Teknologi Malaysia (UTM), Malaysia, November 2025–Present. Consultant, Advancing AI in Qatar’s Financial Institutions: Insights, Best Practices, and Shariah-Compliant Strategic Pathways. A funded project (QAR 40,000) by Hamad Bin Khalifa University, Qatar, January–December 2025. Member, MG1-36.0: A Reassessment of the Customary Norms of Gold Jewellery Usage for Zakat among Muslim Women in Sarawak. A funded project (MYR 70,000) under the Government Agency Grant, Universiti Teknologi Malaysia (UTM), Malaysia, October 2024–Present. Member, Decision-Making Framework for Zakat Distribution Officers on Asnaf Assistance Determination with Integrated Data Analytics. A funded project (MYR 108,680) under the UTMFR Grant, Universiti Teknologi Malaysia (UTM), Malaysia, October 2024–Present. Member, MG1-36.1: Proposed Customary Value for Gold Jewellery Usage in Sarawak for Zakat. A funded project (MYR 32,000) under the UTM Matching Grant, Universiti Teknologi Malaysia (UTM), Malaysia, October 2024–April 2025. Postdoctoral Fellow, Value-based Human Capital and Economic Well-being among Muslims. A funded research project (MYR 123,879) by Universiti Teknologi Malaysia (UTM), Malaysia, July 2024–October 2025. Principal Investigator, Global CSR Report of Islamic Banks. A funded research project (PKR 700,000) by Minhaj University Lahore, Pakistan, January–December 2021.