Staff profile

Professor Muhammed-Shahid Ebrahim holds a Doctorate in Business Administration from Southern Illinois University, an MBA from the University of Wisconsin and an MSE from the University of Pennsylvania. His research is focused on financial development. This involves studying asset pricing and financial contracting, as applied to Islamic banking and finance, corporate finance and real estate finance. Prior to joining Durham he held the position as a Professor of Islamic banking and finance at the Bangor Business School and has previously held roles as a financial analyst/planner with the United Bank of Kuwait and IDS-American Express. Professor Ebrahim was a Research Fellow at the Oxford Centre for Islamic Studies and Harvard University Islamic Finance Program. Professor Ebrahim has been the recipient of the Harwood Memorial Real Estate scholarship and Outstanding Faculty of Management Lecturer Award by the University of Brunei Darussalam. He co-authors with the well-known Nobel Prize winner Robert Shiller and has published numerous journal articles included in international prestigious publications such as the Journal of Banking and Finance, Journal of Corporate Finance and Journal of Economic Dynamics and Control.

Editorial Appointments

• Guest Editor (2018): Pacific Basin Finance Journal 52, Islamic Banking and Finance Special Issue.
• Guest Editor (2019): Journal of Economic Behavior and Organization.157. Financial Development and Economic Stability Special Issue.
• Guest Editor (2017): Journal of Financial Services Research. 51. Finance and Development in Muslim Economies Speacial Issue.
• Guest Editor (2016): International Review of Financial Analysis. 46, Evolving Capital Markets Special Issue.
• Guest Editor (January 2013): Journal of Economic Behavior and Organization 85, Financial Sector Performance and Risk Special Issue.

Ph.D. Supervision

Professor Ebrahim is an applied theorist and accepts Ph.D. students whose dissertation includes a theory component in any of the following areas: Islamic banking and finance, corporate finance, financial markets and investments, international finance, and real estate finance.

Chapter in book

• Rationalizing the Takaful Organizational Form with Institutional Theory
  
  Alhalboni, M., Ebrahim, M., & Jatmiko, W. (2022). Rationalizing the Takaful Organizational Form with Institutional Theory. In D. Nguyen (Ed.), Handbook of Banking and Finance in Emerging Markets (pp. 506-522). Edward Elgar. https://doi.org/10.4337/9781800880900.00036

Journal Article

• On the Ethicality of Islamic Banking’s Business Model
  
  Jatmiko, W., Iqbal, A., & Ebrahim, M. S. (2024). On the Ethicality of Islamic Banking’s Business Model. British Journal of Management, 35(1), 115-136. https://doi.org/10.1111/1467-8551.12703
• Sukūk Development and Income Inequality
  
  Jatmiko, W., Ebrahim, M., & Smaoui, H. (2023). Sukūk Development and Income Inequality. Journal of International Financial Markets, Institutions and Money, 88, Article 101852. https://doi.org/10.1016/j.intfin.2023.101852
• Can Trade Credit Rejuvenate Islamic Banking?
  
  Jatmiko, W., Ebrahim, M. S., Iqbal, A., & Wojakowski, R. M. (2023). Can Trade Credit Rejuvenate Islamic Banking?. Review of Quantitative Finance and Accounting, 60(1), 111-146. https://doi.org/10.1007/s11156-022-01092-6
• Financial Frictions and the Futures Pricing Puzzle
  
  Gwilym, R., Ebrahim, M., El Alaoui, A., Rahman, H., & Taamouti, A. (2020). Financial Frictions and the Futures Pricing Puzzle. Economic Modelling, 87, 358-371. https://doi.org/10.1016/j.econmod.2019.08.009
• Political Uncertainty and the Choice of Debt Sources
  
  Bennasr, H., Bouslimi, L., Ebrahim, M., & Zhong, R. (2020). Political Uncertainty and the Choice of Debt Sources. Journal of International Financial Markets, Institutions and Money, 64, Article 101142. https://doi.org/10.1016/j.intfin.2019.101142
• Financial Development and Economic Stability (FDES)
  
  Ebrahim, M., S Nguyen, D., & K Yildirim, Y. (2019). Financial Development and Economic Stability (FDES). Journal of Economic Behavior and Organization, 157, 225-227. https://doi.org/10.1016/j.jebo.2018.12.031
• Can a Loan Valuation Adjustment (LVA) Approach Immunize Collateralized Debt from Defaults?
  
  Wojakowski, R., Ebrahim, M., Jaafar, A., & Salleh, M. (2019). Can a Loan Valuation Adjustment (LVA) Approach Immunize Collateralized Debt from Defaults?. Financial Markets, Institutions and Instruments, 28(2), 141-158. https://doi.org/10.1111/fmii.12109
• Islamic Banking and Finance: Beyond Comparison and Investment Opportunities
  
  Ibrahim, M., & Ebrahim, M. (2018). Islamic Banking and Finance: Beyond Comparison and Investment Opportunities. Pacific-Basin Finance Journal, 52, 1-4. https://doi.org/10.1016/j.pacfin.2018.11.006
• Can UGITs promote liquidity management and sustainable development?
  
  Aassouli, D., Ebrahim, M., & Basiruddin, R. (2018). Can UGITs promote liquidity management and sustainable development?. ISRA International Journal of Islamic Finance, 10(2), 126-142. https://doi.org/10.1108/ijif-12-2017-0055
• The Political Economy and Underdevelopment of the Muslim World: A Juridico-Philosophical Perspective
  
  Ebrahim, M. S., & Sheikh, M. (2018). The Political Economy and Underdevelopment of the Muslim World: A Juridico-Philosophical Perspective. Arab Law Quarterly, 32(4), 385-412. https://doi.org/10.1163/15730255-12324051
• Continuous Workout Mortgages: Efficient Pricing and Systemic Implications
  
  Shiller, R., Wojakowski, R., Ebrahim, M., & Shackleton, M. (2017). Continuous Workout Mortgages: Efficient Pricing and Systemic Implications. Journal of Economic Behavior and Organization, 157, 244-274. https://doi.org/10.1016/j.jebo.2017.12.006
• Finance and Development in Muslim Economies
  
  Ebrahim, M., Molyneux, P., & Ongena, S. (2017). Finance and Development in Muslim Economies. Journal of Financial Services Research, 51(2), 165-167. https://doi.org/10.1007/s10693-017-0273-6
• Reducing the Impact of Real Estate Foreclosures with Amortizing Participation Mortgages
  
  Wojakowski, R., Ebrahim, M., & Shackleton, M. (2016). Reducing the Impact of Real Estate Foreclosures with Amortizing Participation Mortgages. Journal of Banking and Finance, 71, 62-74. https://doi.org/10.1016/j.jbankfin.2016.05.005
• Dispelling the Myth of a Value Premium: Contrary Evidence of Malaysian Crony Capitalism
  
  Ebrahim, S., Hudson, R., Iqbal, A., & Shah, E. (2016). Dispelling the Myth of a Value Premium: Contrary Evidence of Malaysian Crony Capitalism. International Journal of Banking, Accounting and Finance, 7(1), 1-33. https://doi.org/10.1504/ijbaaf.2016.079164
• Corporate Social Responsibility, Shariah-Compliance, and Earnings Quality
  
  Alsaadi, A., Ebrahim, M., & Jaafar, A. (2016). Corporate Social Responsibility, Shariah-Compliance, and Earnings Quality. Journal of Financial Services Research, 51(2), 169-194. https://doi.org/10.1007/s10693-016-0263-0
• Evolving capital markets in the era of economic uncertainty
  
  Ebrahim, M., & Nguyen, D. (2016). Evolving capital markets in the era of economic uncertainty. International Review of Financial Analysis, 46, 237-238. https://doi.org/10.1016/j.irfa.2016.05.004
• Can Islamic Injunctions Indemnify the Structural Flaws of Securitized Debt?
  
  Ebrahim, M., Jaafar, A., Omar, F., & Salleh, M. (2016). Can Islamic Injunctions Indemnify the Structural Flaws of Securitized Debt?. Journal of Corporate Finance, 37, 271-286. https://doi.org/10.1016/j.jcorpfin.2016.01.002
• Debt Instruments in Islamic Finance: A Critique
  
  Ebrahim, M., & Sheikh, M. (2016). Debt Instruments in Islamic Finance: A Critique. Arab Law Quarterly, 30(2), 185-198. https://doi.org/10.1163/15730255-12341317
• The Muḍāraba Facility: Evolution, Stasis and Contemporary Revival
  
  Ebrahim, M., & Sheikh, M. (2015). The Muḍāraba Facility: Evolution, Stasis and Contemporary Revival. Arab Law Quarterly, 29(3), 246-260. https://doi.org/10.1163/15730255-12341305
• Islamic Banking and Finance: Recent Empirical Literature and Directions for Future Research
  
  Abedifar, P., Ebrahim, S., Molyneux, P., & Tarazi, A. (2015). Islamic Banking and Finance: Recent Empirical Literature and Directions for Future Research. Journal of Economic Surveys, 29(4), 637-670. https://doi.org/10.1111/joes.12113
• Integrating corporate ownership and pension fund structures: A general equilibrium approach
  
  Ebrahim, M., Mathur, I., & Gwilym, R. (2014). Integrating corporate ownership and pension fund structures: A general equilibrium approach. Journal of Banking and Finance, 49, 553-569. https://doi.org/10.1016/j.jbankfin.2014.05.032
• Rationalizing Hybrid Financial Instruments from an Usūlī Perspective
  
  Ebrahim, M., Salleh, M., & Sheikh, M. (2014). Rationalizing Hybrid Financial Instruments from an Usūlī Perspective. Arab Law Quarterly, 28(3), 295-306. https://doi.org/10.1163/15730255-12341284
• Can an interest-free credit facility be more efficient than a usurious payday loan?
  
  Salleh, M. O., Jaafar, A., & Ebrahim, M. (2014). Can an interest-free credit facility be more efficient than a usurious payday loan?. Journal of Economic Behavior and Organization, 103, 74-92. https://doi.org/10.1016/j.jebo.2013.05.014
• Rationalizing the value premium in emerging markets
  
  Ebrahim, M., Girma, S., Shah, M. E., & Williams, J. (2014). Rationalizing the value premium in emerging markets. Journal of International Financial Markets, Institutions and Money, 29, 51-70. https://doi.org/10.1016/j.intfin.2013.11.005
• Dynamic capital structure and political patronage: The case of Malaysia
  
  Ebrahim, M., Girma, S., Shah, M., & Williams, J. (2014). Dynamic capital structure and political patronage: The case of Malaysia. International Review of Financial Analysis, 31, 117-128. https://doi.org/10.1016/j.irfa.2013.11.004
• Can position limits restrain ‘rogue’ trading?
  
  Gwilym, R. ap, & Ebrahim, M. (2013). Can position limits restrain ‘rogue’ trading?. Journal of Banking and Finance, 37(3), 824-836. https://doi.org/10.1016/j.jbankfin.2012.10.025
• Editorial - Financial sector performance and risk: An introduction.
  
  Ebrahim, M., Molyneux, R., & Wilson, J. O. (2013). Editorial - Financial sector performance and risk: An introduction. Journal of Economic Behavior and Organization, 85, 118-121. https://doi.org/10.1016/j.jebo.2012.05.003
• On the efficiency of the UPREIT organizational form: Implications for the subprime crisis and CDO's.
  
  Ebrahim, M., & Mathur, I. (2013). On the efficiency of the UPREIT organizational form: Implications for the subprime crisis and CDO’s. Journal of Economic Behavior and Organization, 85, 286-305. https://doi.org/10.1016/j.jebo.2012.02.015
• Mitigating financial fragility with Continuous Workout Mortgages.
  
  Ebrahim, M., Shiller, R., Wojakowski, R., & Shackleton, M. (2013). Mitigating financial fragility with Continuous Workout Mortgages. Journal of Economic Behavior and Organization, 85, 269-285. https://doi.org/10.1016/j.jebo.2012.04.010
• Participation Mortgages and the Efficiency of Financial Intermediation
  
  Ebrahim, M., Shackleton, M. B., & Wojakowski, R. M. (2011). Participation Mortgages and the Efficiency of Financial Intermediation. Journal of Banking and Finance, 35(11), 3042-3054. https://doi.org/10.1016/j.jbankfin.2011.04.008
• Financial development and asset valuation: The special case of real estate.
  
  Ebrahim, M., & Hussain, S. (2010). Financial development and asset valuation: The special case of real estate. Journal of Banking and Finance, 34(1), 150-162. https://doi.org/10.1016/j.jbankfin.2009.07.011
• Can an Islamic Model of Housing Finance Cooperative Elevate the Economic Status of the Underprivileged?"
  
  Ebrahim, M. (2009). Can an Islamic Model of Housing Finance Cooperative Elevate the Economic Status of the Underprivileged?". Journal of Economic Behavior and Organization, 72(3), 864-883. https://doi.org/10.1016/j.jebo.2009.08.002
• Discussion Forum: The Financial Crisis: Comments from an Islamic Perspectives.
  
  Ebrahim, M. (2008). Discussion Forum: The Financial Crisis: Comments from an Islamic Perspectives. IIUM JOURNAL OF ECONOMICS AND MANAGEMENT., 16(2), 111-138.
• Pricing home mortgages and bank collateral: A rational expectations approach.
  
  Ebrahim, M., & Mathur, I. (2007). Pricing home mortgages and bank collateral: A rational expectations approach. Journal of Economic Dynamics and Control, 31(4), 1217-1244. https://doi.org/10.1016/j.jedc.2006.03.007
• On the pareto-optimality of futures contracts over Islamic forward contracts: implications for the emerging Muslim economies.
  
  Ebrahim, M., & Rahman, S. (2005). On the pareto-optimality of futures contracts over Islamic forward contracts: implications for the emerging Muslim economies. Journal of Economic Behavior and Organization, 56(2), 273-295. https://doi.org/10.1016/j.jebo.2003.09.007
• On the Pricing of an Islamic Convertible Mortgage for Infrastructure Project Financing
  
  Ebrahim, M., & Khan, T. (2002). On the Pricing of an Islamic Convertible Mortgage for Infrastructure Project Financing. International Journal of Theoretical and Applied Finance, 5(7), 701-728. https://doi.org/10.1142/s0219024902001675
• Real Estate Portfolio Diversification by Sources of Returns.
  
  National, K., Wee, S., & Ebrahim, M. (2002). Real Estate Portfolio Diversification by Sources of Returns. Journal of Real Estate Portfolio Management, 8(1), 1-15. https://doi.org/10.5555/repm.8.1.n52p6144nq726u41
• Investor heterogeneity, market segmentation, leverage and the equity premium puzzle.
  
  Ebrahim, M., & Mathur, I. (2001). Investor heterogeneity, market segmentation, leverage and the equity premium puzzle. Journal of Banking and Finance, 25(10), 1897-1919. https://doi.org/10.1016/s0378-4266%2800%2900164-3
• The Pricing of Debt and Pareto-Optimal Financing under Endogenous Bankruptcy
  
  Ebrahim, M., & Mathur, I. (2001). The Pricing of Debt and Pareto-Optimal Financing under Endogenous Bankruptcy. International Journal of Theoretical and Applied Finance, 4(3), 491-509. https://doi.org/10.1142/s0219024901001085
• Islamic Banking in Brunei Darussalam
  
  Ebrahim, M., & Kai Joo, T. (2001). Islamic Banking in Brunei Darussalam. International Journal of Social Economics, 28(4), 314-337. https://doi.org/10.1108/03068290110357708
• Performance Measurement in Corporate Real Estate: Issues, Evidence and Research Agenda
  
  Ebrahim, M., Hiang, L. K., Leong, J. O. T., & Brown, G. R. (2001). Performance Measurement in Corporate Real Estate: Issues, Evidence and Research Agenda. Journal of Financial Management of Property and Construction, 6(2), 71-77.
• Optimal Entrepreneurial Financial Contracting
  
  Ebrahim, M., & Mathur, I. (2000). Optimal Entrepreneurial Financial Contracting. Journal of Business Finance and Accounting, 27(9-10), 1349-1374. https://doi.org/10.1111/1468-5957.00360
• Pricing Asset Backed Islamic Financial Instruments
  
  Ebrahim, M. (2000). Pricing Asset Backed Islamic Financial Instruments. International Journal of Theoretical and Applied Finance, 3(1), 59-83. https://doi.org/10.1142/s0219024900000048
• Integrating Islamic and Conventional Project Finance
  
  Ebrahim, M. (1999). Integrating Islamic and Conventional Project Finance. Thunderbird International Business Review, 41(4-5), 583-609. https://doi.org/10.1002/tie.4270410416
• On the design and efficiency of a participating growth bill.
  
  Ebrahim, M., & Bashir, A. M. (1999). On the design and efficiency of a participating growth bill. Quarterly Review of Economics and Finance, 39(4), 513-527. https://doi.org/10.1016/s1062-9769%2899%2900036-8
• A Note on the Optimal Design of an Office Building
  
  Colwell, P. F., & Ebrahim, M. (1997). A Note on the Optimal Design of an Office Building. Journal of Real Estate Research, 14(2), 169-174. https://doi.org/10.5555/rees.14.2.l7303t2283500835
• On the Design and Pareto-Optimality of Participating Mortgages
  
  Ebrahim, M. (1996). On the Design and Pareto-Optimality of Participating Mortgages. Real Estate Economics, 24(3), 407-419. https://doi.org/10.1111/1540-6229.00697
• On the Design of Interest-free Instruments
  
  Darrat, A. F., & Ebrahim, M. (1996). On the Design of Interest-free Instruments. Majallat Jāmiʻat Al-Malik ʻAbd Al-ʻAzīz. Al-Iqtiṣād Al-Islāmī, 8(1), 53-61.
• On the Critiques of the Islamic Economic System
  
  Ebrahim, M. (1996). On the Critiques of the Islamic Economic System. Gomal University Journal of Research, 13(2B), 277-289.
• Tax Clientele of Depreciable Real Estate Investments in the USA
  
  Ebrahim, M. (1995). Tax Clientele of Depreciable Real Estate Investments in the USA. Journal of Business Finance and Accounting, 22(7), 991-1021. https://doi.org/10.1111/j.1468-5957.1995.tb00890.x
• Hybrid Profit-Sharing Securities: A General Equilibrium Analysis
  
  Ebrahim, M., Bashir, A., & Darrat, A. F. (1995). Hybrid Profit-Sharing Securities: A General Equilibrium Analysis. The Middle East Business and Economic Review., 7(2), 10-17.