FINANCE CLUSTER

Financial Markets and Institutions

The Financial Markets and Institutions Cluster (FMIC) is a research group at Westminster International University in Tashkent dedicated to advancing research on financial markets, asset pricing, financial institutions, and financial inclusion. The cluster brings together researchers who examine the valuation of financial assets, determinants of expected returns, risk premia, and market efficiency, as well as the role of financial institutions in price formation and access to financial services. This work supports SDG 10 (Reduced Inequalities) by promoting broader access to financial systems, in line with the United Nations Sustainable Development Goals.

The core purpose of FMIC is to conduct rigorous theoretical and empirical research that improves understanding of asset pricing and capital allocation. By contributing to more effective investment decisions and supporting the efficient functioning of financial systems, the cluster aligns with SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation, and Infrastructure).

Cluster Leader

Hamid Waqas
Email: hwaqas@wiut.uz

Cluster Members

Hamid Waqas
Senior Lecturer

Email: hwaqas@wiut.uz

Andrey Artemenkov
Senior Lecturer

Email: aartemenkov@wiut.uz

Alessandro Saccal
Senior Lecturer

Email: asaccal@wiut.uz

Er Hakan
Associate Professor

Email: erhakan@wiut.uz

Jawad Saleemi
Senior Lecturer

Email: jsaleemi@wiut.uz

Syed Muhammad Noaman Ahmed Shah
Senior Lecturer

Email: sshah@wiut.uz

Rustam Suleymanov
Lecturer

Email: ruslaymanov@wiut.uz

Aligned with SDGs

Banking, Fintech and Digital Finance

This research cluster aims to develop research and a space of debate on several contemporary issues in banking, fintech and digital finance, in particular, the effectiveness of banking regulations, cultivation of innovative small and medium enterprises (SMEs) financing, mapping the resilience of financial stability, adoption of fintech and digital finance in emerging economies. In this regard, the research domain of the cluster could be categorized into three tracts: (i) investigate and analyze the efficiency of prudential banking regulations; risk management and financial stability, studying how acute stress impacts the banking system’s profitability and strength; (ii) analyse the trend of the adoption of fintech in emerging markets; and (iii) investigate the approaches and impact of digital transformation of the financial system. We are committed to undertaking research projects on the above issues in both the local Uzbek and Central Asian contexts with a global mindset.

Cluster Leader

Hasan A K M Kamrul
Email: ahasan@wiut.uz

Cluster Members

Hasan A K M Kamrul
Senior Lecturer

Email: ahasan@wiut.uz

Feruza Yodgorova
Course Leader

Email: f_yodgorova@wiut.uz

Akhrorjon Yakubjonov
Director of Finance

Email: a.yakubjonov@wiut.uz

Indira Khodjieva
Lecturer

Email: i.khadjieva@wiut.uz

Dildora Ibragimova
Senior Lecturer

Email: dibragimova@wiut.uz

Kamola Alikulova
Senior officer on Data Analitytics and Market Research

Email: k.alikulova@wiut.uz

Aligned with SDGs

Insurance and Islamic Finance

The research cluster is dedicated to producing high-quality, interdisciplinary research and fostering dialogue on the intersection of insurance, Islamic finance and risk management. It examines the role of Islamic financial institutions in advancing financial inclusion, sustainable development and economic resilience, particularly in developing economies. The cluster also explores the evolution and interaction between conventional and Islamic insurance (Takaful) models, assessing their alignment with Shariah principles, operational dynamics and regulatory challenges.

Cluster Leader

Hasan Umarov
Email: ha.umarov@wiut.uz

Cluster Members

Hasan Umarov
Senior Lecturer

Email: ha.umarov@wiut.uz

Abdulaziz Buriev
Lecturer

Email: aa.buriev@wiut.uz

Hamid Waqas
Senior Lecturer

Email: hwaqas@wiut.uz

Aligned with SDGs

Corporate Finance and Corporate Governance

The cluster focuses on research and discussions on firms’ financial decision-making and governance structures by examining capital structure, investment and dividend policies, risk management, ownership and board dynamics, executive incentives, regulatory frameworks, and ESG integration, with the objective of enhancing transparency, accountability, sustainability, AI, and long-term value creation across developed and emerging markets.

Cluster Leader

Bilal Ahmed Memon
Email: b.a.memon@wiut.uz

Cluster Members

Bilal Ahmed Memon
Senior Lecturer

Email: b.a.memon@wiut.uz

Murtuza Masud Niazi
Associate Dean (Research & Partnerships)

Email: mniazi@wiut.uz

Muhammad Azhar Mughal
Senior Lecturer

Email: m.a.mughal@wiut.uz

Muhammad Ateeq-Ur-Rehman
Senior Lecturer

Email: m.ateeq-ur-rehman@wiut.uz

Yusufjon Polatov
Associate Lecturer

Email: ypolatov@wiut.uz

Temur Makhkamov
Senior Lecturer

Email: tmakhkamov@wiut.uz

Syed Faisal Shah
Senior Lecturer

Email: s.shah@wiut.uz

Syed Muhammad Noaman Ahmed Shah
Senior Lecturer

Email: sshah@wiut.uz

Aligned with SDGs

Responsible Finance and ESG

The Cluster focuses on the relationships between responsible business practices and financial & non-financial outcomes. It investigates how CSR, ESG initiatives, and sustainability strategies affect firm value, risk, governance quality, and long-term performance. Key research themes include environmental performance, diversity and inclusion, greenwashing and disclosure practices, responsible investment, and the financial consequences of sustainability-related policies and incentives. The cluster seeks to evaluate whether socially responsible activities create measurable value for firms while contributing to broader stakeholder welfare. In addition to research, the cluster supports teaching and academic collaboration in sustainable finance and responsible investment, contributing to evidence-based discussions on the evolving role of finance in corporate responsibility.