Research

Our research team is armed with experts in governance, law, accounting, finance and economics including professionally qualified accountants and lawyers, working together with technologists including experts in AI, machine learning and cyber security. PhD applicants are invited to join our team and contribute intellectually in transdisciplinary way.

Financing of Sustainable Development Goals (SDGs): Challenges and Opportunities — book cover
Book chapter Springer

Financing SDGs Through Responsible FinTech

M. Minhat · N. Dzolkarnaini  ·  2025

In R. Arora & T. Sarker (Eds.), Financing of Sustainable Development Goals (SDGs): Challenges and Opportunities

Innovations in financial technology can foster economic development and financial inclusion, but their liberalised use without responsible management is a double-edged sword — capable of both rescuing and undermining human security. Drawing on real-life examples and related studies, this chapter introduces the ‘Responsible FinTech’ agenda to inspire a critical discourse for the public interest, defining its scope from an ethical and interdisciplinary perspective. It concludes that FinTech must be responsibly managed and governed if it is to support the United Nations’ Sustainable Development Goals (SDGs).

Responsible FinTech · Ethics · Financial inclusion · Cybersecurity · UN SDGs

Read on Springer →
Cryptocurrency Risk and Governance Challenges — book cover
Monograph Routledge

Cryptocurrency Risk and Governance Challenges

M. Minhat · M. Abdullah · N. Dzolkarnaini · N. S. Sapiei  ·  2024

An interdisciplinary critical perspective on risk, uncertainty, and governance challenges of cryptocurrencies. The book considers perspectives across accounting, cybersecurity, cyberlaw, economics, ethics, finance, financial regulation, Shariah (Islamic) law, and technology. Distinct from other volumes on the subject in providing in-depth analysis and critical discourse on cryptocurrency risk categories, supplemented by research evidence gathered from surveys and interviews with stakeholders.

Accounting · Cybersecurity · Cyberlaw · Economics · Ethics · Finance · Financial regulation · Shariah law · Technology

View on Routledge →
Ethical Discourse in Finance — book cover
Edited volume Palgrave Macmillan

Ethical Discourse in Finance

Co-edited by M. Minhat and N. Dzolkarnaini.

A collection bringing together interdisciplinary contributions on ethical discourse within finance. Part of the Palgrave Studies in Impact Finance series, the volume enriches the evolving scope of ethical-finance literature by examining the actors, products and regulation that shape markets. Foreword penned by the late Lord Sheikh of the UK House of Lords.

Finance ethics · Islamic finance · Financial governance · Public policy

View on Palgrave Macmillan →
Journal articles

Peer-reviewed research

International Journal of Finance & Economics — Vol. 29(3) 2024
Journal article Wiley · IJFE

Deposit-borrowing substitutability: Evidence from microfinance institutions around the world

U. Shettima · N. Dzolkarnaini

International Journal of Finance & Economics · Vol. 29(3), 2559–3826 · 2024 · first published 25 May 2023

Drawing from 645 microfinance institutions across 56 countries, this paper examines the deposit-borrowing dynamic of microfinance institutions’ source of capital. We find that deposits and borrowings are substitutes rather than complements. The degree of substitutability is more pronounced among microfinance institutions operating in a developed financial sector where the level of information asymmetry is lower. The findings represent a novel contribution to understanding microfinance institutions’ funding behaviour that supports their quest for further growth and long-term sustainability.

Read on Wiley → DOI: 10.1002/ijfe.2817
Watch 2-minute video abstract
Commentary

Opinion pieces

  • 2022 Minhat, M., Abdullah, M., Dzolkarnaini, N. and Sapiei, N. S. (2022). “Cryptocurrency and Uncertainty.” Accountants Today, 26 January. · Read →
  • 2019 Minhat, M. and Dzolkarnaini, N. (2019). “Islamic finance: digital assets, crypto assets and cryptocurrencies.” The Malaysian Reserve, 25 February. · Read →
Ongoing doctoral research

PhD projects in progress

Doctoral candidates at the University of Bradford working under the supervision of our lead researchers on topics such as FinTech lending, central-bank digital currencies, and decentralised finance.

Ongoing 2023 — Present

FinTech Lending

ProgrammeOngoing Doctoral Research · University of Bradford

ResearcherA. Olanrewaju (2023 — Present)

SupervisorsM. Minhat · N. Dzolkarnaini

Abstract to be added.

Ongoing 2023 — Present

Central Bank Digital Currencies (CBDC)

ProgrammeOngoing Doctoral Research · University of Bradford

ResearcherM. Syed (2023 — Present)

SupervisorsM. Minhat · N. Dzolkarnaini

Abstract to be added.

Ongoing 2025 — Present

Risk in DeFi-based SME Financing

ProgrammeOngoing Doctoral Research · University of Bradford

ResearcherM. Al-Masri (2025 — Present)

SupervisorsM. Minhat · N. Dzolkarnaini

Doctoral research examining how decentralised finance (DeFi) lending protocols affect the risk profile of SME financing.