Muhammad Arsalan is a Chevening Scholar (2014-15), holding an MS in Islamic Finance with distinction, from Durham University, UK. He is presently engaged with Institute of Business Management, Karachi as an Assistant Professor. Previously he has worked with FAST-NUCES in the same capacity. He has 7 years of Corporate Banking experience working with Allied Bank and Bank Alfalah Limited. He did Bachelor of Engineering from NED University, and MBA from Institute of Business Administration Karachi. He also holds Diploma in Islamic Finance from CIMA, UK. He has served as an Adjunct faculty and corporate trainer in premier organizations like Institute of Bankers Pakistan, PAF KIET, and SZABIST etc. Arsalan has delivered international and domestic training programs on Islamic Banking, Islamic Accounting Standards, Credit Analysis, Corporate Banking and Corporate Finance etc. He has contributed articles in renowned practitioner’s publications and newspapers. He teaches Finance Courses, such as Financial Management, Islamic Finance, Financial Institutions etc. His research interest includes Financial Development, Capital Adequacy Regulation, Financial Contracting and Agency Theory.
|MSc (Islamic Finance)||Durham University (HEC Equivalency MS)||2015|
|MBA||Institute of Business Administration (IBA), Karachi||2006|
|B.E (CS)||NED University of Engineering and Technology, Karachi||2003|
|CIMA Diploma in Islamic Finance||CIMA-UK||2012|
|Sept 2016 to date||Assistant Professor||Institute of Business Management|
|Jan 2016 to Sep 2016||Assistant Professor||FAST-National University of Computer and Emerging Sciences|
|December 2013||Corporate Trainer||Dubai Islamic Bank, UAE|
|March 2008||Visiting Faculty||Institute of Bankers, Pakistan|
|Spring 2007||Visiting Faculty||Institute of Business and Technology [BIZTEK]|
|Fall 2007 to Fall 2009||Visiting Faculty||PAF Karachi Institute of Economics and Technology [PAF KIET]|
|Spring 2008||Visiting Faculty||Shaheed ‘Zulfiqar Ali Bhutto Institute of Science and Technology [SZABIST]|
|March 2010 to August 2013||Team Leader – Corporate Banking||Bank Alfalah Limited, PAKISTAN|
|June 2007 – Feb 2010||Relationship Manager||Allied Bank Limited, Pakistan|
|Project Title||Corporate Partner||Brief Description|
|On the existence of Value Premium – The case of Equity Markets In Pakistan.||Multiline Securities Ltd||This study evaluates the existence of the renowned ‘Value Premium Puzzle’ in equity markets of Pakistan. Using a large sample comprising of the monthly returns of 560 stocks listed on Pakistan Stock Exchange for a period of 10 years (2006-2016). This study furnishes valuable insights to portfolio managers, local and foreign investors on suitable portfolio construction strategies. [Link]|
|Credit Risk Rating Using Probability of Default Modelling for Corporates In Pakistan||International Islamic Rating Agencies (Islamic Development Bank)||This study uses Logistic Regression model to present a model for the prediction of Probability of Default using a rich sample of financial results of 309 corporates in Pakistan for a period of 10 years (2006-2016). This is a first of its kind study presenting a rigorously developed for reliable prediction of PD of corporates in Pakistan, meant to informs the lenders and investor. [Link]|
|On the Risk-Efficiency-Competition Nexus – The case of Banking Sector of Pakistan||-Do-||This study employs the financial data of 26 Banks in Pakistan over a period of 10 years (2006-2016) – to explicate the interrelationship of capital adequacy, efficiency and risk (NPLs & Z-scores) behavior of banking institutions in Pakistan. This is a first of its kind study conducted on Pakistan’s banking sector informing the bank management, investor, depositors, rating agencies and regulators of the banking industry, particularly State Bank of Pakistan (SBP) in prudent decision-making and policy-setting.|
|Design of Commercial Financing Product for Solar PV system for SME’s in Pakistan||Meezan Bank Limited||This paper presents the framework on commercial use of solar energy and financial feasibility of providing solar PV to commercial clients. Study also includes evaluation of Loan financing for solar PV through bank. Solar Photovoltaic Systems can be classified as grid-connected or utility-interactive systems and stand-alone systems. Both types are incorporated in the study. To model the economic benefit of solar irradiation we have used objective approach for our research, by using PV generation system size, cost of size, financing parameters and tariff.[Link]|
|Design and Pricing of Treasury STRIPs (Separately Tradable Registered Interest and Principle Securities) in Pakistan||Zarai Taraqiyati Bank Ltd (ZTBL)||In this project, we designed the pricing of Separate Trading of Registered Interest and Principal Securities (STRIPS) for Pakistan’s financial market. We evaluated the disintegration of government coupon bond i.e. PIB up to the maturity of 10 years into zero coupon/discounted bond using bootstrapping methodology. The risk less profit or arbitrage opportunity is there because of discounting of the coupon on prevailing market rate, instead of changing the spot rate, as dictated by term structure of interest rate. The no-arbitrage assumption is used for finding out the price by interpolating the spot rate that is used to value the Treasury STRIPS. [Link]|
|Do Active Managed Equity Mutual Funds Add Value? – The case of Conventional & Islamic Equity Mutual Funds in Pakistan
|New Jubilee Life Insurance||This paper presents the performance of MFs on an aggregate and individual MF using Sharpe, Treynor and Jensen Alpha, Fama French 3 Factor model, Carhart 4 Factor Model and Henriksson model. Cross-comparison of the performance of Islamic versus conventional MFs is also presented. The sample comprises of the monthly performance of 42 MFs with three conventional and Islamic MFs for the past one decade i.e. from 2008 to 2018. Findings suggest that contrary to the theoretical notion of informational inefficient equity markets in developing countries; actively managed MFs (both conventional and shari’ah compliant) in Pakistan ‘do not add value’. Furthermore, the analysis presented in this paper asserts that MFs in Pakistan are geared towards providing diversification benefit, instead of outperforming the market benchmark through active fund management. [Link]|
|The business case for Consumer Lending Product of Household Solar PV Systems||Standard Chartered Bank Limited||This paper aims to find an optimal eco system solution of Solar PV System financing by banks for households in Pakistan that would benefit both banks and households in the long term. LCOE of all the districts of Pakistan have been calculated to find which districts of Pakistan can avail the most benefit from the Solar PV electricity. Keeping in view the conservative Bank setting, it presents a consumer-lending product for Solar PV System for both secured and unsecured portfolio. [Link]|
CONFERENCES & SEMINARS/WORKSHOP ATTENDED
- Emotional Intelligence – Learning to Learn – Workshop held at EMEC IoBM. 20-23rd February 2018
- Paper Presented at International Conference on Islamic Banking and Finance ICIBF2017 held at IoBM, Karach Nov 2017. ‘Rethinking RIBA and The Islamic Banking Experimentation’ 29th-30th November 2018
- Served as Conference Director for International Conference on Islamic Banking and Finance ICIBF2017 held at IoBM, Karach Nov 2017, 29th-30th November 2018.
CONFERENCES & SEMINARS ORGANIZED
- November 29-30, 2017: International Conference on Islamic Banking & Finance – practice, Regulation & Sustainability.
- Agency Theory, Financial Contracting, Islamic Finance, Capital Adequacy Issues, Renewable Energy Economics
Proposed Research Projects under IoBMs Capital Market Research Initiatitive.
- Evaluating and Rationalizing Equity Premium Puzzle in Pakistan – Explanation beyond Risk Aversion.
- Characterising Value Premium in Equity Markets in Pakistan.
- Does Mutual Funds underperformance puzzle hold true in Pakistan?
- Does Shariah Screens create an alpha for fund managers?
|Islamic Banking from the Ideal ‘Two-Tier Mudarabah’ to a Fixed Returns Model – Rationalizing the Blatant Divergence||Yes
|Muhammad Arsalan Aqeeq||DISTRIBUTED||Modify||626
|Islamic Financial Intermediation Beyond Banking – Can a Close Ended Mutual Fund Model Fill the Shoes?||Yes
|Muhammad Arsalan Aqeeq||DISTRIBUTED||Modify||264
|Should Islamic Bank Hold More Capital Compared to Conventional Banks? – A Holistic Assessment of Risk Profile vis-a-vis Capital Adequacy Regulations||Yes
|Muhammad Arsalan Aqeeq||DISTRIBUTED||Modify||202
|The Oxymoronic Character of the Islamic Economics and the Omni-Absent Scholarship to Align Islam & Economic Growth||Yes
|Muhammad Arsalan Aqeeq||DISTRIBUTED||Modify||286
|The Toxicity of Conventional Debt – An Islamic Antidote||Yes
|Muhammad Arsalan Aqeeq||DISTRIBUTED||Modify||238
|Out of the Frying Pan – in to the Fire: The Case of Adjustable Rate Mortgage for Funding of Homes of the Underprivileged||Yes
|Muhammad Arsalan Aqeeq||DISTRIBUTED||Modify||219
|Is Islam Responsible for the Under-Development of the Muslim World – A Response to the Weber’s Contention||Yes
|Muhammad Arsalan Aqeeq||DISTRIBUTED||Modify||251
|Islamic Banking in Oman – Today & The Way Forward||Yes
My learning innovation are primarily motivated by creating a club culture & blended learning to drive engagement typically suited to the preferences of the so called ‘Millennials’. I aspire to bring in technological platforms such as Youtube, Whatsapp, Slido & Dropbox in an attempt to generate student interest.
IoBM Investor Club
IoBM Investment Club – is an initiative to promote financial literacy and awareness among the students. It was commenced by a small group of like-minded students of Financial Institution course to share investment insights and venues on a WhatsApp group. The group is now a thriving platform of over 150 members from all disciplines actively sharing equity valuations, investment picks, macroeconomic indicators and economic outlook. The group is now holding regular members’ meetings to learn from each other and turn ‘Learners in to Investors’
Course :Financial Institutions
Greater engagement following inspired by the idea of Club Learning to form an Investment Club connected through a Whatsapp group for IoBM students, sharing investments related information, stock picks, fundamental and technical analysis on equity investment. Moreover macroeconomic indicators such as trade and current account deficits, inflation outlook and GDP growth expectation are also shared. Thus the idea is to make the perceivably dry body of knowledge more interesting and relatable.
Course : Project Appraisal
Students are pushed to follow the largest Entrepreneurial Reality Show called ‘Shark Tank’ which offer a lot of real world insights on Business Valuation, Risk assessment, Cost of Capital, Cashflow Projection and Capital structure.
The students are asked to study and decipher the underlying valuation methodology that the illustrious Panel adapt to raise offers to nascent entrepreneurs pitch in no time. Again
Introduction of Youtube Lectures to integrate blended learning suited to the mindset of the Millineals.
Class Presentations – Grade weight 10%
Class presentation aims to relate the course objectives with the real world, by soliciting students to present relevant news and development from the real world.
- Drivers, Causes and Implication of USD 22 Bn Penalty on HBL Balance Sheet.
- The rise and Fall of the BCCI – governance debacle or political conspiracy.
- The cases of block chain based crowd funding through Initial Coin Offerings (ICOs)
- Initial Public offerings of equity and Bond Issues – e.g. Pearl Continental and K.Electric Sukuks, Roshan Packages, Loads and Mughal Steels.
- Government Large Scale Projects Feasibility Presentation such as
- Orange Line Train Project Feasibility (PC-1)
- Aforestation project KPK Government (Plantation of 1 Bn Trees) socio-economic feasibility analysis.
- Lalpir Solar Power Generation (300 MW) feasibility analysis.
Increased Rigour in Class Projects Grade Weight 20%
Two staged submission of class projects has been introduced.
Stage 1: is called ‘formative submission‘ – where student submits the project 2 weeks before the final deadline and describe it in an office meeting. Feedback for improvement/ refinement / correction is shared with the student to set the expectations for a superior grade. At this point, I entice the student to meet my expectations on the rigour and details of the work and score a superlative grade in reward.
Stage 2: is ‘summative submission’ wherein all the group members are expected to know everything about the project and should be able explain the findings (to avoid the usual ‘this was not my part of the work’ excuse) , enables team learning and alleviates free-riders syndrome prevalent in group submissions.
Though this method requires a lot of office counselling – but has improved the students motivation to do real work to score high – instead settling for less with an inferior work. Besides it develops the much emphasised student engagement.
|‘Twiplomacy – Diplomacy of 140 Characters’||Durham-Chevening Conference 2015 organized FCO,Govt of UK||April 2015|
- Aqeeq, M. A., Hyder, S. I., Shehzad, F., & Tahir, M. A. (2018). On the competitiveness of grid-tied residential photovoltaic generation systems in Pakistan: Panacea or paradox?. Energy Policy, 119, 704-722. [ISI Impact Factor 4.5]
- Islamic Banking in Oman – Today and the Way Forward Part1 & Part2 (CPI Financial’s Islamic Banking and Finance Issue 85 & 86, / Republished by Zawya Thomson Reuters) , July 2014 and September 2014, Issue 85/86.
- Potential of Islamic Finance Education & Careers: The Case of Pakistan (CPI Financial’s Islamic Banking and Finance) , April 2013 , Issue 78.
- Arsalan. M, (2017). Rethinking Riba & Islamic Banking Experimentation. paper published in proceedings International Conference on Islamic Banking & Finance,29th & 30th November 2017.
Led IoBM’s team to 2nd consecutive win in SECP’s Mock Trading competition.
IoBM team won 2nd Prize out of 30 universities competing from all across Pakistan. The competition is an initiative by SECP’s Jamapunji for increasing financial literacy and mass investor awareness in the Country. IoBM’s team managed to book an annual gain of 104% as against the market performance -10%.
Focal Person for instituting collaboration between Almeezan Investment Management and IoBM
Al Meezan Investment Management Limited, the largest fund manager in Pakistan, formally signed a Memorandum of Understanding with Institute of Business Management (IoBM), which will provide Accreditation of Al Meezan Investments’ Training Program. This accreditation is the first in the Asset Management Industry which will enable Al Meezan to provide standardized training programs under Professional Academic Supervision.
- ‘‘Bahria Town project and it’s Invisible Hands (The Express Tribune)
- The tale of a proselyte islamic banker (Yurizk Islamic Finance Knowledge Portal)
HONORS & ACHIEVEMENTS
- Chevening Scholarship Award, Foreign Commonwealth Office, Government of UK 2014-2015 (Availed)
- HEC – Indigenous PhD scholarship in 2014 (Not Availed).
- Cultural Exchange Scholarship – Ministry of Interprovincial Coordination for Foreign PhD in 2014 (Not Availed).
- Merit Scholarship by Ministry of Science & Technology during the 1999-2003 for the B.E Program (Availed).
- Represented the students as Member – Board of Studies in Business Durham University October 2014 to September 2015.
- Served as Jury Panelist at INFER (IBA National Finance & Economic Reformation) 2014 with 35 Teams from all across Pakistan
- Global Association of Risk Professionals
- Institute of Bankers, Pakistan
- Network members
- Chevening Alumni Association, UK
- Pakistan Chevening Alumni Association
- Durham Alumni Association
- IBA Alumni Association
Institute of Business Management (IoBM)
CBM Building: Room No , Institute of Business Management
Korangi Creek, Karachi Pakistan – 75190
Ext – 319