Dr. Muhammad Mazhar Iqbal

Dr. Muhammad Mazhar Iqbal (PhD Notre Dame Indiana, USA)


Dr. Muhammad Mazhar Iqbal is currently serving as Professor in Faculty of Management and Social Sciences, CUST Islamabad. He has experience of management, teaching and research. He worked as director school of economics in Quaid-i-Azam University, dean faculty of business and international economics in Suleiman Demirel University Almaty (Kazakhstan) and consultant economics in Pakistan Telecommunication Authority Islamabad. He has more than 20 research articles in HEC recognized journals. He also co-edited a book on economic growth. He has supervised more than 40 MPhil, MS and PhD dissertations in various fields of Economics and Finance. He has rich teaching experience of a variety of courses at graduate and undergraduate levels.

PhD (Financial) Economics University of Notre Dame, Indiana, USA 1995
MPhil Economics International Islamic University, Islamabad, Pakistan 1990
MSc Economics Quaid-i-AzamUniversity, Islamabad, Pakistan 1981
BA Economics, Statistics, Islamyat Punjab University 1977
Professor Capital University of Science & Technology (CUST), Islamabad Since – 2017
Associate Professor Quaid-i-Azam University, Islamabad, Pakistan 2002 – 2017
Assistant Professor Bahria Institute of Management & Computer Sciences, Islamabad, Pakistan 2001 – 2002
Assistant Professor International Islamic University, Kuala Lumpur,Malaysia. 2000 – 2001
Assistant Professor/Lecturer International Islamic University, Islamabad, Pakistan. 1983 – 1997
1998 – 1999
Director School of Economics, Quaid-i-Azam University Islamabad 2014
Dean Suleman Demirel University Almaty Kazakhstan 1999 – 2000
Consultant Economics Pakistan Telcommunication Authority Islamabad 1997 – 1998
  1. Decision making under uncertainty;
  2. Project evaluation;
  3. Islamic Economics;
  4. International economics;
  5. Corporate Finance.
1. PhD Intellectual Capital, Firm’s Performance and Market Value: An Empirical Study of South Asian Emerging Economies,
2. PhD Corporate Governance and Accounting Conservation: Empirical Evidence from Emerging Markets of South Asia
3. PhD Impact of Neurotransmitters Emotional Intelligence and Personality on Investor’s Behavior and Investment Decisions
4. PhD Impact of Trade Liberalization on Productivity, Employment and Wage Structure: Evidence from Pakistan
5. PhD Three Essays on Monetary Transmission Mechanism
6. PhD Convergence between Theory and Practice of Islamic Banking; An Empirical Analysis
7. MS Performance Comparison of Islamic and Conventional Banks in Bangladesh, Malaysia and Pakistan
8. MS Determinants of FDI: Evidence from Asian Countries
9. MS The Effect of Remittances on Domestic Capital Formation: Evidence from Selected SAARC Countries
10. MS Empirical Testing of Cyclicality of Debt Equity Ratio: A Case Study of Selected US Firms
11. MPhil The Correlation between Systemic and Unsystemic Risk
12. MPhil The Impact of Exchange Rate Volatility on Trade Flows; Evidence from Selected Developed and Developing Countries
13. MPhil Efficiency Comparison of Rural-Urban and Boys-Girls Secondary Schools in District Mansehra
14. MPhil Impact of Pakistan’s Bilateral FTAs on Its Total Trade and Trade Balance
15. MPhil Impact of Branchless Banking on Banks’ Performance and on Core Banking; A Case Study of Pakistan
16. MPhil The Impact of Economic Globalization on Development of Pakistan: A Time Series Analysis
17. MPhil Empirical Testing of Kuznets Curve in Selected Countries
18. MPhil Determinants of Income Inequality: A Case Study of Pakistan
19. MPhil Determinants of Discrepancy between Market and Book Value: A Case Study of Selected Firms on KSE
20. MPhil Impact of Dollarization on Inflation in Pakistan
21. MPhil Impact of FTA on Total Trade and Trade Balance of Member Countries; A Case Study of AFTA, NAFTA and SAFTA
22. MPhil Another Bubble in US Stock Market and Possibility of Stock Market Crash,
23. MPhil Law and Order Situation and Economic Activity
24. MPhil The Risk-Return Analysis of Sukuk and Bonds
25. MPhil Comparison of Permanent and Transitory Components of GDP and Financial Wealth in Pakistan and U.S. Economies
26. MPhil Energy Consumption, Trade and GDP; A Case Study of Five South Asian Countries
27. MPhil Determinants of Profitability of Banking Sector in Pakistan
28. MPhil Relationship between Human Capital and Economic Development: A Case Study of Pakistan
29. MPhil Impact of Fiscal Deficit on Interest Rate in Pakistan
30. MPhil Extent of Securitization and Severity of Financial Distress; An Analysis of Ongoing Financial Crisis
31. MPhil The Trade and Investment Effects of Pakistan-China FTA
32. MPhil Urbanization and Crime: A Case Study of Pakistan
33. MPhil The Underground Economy in Pakistan: Assessment and Trends
34. MPhil Risk Profile of Commercial Banks in Pakistan
35. MPhil Risk Profile of Commercial Banks in Pakistan
36. MPhil Return on Higher Education in Pakistan
37. MPhil Local Level Povery Analysis: A Case Study of Union Council Tanda
38. MPhil Determinants of Total Factor Productivity in South Asia
39. MPhil Testing of Efficient Stock Market Hypothesis in Pakistan
40. MPhil Capital Account Liberalization, Cost of Capital and Economic Growth
41. MPhil Income Inequality, Financial Development and Macroeconomic Fluctuations
42. MPhil Corporate Ownership Structure and Firm performance: Evidence from Pakistani Listed Companies
43. MPhil Inflation and Output Variability in Pakistan
44. MPhil Extent of Dollarization and Its Seigniorage Cost
45. MPhil Impact of Financial Liberalization on Saving and Investment
46. MPhil Determinants of Exchange Rate of Pak-Rupee
  1. Iqbal, M. Mazhar and M. Idrees (2009) Trade and Economic Growth Linkages edited Department of Economics, Quaid-i-Azam University Islamabad.
1. Iqbal, Muhammad Mazhar and Anwar Shah (2019) “Economic Rationale of the Prohibition of Interest: A New Aspect” Islamic Studies 58(4), 503-17.
2. Niaz, M. Umer and Mazhar Iqbal (2019) “Effect of Microfinance on Women Empowerment: A Case Study of Pakistan” Paradigms Commerce, Economics and Social Sciences 13(1), 52-59.
3. Nawaz, Muhammad, Muhammad Mazhar Iqbal and Amanat Ali (2018) “Institutional Quality and Cyclicality of Monetary and Fiscal Policies in SAARC Countries” Transylvanian Review of Administrative Sciences 55(E-2018), 32-44.
4. Saeed, M. Bilal, M. MazharIqbal and Syed Kashif S. (2018) “Corporate Governance Mechanisms and Accounting Conservatism; Evidence from Pakistan” NICE Research Journal of Social Sciences 11(1), 18-38.
5. Iqbal, Muhammad Mazhar(2017) “Common Use of the Net Present Value (NPV) Criterion for Project Evaluation; A Cause of Productive Inefficiency” Research Journal Social Sciences 6(2), 37-48.
6. Iqbal, Muhammad Mazhar(2016) “Two Flaws of the Net Present Value (NPV) Criterion” Journal of Business and Economics Vol.8 No.1 Pp.99-113.
7. Siddique, M. Zahid&MazharIqbal (2016) “Theory of Islamic Banking: From Genesis to Degeneration”HISTORY OF ECONOMIC IDEASVol.24 No.2 Pp.75-110.
8. Iqbal, Muhammad Mazhar (2015) “Inclusive Growth with Zakat” Pakistan Development Review 54(4), 997-1010.
9. Shakeel, Muhammad, M. MazharIqbal and M. Tariq Majeed (2014) “Energy Consumption, Trade and GDP: A Case Study of South Asian Countries” Pakistan Development Review 53(4), 461-76.
11. Iqbal, M. Mazhar (2013) “Human Attitude toward Risk: Simultaneous Testing of ‘Allais Paradox’ and Risk Aversion” Forman Journal of Economic Studies 9, 43-61.
12. Iqbal, Muhammad Mazhar (2013) “Choice under Uncertainty; ‘Allais Paradox’ and Its Paradoxical Implication” Journal of Business and Economics 6(2), 129-48.
13. Nawaz, Muhammad, M. MazharIqbal, Amanat Ali and Khalid Zaman (2012) “Fiscal Theory of Price Level: A Panel Data Analysis for Selected SAARC Countries” Romanian Journal of Economics Forecasting 15(3), 152-70.
14. Iqbal, Muhammad Mazhar (2012) “Prohibition of Riba (Interest Rate) and Dissimilarity of Trading and Loaning” Pakistan Journal of Social Sciences 30, 1-17.
15. Bashir, Malik Fahim, Muhammad MazharIqbal and Khalid Zaman (2011) “Estimating Private Rate of Return on Higher Education in Pakistan” Review of Economic and Business Studies4(1), 179-197.
16. Iqbal, M. Mazhar (2010) “Prohibition of Interest and Economic Rationality” Arab Law Quarterly 24, 293-308.
17. Bashir, Malik Fahim, MazharIqbal, Khalid Zaman and Iqtidar Ali Shah (2010) “Estimating the Economic Return and Cost to Different Degree Programs: A Case Study of Public Sector in Pakistan” The FedUni Journal of Higher Education5(4), 7-21.
18. Hanzla, Hafiz and Muhammad MazharIqbal (2010) “Urbanization and Crime; A Case Study of Pakistan” Pakistan Development Review 49(4), 741–755.
19. Bashir, Malik Fahim and Muhammad MazharIqbal (2010) “Private Return on Higher Education in Pakistan” Forman Journal of Economic Studies 6, 27-48.
20. Zakaria, M. M. MazharIqbal and Eatzaz Ahmad (2008) “Determinants of Nominal Exchange Rate of Pak-Rupee for US Dollar” GCU Economic Journal 41(1), 1-26.
21. Zakaria, M., Eatzaz Ahmad and MazharIqbal (2007) “Nominal Exchange Rate Variability; A Case Study of Pakistan” Journal of Economic Cooperation 28(1), 73-98.
22. Iqbal, M. Mazhar (2003) “A Broader Definition of Riba” Journal of Islamic Banking and Finance 20(3), 7-31.
23. Iqbal, M. Mazhar(1998) “Telecom Industry; Competition, Interconnection Requirements and the Need for Regulations”Pakistan Development Review37(4), 861-71.
1. Iqbal, Muhammad Mazhar (2020) “Debt Financing; Scientific Reasons against It and Externalities It Generates” Paper presented in Second International Divine Economics Conference organized by Kashmir Institute of Economics, AJK University Muzaffarabad on Feb. 18-20.
2. Iqbal, Muhammad Mazhar (2017) “Common Use of the Net Present Value (NPV) Criterion for Project Evaluation; A Cause of Productive Inefficiency” Paper presented in CUST International Business Research Conference on the topic of Emerging Business Opportunities in the Region with Focus on CPEC held on Oct. 19-20.
3. Iqbal, Muhammad Mazhar (2017) “Debt Financing; A Possible Reason for unstable and Sluggish Economic Growth” Paper presented in the1st international conference on the topic of Economy of Pakistan: Vulnerabilities and Opportunities organized by Forman Christian College (A Chartered University) Lahore on May 9.
4. Iqbal, Muhammad Mazhar (2017) “Biasedness of Commercial Banking against Less Wealthy Bank Borrowers” Paper presented in the international conference on the topic of Marginalization and Social Exclusion in the Perspective of Market Economy organized by School of Economics Quaid-i-Azam University Islamabad on Aug 16-18.
5. Iqbal, Muhammad Mazhar (2014) “Inclusive Growth with Zakat” Paper presented in the 30th Annual General Meeting and conference on the topic of Alternative Strategies for Poverty Alleviation organized by Pakistan Institute of Development Economics (PIDE) Islamabad on Dec 2-4.
6. Shakeel, Muhammad and M. Mazhar Iqbal (2014) ‘Energy Consumption and GDP with the Role of Trade in South Asia’ Paper presented in the conference on the topic of Energy Systems and Policies organized by Air University Islamabad on Nov. 24-26.
7. Ahmad, Eatzaz, Muhammad Mazhar Iqbal and Samina Farooq (2014) “Determinants of Brain Drain from Pakistan: An Empirical Analysis” Paper presented in the international conference on the topic of Migration, Education and Development in South Asia organized by Quaid-i-Azam University in Islamabad Pakistan on March 27-28.
8. Iqbal, M. Mazhar (2014) “Participatory Financing in Islamic Framework; Theory, Practice and Prospects” Paper presented in the 3rd international conference on Islamic Business organized by Riphah International University in Islamabad Pakistan on Feb 10-11.
9. Shakeel, Muhammad, M. Mazhar Iqbal and M. Tariq Majeed (2013) “Energy Consumption, Trade and GDP: A Case Study of South Asian Countries” Paper presented in the 29th Annual General Meeting and Conference organized by PIDE Islamabad Pakistan on Dec 19-21.
10. Iqbal, M. Mazhar (2013) “Economic Rationality and Divine Economics” Paper presented in the international conference on the topic of Divine Economics organized by AJK University in Muzafferabad Pakistan on Dec 12-14.
11. Iqbal, M. Mazhar (2012) “Debt-Financing and Financial Instability; An Extension of Modigliani-Miller Theory” paper presented in International Conference on Emerging Issues of Social Sciences in Pakistan organized by Department of History Quaid-i-Azam University Islamabad and sponsored by Higher Education Commission Pakistan on April 27-29 and sponsored by Higher Education Commission Pakistan on April 27-29.
12. Iqbal, M. Mazhar (2002) “International Financial Architecture; A Comparison of Gold Standard and Islamic Dinar” Paper presented in International Conference on Stable and Just Global Monetary System; Viability of the Islamic Dinar organized International Islamic University, Kuala Lumpur Malaysia on Aug. 19-20.

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