Dr Lutfi Abdul Razak

Lutfi Abdul Razak is a Lecturer of Islamic Finance at the Universiti Brunei Darussalam School of Business and Economics (UBDSBE). His current academic and research interests are within the fields of Islamic Economics and Sustainable Finance. He has co-authored several articles in international, peer-reviewed journals and book chapters and has presented his work at international academic conferences. He received the President’s Award in recognition of achieving the best academic performance in the graduating class of 2019 for the Doctor of Philosophy in Islamic Finance at the International Centre for Education in Islamic Finance (INCEIF), Malaysia.

Lutfi regularly provides consultation and advice to public and private sector organizations. He is currently an Academic Member of the National Macroeconomic Development Committee and a Focus Group Member of the Waqaf Empowerment Project at the Ministry of Religious Affairs. He is a Shariah Advisory Board member at Bank Islam Brunei Darussalam Securities (BIBDS) Sdn Bhd and Standard Chartered Securities (B) Sdn Bhd.

Prior to his Ph.D. at INCEIF, Lutfi worked as a lecturer at the Sultan Sharif Ali Islamic University (UNISSA) Brunei Darussalam. He also worked with the Centre for Strategic and Policy Studies (CSPS), Brunei Darussalam on a number of national projects, which includes: Land Optimization, National Productivity, Financial Literacy, and Doing Business.

EDUCATION

2019: PhD Islamic Finance (International Centre for Education in Islamic Finance, Malaysia)
2012: Postgraduate Diploma in Advanced Economics (University of Warwick, Untied Kingdom)
2009: MSc Economics (University of Warwick, United Kingdom)
2007: BSc. (Hons) Economics (University of Warwick, United Kingdom)

RESEARCH INTERESTS

Islamic Economics; Monetary Economics
Islamic Finance; Sustainable Finance
Applied Econometrics; Institutional Economics; Economic History; Behavioral Economics

FUTURE PROJECTS

RESEARCH OUTPUTS (PATENTS, SOFTWARE, PUBLICATIONS, PRODUCTS)

Academic Articles
1. Abdul Razak, L., Ibrahim, M. H., & Ng, A. (2023). Environment, social and governance (ESG) performance and CDS spreads: the role of country sustainability. The Journal of Risk Finance. https://doi.org/10.1108/JRF-10-2022-0278
2. Danlami, M. R., Abduh, M., & Abdul Razak, L. (2023). Social finance, institutional quality and stability of Islamic banks: evidence from four countries. International Journal of Social Economics. https://doi.org/10.1108/IJSE-06-2022-0441
3. Khan, S., Rehman, M. Z., Shahzad, M. R., Khan, N. U., & Abdul Razak, L. (2023). How prone are emerging markets' sectoral indices to global uncertainties? Evidence from the quantile connectedness approach with portfolio implications. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-12-2022-1920
4. Husseini, S. & Abdul Razak, L. (2023) Mind the Gender Gap: Education Trends in Brunei Darussalam, CSPS Strategy and Policy Journal, Vol. 10
5. Haini, H., Razak, L. A., Wei Loon, P., & Husseini, S. (2023). Re-examining the finance–institutions–growth nexus: does financial integration matter?. Economic Change and Restructuring, 56(3), 1895-1924. https://doi.org/10.1007/s10644-023-09498-5
6. Uzapuspa, M. H., & Abdul Razak (2023). Interaction between FDI and Energy Use on Emissions: ASEAN Panel Evidence. Journal of Business and Economic Analysis, 5(01), 113-137. https://doi.org/10.1142/S2737566822500049
7. Danlami, M.R., Abduh, M. and Abdul Razak, L. (2022), "CAMELS, risk-sharing financing, institutional quality and stability of Islamic banks: evidence from 6 OIC countries", Journal of Islamic Accounting and Business Research, Vol. 13 No. 8, pp. 1155-1175. https://doi.org/10.1108/JIABR-08-2021-0227
8. Rizkiah, S., Disli, M., Salim, K., & Abdul Razak, L. (2021) “Switching Costs and Bank Competition: Evidence from Dual Banking Economies” Journal of International Financial Markets, Institutions and Money, 75., Retrieved from https://doi.org/10.1016/j.intfin.2021.101445
9. Abdul Razak, L., Ibrahim, M. H., & Ng, A. (2020). Which Sustainability Dimensions Affect Credit Risk? Evidence from Corporate and Country-Level Measures. Journal of Risk and Financial Management, 13(12), 316. MDPI AG. Retrieved from http://dx.doi.org/10.3390/jrfm13120316
10. Muslichah, Abdullah, R. & Abdul Razak, L. (2020) The Effect of Halal Foods Awareness on Purchase Decision with Religiosity as a Moderating Variable: A Study among University Students in Brunei Darussalam, Journal of Islamic Marketing Vol. 11(5), pp. 1094-1104 https://doi.org/10.1108/JIMA-09-2017-0102
11. Tanin, T. I., Mobin, M. A., Salim, K., Ng., A., Dewandaru, G., Nkoba, M. A. & Abdul Razak, L. (2019) How does Microfinance Prosper? An Analysis of Environmental, Social and Governance context, Sustainable Development Vol. 27(6) pp. 1001-1022 https://doi.org/10.1002/sd.1952
12. Ndiaye, N., Abdul Razak, L., Nagayev, R. & Ng, A., (2018) Demystifying SME Performance in Emerging & Developing Economies, Borsa Istanbul Review Vol. 18(4) pp. 269-281 https://doi.org/10.1016/j.bir.2018.04.003
13. Abdul Razak, L. & N. Saupi (2017) The Concept and Application of Daman al-Milkiyyah (Ownership Risk), ISRA International Journal of Islamic Finance Vol. 9(2) pp. 148-163 https://doi.org/10.1108/IJIF-06-2017-0002
14. Abdul Razak, L. (2013). Do Oil Price Shocks Matter? Evidence from an Oil-Exporting Economy. Centre for Strategic and Policy Studies Journal, 4, 75-98. http://www.csps.org.bn/wp-content/uploads/2021/01/CSPS-Journal-Vol-4-Dec2013.pdf
15. Abdul Razak, L. (2011). Brunei Darussalam's Labour Market: Issues and Challenges. Centre for Strategic and Policy Studies Journal, 3, 65-99. http://www.csps.org.bn/wp-content/uploads/2021/01/CSPS-Journal-Vol3-Dec2011.pdf

Book Chapters:
1. Abdul Razak, L., & Gazali, H. M. (under review). Sustainable Finance in ASEAN: Challenges and Opportunities. Under Review, In V. T. King & B. Jetin (Eds.), Within Borneo, Beyond Borneo: Issues and Perspectives.
2. Abdul Razak, L., & Khan, S. (2023). The Development of an Islamic Capital Market in the D-8. Under Review, In Khalid, A. M., Ferguson, R. J., & Asadullah, M. N. (Eds.), Economic Integration and Global Governance in Emerging Muslim Economies Prospects and Challenges for D-8 Muslim Countries. https://doi.org/10.1142/12573
3. Bacha, O., & Abdul Razak, A. (2023). Developing Islamic Infrastructure Financing in the D-8: Prospects and Challenges. Under Review, In Khalid, A. M., Ferguson, R. J., & Asadullah, M. N. (Eds.), Economic Integration and Global Governance in Emerging Muslim Economies Prospects and Challenges for D-8 Muslim Countries. https://doi.org/10.1142/12573
4. Abdullah, R., & Abdul Razak, L. (2016). Exploratory Research into Islamic Financial Literacy. In A. G. Ismail, R. Abdullah & K. Mohamed Ali (Eds.), Islamic Financial Literacy. UNISSA Press and IRTI/IDB.

Industry Articles
1. Abdul Razak, L. (2023) 'Leveraging technology to boost digital payments of Zakat and Sadaqah in Brunei Darussalam' Country Feature on Brunei Darussalam, IFN Volume 20, Issue 6 dated 8th February 2023. https://www.islamicfinancenews.com/leveraging-technology-to-boost-digital-payments-of-zakat-and-sadaqah-in-brunei-darussalam.html
2. Abdul Razak, L. (2021) Brunei gears toward economic diversification syncing with Islamic finance, Country Feature on Brunei Darussalam, Islamic Finance News Volume 18, Issue 6, dated 10 February 2021. https://www.islamicfinancenews.com/brunei-gears-toward-economic-diversification-syncing-with-islamic-finance.html
3. Abdul Razak, L., Ibrahim, M. H. & Ng, A. (2020) Corporate Social Performance and Credit Risk. New research elucidates how country sustainability can moderate financial risk. Banking Insight, Asian Institute for Chartered Bankers (AICB) https://www.arx.cfa/en/research/2020/08/soc030820-corporate-social-performance-and-credit-risk

Research Supervision
PhD
1. 18H8494 Muhammad Rabiu Danlami (as Co-supervisor; Main Supervisor: Dr Muhamad Abduh)
Thesis Title: Social Engagement, Institutional Quality and FInancial Performance of Islamic Banks: A Proposed CAMELSS Framework
Completed 2022
2. 17H0348 Aishath Shauda Abdulla (as Co-supervisor; Main Supervisor: Dr Hetti Arachchige Gamini Premaratne)
Thesis Title: Risk Dynamics and Financial Stability in Asia
Completed 2023
3. 17H0350 Sumayyah binti Abdul Aziz (as Main Supervisor; Co-Supervisor: Dr Ly Slesman)
Submitted 2023
4. 20H1011 Muhamad Ali (as Main Supervisor; Co-Supervisors: Dr Muhamad Hairul Azrin Hj Besar; Dr Sazali Zainal Abidin)
Qualifying Assessment passed; Ongoing
5. 21H8902 Rameesha Zahir Khan (as Main Supervisor; Co-Supervisor: Dr Hetti Arachchige Gamini Premaratne)
Ongoing

Masters
1. 19M0604 Pg Abdul Faiez Khan bin Pg Haji Abdul Karim
Academic Exercise title: Dynamic Relationship between Stock Markets: Evidence from Hong Kong, ASEAN-5 & Oil Prices
Completed 2020
2. 21M1303 Nurul Najibah binti Haji Ali
Academic Exercise title: The Inflation Targeting Regime: Study on Developed and Developing Economies
Completed 2022
3. 22M1909 Muhammad Al-Akif bin Irfan
Ongoing

CONSULTANCY

1. Academic Member, Macroeconomic Development Committee, Ministry of Finance and Economy (2021 - Present)
2. Focus Group Member, Waqf Empowerment Project, Ministry of Religious Affairs (2021 - Present)
3. Shari’ah Advisory Board Member, Bank Islam Brunei Darussalam (BIBD) Securities (2020 - Present)
4. Shari'ah Advisory Board Member, Standard Chartered Securities Brunei (SCSB) (2022 - Present)

INDUSTRY EXPERIENCE

2023: Panelist, PhD Assessors Committee. Public Services Department, Prime Ministers' Office.
2022: Panelist, Climate Week Thematic Session: Carbon Markets, "Financing the Transition to a Low-Carbon Economy" Mid-Year Conference and Exhibition (MYCE)
2021: Panelist, Regional Trade and Diplomacy, Virtual Conference "The New Norm: Looking Back or Looking Forward" Global Awareness & Impact Alliance (GAIA)
2021: Moderator, Brunei Islamic Capital Markets Conference "Intersections between Islamic, Green and Sustainable Finance: Issues and Challenges" BILIF-INCEIF
2021: Moderator, ASEAN Workshop on the Blue Economy
2020: Technical Advisor, Fiqh Mu'amalat Professional Programme (FMPP) Enhacement Project, CIBFM
2019: Panelist, Muzakarah Ilmuan Kewangan Islam II - Sustainable Finance: Between Profits and Social Responsibility, CIBFM
2014: Facilitator, Economic Priorities Workshop, PENGGERAK, Prime Minister's Office

SOCIAL, ECONOMIC, or ACADEMIC BENEFITS

UBD Teaching:
- Postgraduate module: BI-5102 Islamic Economics
- Undergraduate modules: BE-4303 Economy of Brunei; BE-4307 Monetary Economics; BE-4312 Islamic Economics; BE-4315 Introduction to Game Theory; BE-1203 Statistics for Business and Economics

International academic journal article reviewer:
2023: Economic Papers (ESCI / Scopus Q2 / ABDC-B)
2023: International Journal of Social Economics (ESCI / Scopus Q2 / ABDC-B / ABS 1)
2023: Journal of Risk and Financial Management (ESCI / Scopus / ABDC-B)
2023: Economic Change and Restructuring (SSCI / Scopus Q2 / ABDC-B / ABS 1)
2023: Managerial Finance (ESCI / Scopus Q3 / ABDC-B / ABS 1)
2023: Sustainability (SSCI / Scopus Q1)
2022-2023: International Journal of Emerging Markets (SSCI / Scopus Q2 / ABDC-B / ABS 1)
2022: International Journal of Finance and Economics (SSCI / Scopus Q2 / ABDC-B / ABS 3)
2022: International Journal of Emerging Markets (SSCI / Scopus Q2 / ABDC-B / ABS 1)
2022: Journal of Islamic Accounting and Business Research ( ESCI / Scopus Q3 / ABDC-C / ABS 1)
2021-2022: Journal of International Financial Markets, Institutions, and Money (SSCI / Scopus Q1 / ABDC-A / ABS 3)
2021: Journal of Economic Cooperation and Development (Scopus Q3)
2021: Asian Journal of Accounting Research (ABDC-C)
2020-2023: International Journal of Islamic and Middle Eastern Finance and Management (SSCI / Scopus Q2 / ABDC-B / ABS 1)
2020-2022: Journal of Business Ethics (SSCI / Scopus Q1 / ABDC-A / ABS 3)
2020-2022: Journal of Sustainable Finance and Investment (ESCI / Scopus Q2 / ABS 1)
2020-2022: Future Business Journal (ESCI)
2020-2022: Journal of Business and Economic Analysis