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Dr. Hengchao Zhang
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Faculty Member

Dr. Hengchao Zhang

Assistant Professor · Head of Programme, MSc Islamic Finance, INCEIF University

Ph.D. in Islamic Banking and Finance, IIUM · Specialist in Islamic capital markets, FinTech innovation, and applied financial economics.

Ph.D. Islamic Banking & FinanceINCEIF UniversityBilingual: English / MandarinMalaysia

Biography

Dr. Hengchao Zhang is an Assistant Professor and Head of Programme for the MSc Islamic Finance at INCEIF University, Malaysia. He holds a Ph.D. in Islamic Banking and Finance from the International Islamic University Malaysia (IIUM), sponsored by IRTI, Islamic Development Bank.

His research and teaching span quantitative methods, applied financial economics, behavioural economics, econometrics, sustainable development, and FinTech innovation within the Islamic capital market. He is the principal investigator on multiple Malaysian government research grants, including FRGS and the Islamic Economy Research and Innovation Fund (IERIF).

He has consulted for the Bank of China (Malaysia & Hong Kong) and the Maldives Monetary Authority, and has published extensively in journals including the Journal of Asia-Pacific Business, the European Journal of Finance, and the Journal of Islamic Monetary Economics and Finance.

Education

  • Ph.D. of Islamic Banking and Finance (2020), Institute of Islamic Banking and Finance, IIUM — sponsored by IRTI, Islamic Development Bank
  • Master of Economics (2010–2012), International Islamic University Malaysia
  • Bachelor of Economics (2006–2010), IIUM — Best Student in Finance & Rector's List, sponsored by Albukhary Foundation

Specializations

  • Quantitative Methods for Decision Making
  • Applied Financial Economics & Behavioural Finance
  • Econometrics & Sustainable Development
  • FinTech Innovation and Islamic Capital Market

Academic Experience

  • Jun 2023 – Present: Assistant Professor & Head of Programme, MSc Islamic Finance, INCEIF University
  • Jul 2022 – Jun 2023: Assistant Professor & Postgraduate Coordinator, Department of Economics, IIUM
  • Jul 2021 – Jul 2022: Assistant Professor & Research Coordinator, Department of Economics, IIUM

Selected Research Grants

  • Principal Investigator (2025, IERIF): Developing a Nature-related Financial Risk Model for Malaysia's Palm Oil Industry — A Machine Learning Approach
  • Principal Investigator (2025, IERIF): Accelerating Transition Finance for Malaysia's Clean Energy Transformation
  • Co-Researcher (2025, IERIF): Tracking the Progressive Well-Being of Zakat Beneficiaries Using ML & AI
  • Principal Investigator (2021, FRGS): Capacity Maturity Model for Business Analytics Education in Malaysian HEIs

Recent Publications

  • Ismath Bacha, O., Hengchao Zhang, &amp; Šeho, M. (2025). <em>Islamic Capital Markets: A Comparative Approach</em> (3rd ed.). World Scientific.
  • Fakhrunnas, F., Kenc, T., &amp; Hengchao, Z. (2025). ESG and Banking Performance in Emerging and Developing Countries. <em>Journal of Islamic Monetary Economics and Finance</em>.
  • Jamaludin et al. (2025). Trust as the engine of change: A conceptual model for trust building in zakat institutions. <em>Journal of Islamic Accounting and Business Research</em>.
  • Zhang, H. et al. (2024). Islamic Finance and Inclusive and Sustainable Growth: A Bibliometric and Content Analysis. In <em>Green Finance for Sustainability</em>, Routledge.

Professional Certifications & Memberships

  • Certified IBM Data Analyst
  • HRDF-Certified Train-the-Trainer, Ministry of Human Resources Malaysia
  • Malaysian Economic Association — Life Member (since 2022)
  • Association of Shariah Advisors in Islamic Finance Malaysia (ASAS) — Affiliate Member
  • Co-Editor, International Journal of Islamic Finance and Sustainable Development
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