Prof. Dr. Muhammad Ashfaq, MBA

Academic Director International and course director of IU's Digital Business programme. He won the Amity Global Academic Excellence Award in business administration studies. His research areas are FinTech, Sustainable Finance, Islamic Finance, and CBDCs.

Prof. Dr. Muhammad Ashfaq is widely recognized as an outstanding and experienced business and finance expert with more than 16 years of international experience. He is currently working as a professor of business administration with a focus on finance and accounting at IU International University of Applied Sciences in Germany. In addition to his professorship at IU, he is the Academic Director International and Program Director of Digital Business. He is also a regular visiting faculty member at Wittenborg University of Applied Sciences in the Netherlands, LSi Business School Cambodia, and the international MBA program at Coburg University, Germany. His research interests include FinTech, Islamic finance, sustainable finance, and banking.

Prof. Ashfaq earned his doctor of philosophy on the topic: “Knowledge, Attitude and Practices toward Islamic Banking and Finance: An Empirical Analysis of Retail Consumers in Germany” from the University of Tübingen Germany. Prof. Ashfaq holds an MBA in Financial Management from Coburg University in Germany. He was awarded the Young Scholars Research Award by Bilkent University, Turkey in 2015 for his cutting-edge research contribution to the area of Islamic finance. He was also awarded the prestigious LGFW (Baden Württenberg Government Germany) scholarship for his Ph.D. at the University of Tübingen, Germany. Prof. Ashfaq has worked for several years in the industry and has obtained valuable experience in various management and leadership roles in international companies in various countries.

He has played a key role in the conceptualization, development and accreditation of study programs in various countries such as the Netherlands, the UK, Pakistan, Germany, and most recently developed an extensive and innovative study program Digital Business for undergraduate and students and M.Sc. Finance, Accounting & Taxation at IU International University of Applied Sciences, Germany.

Selected publications:

• Ashfaq, M., Hasan, R. and Mercon, J. (2023) Central Bank Digital Currencies and Global Financial System: Theory and Practice, DE Gruyter, Germany

• Ashfaq, M. and Bochert, V (2020) Socially Responsible Investments in Europe, University of South Florida M3 Centre, Florida

• Ashfaq, M. (2017) Islamic Banking and Finance in Europe: The Case of Germany and United Kingdom, Peter Lang Verlag GmbH, Frankfurt Germany

• Nooren, M., Shafique, A., Ahmed, Z. and Ashfaq, M. (2023), "Banking 4.0: Artificial Intelligence (AI) in Banking Industry & Consumer’s perspective", Sustainability, DOI: https://doi.org/10.3390/su15043682

• Hasan, R., Ashfaq, M., Parveen, T and Gunardi, A. (2022), "Financial inclusion – does digital financial literacy matter for women entrepreneurs", International Journal of Social Economics, DOI: https://doi.org/10.1108/IJSE-04-2022-0277.

• Shafique, A., Ayub, U., Shariq,M. and Ashfaq, M. (2022), "Does voracious behavior efficient market hypothesis? Role of performance measures ", Scientific Annals of Economics and Business (69)4, pp:631-649 DOI: https://doi.org/10.47743/saeb-2022-0029

• Ali, M., Khan, S. M., Puah, C., Mubarik, M.S and Ashfaq, M. (2022), "Does stakeholder pressure matter in Islamic banks’ corporate social responsibility and financial performance", International Journal of Ethics and Systems, DOI: http://dx.doi.org/10.1108/IJOES-10-2021-0183

• Naveed, A., Shabbir, G., Khan, M.A., Ashfaq, M. and Syed, S.H. (2021) Can a path to peace promote export growth? Evidence from Pakistan and its trading partners, Quality & Quantity (International Journal of Methodology) (Springer), https://doi.org/10.1007/s11135-021-01272-x

• Hassan, M.k, Hasan, R., Miah, M.D. & Ashfaq, M. (2021), " Corruption and Bank Efficiency: Expanding the “Sand or Grease the Wheel Hypothesis for Islamic and conventional banks ", Journal of Public Affairs, e2737. https://doi.org/10.1002/pa.2737

• Hasan, R. and Ashfaq, M., (2021) Corruption and its diverse effect on credit risk: global evidence, Future Business Journal (Springer), Vol.7, No.18, pp.1-14.

• Hasan, R., Ashfaq, M. and Lingli, S. (2021), "Evaluating drivers of FinTech adoption in the Netherlands", Global Business Review, DOI: 10.1177/09721509211027402. pp.1-14.

• Rauf, A.M., Ashfaq, M., Hassan, R. and Manju. M.A. (2021), "A comparative study on the impact of artificial intelligence on employment opportunities for university graduates in Germany and the Netherlands: AI opportunities and risks", International Journal Environment, Workplace and Employment, Vol.6, No.3, pp:185-204. 10.1504/IJEWE.2021.10037212

• Saleem, I., Khan, M.N.A., Hasan, R. and Ashfaq, M. (2020), "Corporate board for innovative managerial control: implications of corporate governance deviance perspective", Corporate Governance, Vol. 21, No.3, pp.450-462. https://doi.org/10.1108/CG-04-2020-0151