Dr. Syed Marwan Mujahid Syed Azman
Assistant Professor
Institute of Islamic Banking and Finance (IIiBF)
Social Finance, Social Impact Bonds, SRI Sukuk, Social Impact Evaluation
Syed Marwan is an Associate Professor at the IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM).
He also serves as the Deputy Director at the Office for Strategy and Institutional Change (OSIC), where he plays a key role in steering the university’s strategic planning, implementation and monitoring, ranking and institutional performance, as well as change management.
He holds a Bachelor of Commerce, majoring in Economics and Finance, from the University of Melbourne. He later earned the Chartered Islamic Finance Professional (CIFP) qualification from the International Centre for Education in Islamic Finance (INCEIF), followed by a PhD from IIUM’s IIiBF, with a research focus on Social Impact Bonds.
Marwan brings a combination of acmore...
Syed Marwan is an Associate Professor at the IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM).
He also serves as the Deputy Director at the Office for Strategy and Institutional Change (OSIC), where he plays a key role in steering the university’s strategic planning, implementation and monitoring, ranking and institutional performance, as well as change management.
He holds a Bachelor of Commerce, majoring in Economics and Finance, from the University of Melbourne. He later earned the Chartered Islamic Finance Professional (CIFP) qualification from the International Centre for Education in Islamic Finance (INCEIF), followed by a PhD from IIUM’s IIiBF, with a research focus on Social Impact Bonds.
Marwan brings a combination of academic rigour and practical experience. He began his career as an Analyst at Kuwait Finance House Research in 2013 and joined the CEO@Faculty Programme in 2020–2021, where he was attached to Maybank Group under the mentorship of the CEO of Human Capital. In 2024, he was selected as an InteRussia Fellow and attached to the Moscow State Institute of International Relations (MGIMO). During this fellowship, he conducted research on the development and implementation of Islamic finance in Russia, while also expanding his global network through engagement with fellows from various countries.
He teaches a range of undergraduate and postgraduate courses, including Principles of Economics, Islamic Economics, Financial Systems, Waqf, and Sustainable Development.
His academic commitment is further reflected in his active research engagements. He was the Principal Investigator for a completed project entitled “Social Impact Performance Measurement Model for Islamic Financial Institutions: Integrating SDGs, Value-Based Intermediation (VBI), and Maqasid al-Shariah.”
Currently, he leads the research projects: "Development of Social Impact Measurement Framework for Elderly Care Centres in Malaysia” & “Islamic Social Finance Solutions in Addressing Challenges in Elderly Care in Malaysia”
He is also co-researchers in several other ongoing collaborative projects. These include: “Humanitarian Sukuk: Developing an Alternative Financial Tool in Addressing the Refugee Crisis” (FRGS-funded); “Contemporary Corporate Practices from the Perspective of Islamic Ethics” (funded by Maybank Islamic); “Pioneering Waqf Healthcare Haven for Elderly People” ; “Assessing the Financial Vulnerability of the Elderly in the B40 Community” ; “Developing Takaful Products and Framework for Holistic Protection of Senior Citizens”.
Marwan’s scholarly work centres on sustainable and ethical finance. His research on Sustainable and Responsible Investment (SRI), Social Impact Bonds (SIB), and impact measurement reflects a deep commitment to advancing Islamic finance that is purposeful and socially grounded.
ACADEMIC BACKGROUND
1. PhD, International Islamic University Malaysia (IIUM), Institute of Islamic Banking and Finance (IIiBF). (2014-2018)
•Research area in Social Impact Bonds, Islamic Social Finance, social impact, and SRI sukuk.
•Thesis entitled: “An Exploratory Study on Shari’ah-compliant Social Impact Bonds in Malaysia: Stakeholders’ Perspective”
2. Chartered Islamic Finance Professional (CIFP), International Centre for Education in Islamic Finance (INCEIF). (2011-2013)
•Postgraduate certification, equivalent to Masters, fully accredited by MQA.
•10 A’s (CGPA: 3.714).
3. Bachelor of Commerce, The University of Melbourne, Melbourne, Australia. (2009-2011)
•Majors in Economics and Finance.
Latest Additions
- Syed Azman, Syed Marwan Mujahid (2024) Advancing halal industry with tayyib and sustainability. @Halal, 6 (November-Disember). pp. 20-21. ISSN 2682-8277
- Syed Azman, Syed Marwan Mujahid and Shaharuddin, Siti Saffa (2025) Green Sukuk: issues, challenges and the way forward. In: Islamic Green Finance: A Research Companion. Routledge.
- Riyadi, Hamidah Asma and Syed Azman, Syed Marwan Mujahid (2024) Digitalisation impact on Indonesia labour market: SWOT-TOWS analysis with Islamic economic principles. Journal of Islamic Finance, 13 (1). pp. 91-108. ISSN 2289-2109 E-ISSN 2289-2117
- Syed Azman, Syed Marwan Mujahid and Shaharuddin, Siti Saffa and Zain, Nor Syahirah (2024) Islamic sustainable finance: how does SRI sukuk matter? In: Islamic Finance and Sustainable Development: A Global Framework for Achieving Sustainable Impact Finance. Islamic Business and Finance Series . Routledge, pp. 171-184. ISBN 978-103274307-3
- Zain, Nor Syahirah and Hassan, Rusni and Syed Azman, Syed Marwan Mujahid (2023) Social impact measurement as a tool of governance and accountability for waqf organisations. International Journal of Islamic Economics and Finance Research (1 Special Issue). pp. 132-148. E-ISSN 2636-9419
- Syed Azman, Syed Marwan Mujahid and Ismail, Suhaiza and Engku Ali, Engku Rabiah Adawiah and Haneef, Mohamed Aslam (2024) Factors influencing intention to invest in Shariah-compliant social impact bonds in Malaysia. Journal of Islamic Accounting and Business Research, 15 (8). pp. 1338-1358. ISSN 1759-0817
- Said Al Salmani, Said Rashid and Syed Azman, Syed Marwan Mujahid (2024) Budget deficit in the early Islamic history: a review of the literature and examination of the historical evidence. In: International Conference on Business and Technology (ICBT 2023), 1st - 2nd November 2023, Istanbul, Turkey.
- Misman, Siti Nursyawani and Mohd Salimin, Mohd Ariff and Farjan Ali, Rahimah and Adnan, Ieman Huda and Kassim, Salina and Syed Azman, Syed Marwan Mujahid (2023) Addressing negative spillover effects of overcrowding in Malaysian prisons: can Islamic financial institutions play a role? In: Islamic Sustainable Finance, Law and Innovation: Opportunities and Challenges. Contributions to Management Science (1). Springer, Cham, pp. 323-333. ISBN 978-3-031-27859-4
- Syed Azman, Syed Marwan Mujahid (2022) Coming together: a comprehensive overview of the transdisciplinary perspectives of school belonging. In: Handbook of Positive Psychology in Schools. Educational Psychology Handbook Series (3rd edition). Routledge, New York, USA, pp. 246-266. ISBN 9780367855864
- Mohtesham, Mohammed Meeran Jasir and Syed Azman, Syed Marwan Mujahid (2023) Social impact measurement of Waqf: case study of Waqf organisations in Karnataka, India. AZKA International Journal Of Zakat & Social Finance (AZJAF), 4 (2). pp. 199-218. ISSN 2735-1890 E-ISSN 2716-6643
- Syed Azman, Syed Marwan Mujahid and Noordin, Nazrul Hazizi (2023) KWSP bersasar perlu ikut Islam. Utusan Malaysia, 20 Mar 2023.
- Syed Azman, Syed Marwan Mujahid and Noordin, Nazrul Hazizi (2023) Kawal pengeluaran caruman KWSP elak implikasi jangka panjang. Berita Harian, 20 Mar 2023. p. 12.
- Syed Azman, Syed Marwan Mujahid and Ismail, Suhaiza and Haneef, Mohamed Aslam and Engku Ali, Engku Rabiah Adawiah (2024) Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic. Journal of Economic and Administrative Sciences, 40 (4). pp. 798-818. ISSN 2054-6238 E-ISSN 2054-6246
- Syed Azman, Syed Marwan Mujahid and Ismail, Suhaiza and Haneef, Mohamed Aslam and Engku Ali, Engku Rabiah Adawiah (2022) An empirical comparison of sustainable and responsible investment sukuk, social impact bonds and conventional bonds. ISRA International Journal of Islamic Finance, 14 (3). pp. 256-273. ISSN 2289-4365
- Syed Azman, Syed Marwan Mujahid and Syed Jaafar Alhabshi, Syed Musa and Redzuan, Nur Harena (2022) A proposal for social impact measurement framework for digital banks in Malaysia. In: 2nd Karatay International Conference on Islamic Economics and Finance (KARCIEF 2022), 17-18 June 2022, Turkey and Hybrid. (Unpublished)
- Syed Azman, Syed Marwan Mujahid (2021) Mother T.I.G.E.R leadership. In: Charting the course beyond the Horizon: how to uplift your team and transform your organization. Penerbit UTeM Press, Melaka, pp. 181-190. ISBN 978-967-2454-70-0
- Saffa, Siti and Syed Azman, Syed Marwan Mujahid (2021) Misconception Of Zakat And Distributive Justice In Islam: Case Study Of Zakat Institutions In Malaysia. In: 9th ASEAN Universities International Conference on Islamic Finance, 17-19 November 2021, Royal Ambarrukmo Hotel, Yogyakarta, Indonesia. (Unpublished)
- Syed Azman, Syed Marwan Mujahid and Haneef, Mohamed Aslam and Engku Ali, Engku Rabiah Adawiah and Ismail, Suhaiza (2021) Beyond Shari‘ah compliance: achieving Maqasid Al-Shari‘ah through Social Impact Bonds (SIB) and Sustainable & Responsible Investment (SRI) Sukuk. In: Pembinaan tamadun melalui industri patuh Syariah Volum 1: Ekonomi, kewangan dan pengurusan patuh Syariah. Kolej Profesional Baitulmal Kuala Lumpur (KPBKL), pp. 350-362. ISBN 9789671684337
- Wan Fakhruddin, Wan Farah Wani and Shukor, Siti Shuhaida and Mad Nordin, Mariam Firdhaus and Ghazali, Masitah and Abdul Rahman, Abdul Rahimi and Norizan, Mohd Natashah and Zanudin, Asfarina and Talib, Muhamad Lazim and Abdul Razak, Fatimah and Israr Ahmad, Haris Ahmad and Shahidan, Norshazila and Iberahim, Nurul Aqilah and Mohamed Sultan, Suhana and Mohammad, Nurul Farahain and Syed Azman, Syed Marwan Mujahid and Mat Isa, Nurulfiza and Jamaludin, Ummu Kulthum and Sarchio, Seri Narti Edayu and Wan Ismail, W Omar Ali Saifuddin and Ahmad Sobr, Sharizal (2021) Strengthening government-university-industry and community collaboration. Penerbit UMT, Universiti Malaysia Terengganu, Malaysia. ISBN 978-967-2939-59-7
- Jasir Mohtesham, Mohammed Meeran and Syed Azman, Syed Marwan Mujahid and Hai, Abdul and Shahid, Mohd (2021) An assessment of using sukuk for waqf property development in India. Journal of Islamic Finance, 10 (1 (Special Issue)). pp. 85-91. ISSN 2289-2109 E-ISSN 2289-2117