Staff profile

Dr M. Ishaq

Dr M. Ishaq Bhatti

Associate Professor of Finance and Financial Econometrics, Course Coordinator (Bachelor of Finance)-2017

College of Arts, Social Sciences and Commerce

La Trobe Business School

Department of Economics and Finance

Melbourne (Bundoora)

Research centres

Institute for Human Security and Social Change


PhD (Monash), MSc (Alberta)



Membership of professional associations

ASS, Economtrics, ISI elect, MIS, Islamic Economics

Area of study


Brief profile

M. Ishaq Bhatti is Associate Professor and the founding director of Islamic Banking and Finance Programme at Latrobe University (LTU); the first ever in Australasian region. Previously, he has taught at  Monash, Griffith, International Islamic University, University of Alberta and visited Rider, Magberg, Hitotsubashi, Auckland and Middle Eastern Universities. He is an author of more than 100 articles, 6 books and a member of the editorial board of various journals. His major areas of research, scholarship and teaching are in Quantitative finance, Islamic finance, Applied Econometrics and Statistics. He is a winner of the national ALTC award 2010, LTU citation award 2010,  faculty's teaching award and 2013 LTSU best teacher's award. He was a member of the team who won AusTrade project, Victorian Dept of Education ESL financial modelling project 2007, Iraqi Central Bank training 2010, HEC of Pakistan, Turkey Central Bank Training 2013, Islamic Development Bank, and the Australian Research Council Discovery Grant jointly with Suren Basov. He is an Advisory Board member of the National Zakat Foundation (NZF), Australia and work closely with Zakat@ICV' and NILS-No interest loan; Qard Hassan. He is currently editing Islamic Business Series ( published by Informa Plc, the publishing arm of Taylor & Francis and Routledge.

Research interests

Business ethics/ Corporate Social Responsibility

- Copula and extreme value distribution, Islamic Finance, Quantitative Finance,

Teaching units

Current Teaching and coordination duties:

  1. Statistics for Business and Finance (BUS5SBF)- Semester 1, 2 & Summer, Multiple campuses; Melbourne, Bundoora, Collin St., CBD, & Sydney, subject offering in face-to-face, blended modes and online instances.
  2. Quantitative Data Analysis (BUS5QDA) Sem 1, 2016 & 2017, Econometric Methods (FIN5EME) - Sem 2, 2016. 
  3. BUS1BAN coordinator, 2017 Semester 1, 2 & Summer, Multiple campuses; Melbourne, Bundoora, Dandenong, Mildura, Sheparton, Bendego, China, Vietnam; subject offering in face-to-face, blended modes and online instances.
  4. Course Coordinator for Undergraduate Bachelor of Finance degree 2017

Past teaching and coordination duties at LTU: FIN5BNK; Islamic Banking, FIN5CAP; Islamic Capital Market, FIN5SBF: Statistics for Business and Finance and various econometrics subjects; ECO5QMB, ECO41FEC, ECO4TEC, ECO3AEC, ECO22AFE, ECO12IQA

Units taught/designed elsewhere: Financial management, Risk Management, Investment, International Finance, Financial Forecasting, Applied Statistics,  Sampling Theory, Linear Models, Regression Analysis, Experimental Design, Analysis of Variance, Theory of Probability Distribution, Econometric Theory


AusTrade, Victorian Government, HEC of Pakistan, Islamic Finance, IDB- Saudi Arabia, , Ethica Dubai, UAE and Turkish Central Bank

Recent publications

Selected Books

  1. Chaudhury, M. A., and Bhatti, M.I. 2017. Heterodox Islamic Economics: The emergence of an ethico-economic theory, Routledge, UK.
  2. Basov, S. and Bhatti, M.I. 2016. Islamic Finance in Light of Modern Economic Theory, Palgrave-Macmillan, UK.
  3. Izhar, T. A. T., Torabi, T., Bhatti, M.I. (2017). Big Data and Ontology Application: Concepts, Analytic & Theoretical Extension, Publisher: University Malaya Press (UM Press), accepted in 2016, forthcoming.
  4. Bodla, MA, and Bhatti, M.I. 2013. Nonnested Regression Models, Economic Issues, Problems and Prospectives Series, Novinka, NY.
  5. Bhatti, M.I. 2012. Cluster Effects in Mining Complex Survey, Nova Science, publisher, NY.
  6. Khan, M. M. & Bhatti, M.I. (2008). Development in Interest-Free Banking, with M. Khan, Palgrave-Macmillan, USA.
  7. Bhatti, M. I. Al-Shanfari, H., Hossain, Z. (2006). Econometrics Analysis of Model Testing and Model Selection, with H. Al-Shanfari & M. Z. Hossain, Ashgate, UK, 2006.

Selected Papers in Refereed Journals  

  1. Wahla, A.E., Hasan, H., and Bhatti, M.I. (2018). "Measures of Customers’ Perception of Car Ijarah Financing" to appear in the Journal of Islamic Accounting and Business Research., Vol. 9, issue 1, pp.
  2. Al Rahahleh, N. and Bhatti, M.I., 2017. Co-movement measure of information transmission on international equity markets. Physica A: Statistical Mechanics and its Applications, 470, pp.119-131. ABDC 2013 - A.
  3. Nguyen, C., Bhatti, M.I. and Henry, D., 2017. Are Vietnam and Chinese stock markets out of the US contagion effect in extreme events?. Physica A: Statistical Mechanics and its Applications. A
  4. Tengku Adil Tengku Izhar, Torab Torabi & M.I. Bhatti. (2017) An Ontology-based GOAL-Framework to evaluate the level of the organizational goals achievement. International Journal of Organization and Theory Behavior (IJOTB), 20(2), pp. 221-264. ISSN: 1093-4537 (WOS).
  5. Do, H. Q., Konya, L., and Bhatti, M.I., 2017. Capital Market Integration of Selected ASEAN Countries and its Investment Implications, Journal of Economics and Development, Vol.19, No.2, September 2017, pp. 5-23 ISSN 1859 0020.
  6. Tengku Adil Tengku Izhar, Torab Torabi & M.I.Bhatti (2017). Using Ontology to Incorporate Social Media Data and Organizational Data for Efficient Decision-Making. International Journal of Computer Information Systems and Industrial Management Applications (IJCISIM), 9, pp. 9-22. ISSN: 2150-7988 (SCOPUS AND WOS).
  7. Tengku Adil Tengku Izhar, Torab Torabi & M.I.Bhatti (2017) An application of the ontology based GOAL-Framework in a higher education institution in Australia: A case study. International Journal of Computer Information Systems and Industrial Management Applications (IJCISIM), 9, pp. 43-59. ISSN: 2150-7988 (SCOPUS AND WOS).
  8. Al Rahahleh, N., Bhatti, M.I. and Adeinat, I., 2017. Tail dependence and information flow: Evidence from international equity markets. Physica A: Statistical Mechanics and its Applications, 474, pp.319-329. A
  9. Nguyen, C., Bhatti, M. I., Komorníková, M., and Komorní, J. (2016). “Gold price and stock markets nexus under mixed-copulas”, Economic Modelling, 283-292, DOI information: 10.1016/j.econmod.2016.05.024. A
  10. 5. Akram, M., Bhatti, M.I., Ashfaq, M. and Khan, A.A., (2016). "Hierarchical Forecasts of Agronomy-Based Data", American Journal of Mathematical and Management Sciences, Nov., issue, 1-17. B
  11. Choudhury, M. A., and  Bhatti, M. I. (2016) "Quantitative modeling of mathematical relationships in money, spending and the real economy: An evolutionary learning ethical view", Kybernetes, Vol. 45 (2): 323 – 336. B
  12. Hassan, H., Rehman, A. and Bhatti, M. I. (2016). "New approach to an old issue related to ordered-choice endogenous models", Quality & Quantity, Vol. 50 (5): 2175 - 2184. B
  13. Misman, F.N., Bhatti, M. I.,  W. Lou, S. Samsudine, NHA Rahmana (2015). “Islamic Banks Credit Risk: A Panel study” Procedia Economic and Finance, Vol. 31: 7582.
  14. Mansor, F., Bhatti, M.I., and Ariff, M. (2015). New Evidence on the Impact of fees on Mutual Fund Performance of Two types of Funds, Journal of International Financial Markets, Institutions & Money, Vol. 35: 105-115. A
  15. Magee, G., Bhatti, M. I., and Li, A.  (2015). The economic modeling of migration and consumption patterns in the English-speaking world, Economic Modelling, Vol. 50: 322-330. A
  16. Awan, M.H., Bhatti, M.I., and Razaq, Z. (2015). Financial Management: The impact of performance indicators on the organisational profitability, Corporate Governance & Performance, Vol. 13 (1): 84-96. B
  17. Nguyen, C., and Bhatti, M.I. (2015). Investor Sentiment and Idiosyncratic Volatility Puzzle: Evidence from the Chinese Stock Market, Journal of Stock & Forex Trading, Vol. 4 (3): 158-.
  18. TAT Izhar, Torabi, T, Bhatti, MI (2015). Record linkage in organizations: A review and directions for future research, International Journal of Data Science, accepted for publication.
  19. Basov, S., and Bhatti, M.I. (2014). On Sharia'a compliance, positive assoratative matching, and return to investment Banking, Journal of International Financial Markets, Institutions & Money, Vol. 30: 191-195. A
  20. Al-Malkawi, H. N., Pillai, R. and Bhatti, M. I.  (2014). Corporate governance practices in emerging markets: the case of GCC countries. Economic Modelling, Vol. 38: 133-141. A
  21. Arbi, L., Basov, S. and Bhatti, M.I. (2014). On Sharia-compliance and return to investment, Journal of Stock & Forex Trading, Vol.3(2), 116-117.
  22. Hayat, A and Bhatti, M.I (2013). Masking of Volatility by Seasonal Adjustment Methods, Economic Modelling, Vol. 33: 676-688. ERA, ABDC - A.
  23. Basov, S. and Bhatti, M.I. (2013). Optimal contracting model in a social environment and trigger psychological costs, The B.E. Journal of Theoretical Economics (Contribution Tier), Vol. 12 (1): 271-284. A*. ERA 2010.
  24. Izhar, TAT, Torabi, T., Bhatti, M.I. and Liu, F (2013). Recent Developments in the Organization Goals Conformance Using Ontology, Expert Systems with Applications, Vol. 40: 4252-4267. A level ERA 2010 with impact factor 2.3.
  25. Bhatti, M.I. and Nguyen C (2012). Diversification Evidence from International Equity Markets using Extreme Values and Stochastic Copulas, Journal of International Financial Markets, Institutions & Money, Vol. 22 (3): 622-646. A ranked, ERA & ABDC.
  26. Chaturvedi, A., Gupta, S., Bhatti, M.I. (2012). Confidence Ellipsoids based on a General Family of Shrinkage Estimators for a Linear Model with Non-spherical Disturbances, with Chaturvedi and Gupta, forthcoming, Journal of Multivariate Analysis, Vol. 104, pp. 140-158, 2012. A ranked.
  27. Nguyen, C. and Bhatti, M.I. (2012). Copula Modelling Dependency Between oil prices and stock markets: Evidence from China and Vietnam, with C. Nguyen, forthcoming in the Journal of International Financial Markets, Institutions & Money, Vol. 22(4): 758-773. A ranked.
  28. Towards Optimal Testing of a hypothesis Based on Dynamic Technology Transfer Model, with J Jayaraman and H Saber, Applied Mathematics and Computation, 47 (2/3), 115-129, 2004. A ranked.
  29. On Estimated Projection Pursuit Type Cramer-von-mises Statistics, with L.X. Zhu, and K.T. Fang, Journal of Multivariate Analysis, Vol. 63(1), pp.1-15, 1997. A
  30. Toward Understanding Islamic Corporate Governance Issues in Islamic Finance, with Maria Bhatti, Asian Politics & Policy, Wiley, 2 (1), pp. 25-38, 2010.
  31. On the Dependence functions of Copulas of Gumbel’s Bivariate Extreme Value and Exponential Distributions, Journal of Statistical Theory and Application, Vol. 9 (4), pp. 625- 629, 2010.
  32. What Drives Share Prices in the Middle East. Oil? With P. Priftakis, Int.  J. Banking and Finance, 5 (2), 113-124, 2008.
  33. Development in Islamic Banking: Financial risk allocation approach, with M. Khan, J. of Risk Finance, 9 (1), 40-51, 2008.
  34. Emarald Best paper Award - 2009 -  "Islamic Banking and Finance: On its way to globalization", with M. Khan, Managerial Finance, 34 (10), 708-725, 2008.
  35. Optimal model for Warehouse and Retailers Location, with A. Gill, J of Applied Stochastic Models in Business and Industry, 23 (3), 213-221, 2007. B
  36. The Sukuk and the bonding of Islamic Finance, Monash Business Review, Vol. 3 (1), pp. 17 – 19, 2007.
  37. Tests and confidence intervals for Change-point in scale of two-parametric exponential distributions, with J Wang, J. of Applied Statistical Sciences, Vol. 14(1), pp. 45-57, 2005.
  38. An Efficient Serial Distributed Arithmetic Algorithm for FPGA Implementation of Digital Up Conversion, with T. Salim, J. Devlin, Whittington, Complexity, Vol. 11 (1), 24-29, 2005. B
  39. The Role of Internal Quality Auditing in the Continuous Improvement of Quality: Lessons from Pakistani Experience, with H Awan, the International Journal of Auditing, Vol. 8 (1), pp.21-32, 2004.  A
  40. Environmetrics Analysis of Complex Surveys: A model Based approach, Complexity, Vol. 6(5), 41-55, 2001.  B

Chapters in books/Reports

  1. Mansor, F., and Bhatti, M. I. (2017). Evidence of Risk return performance of Islamic Mutual Funds: The case of Malaysia – Chapter 4, pages 81- 102, in the book entitled, “Advances in Islamic Finance, Marketing and management: An Asian prospective, edited by D. Mutum, MM Butt and M. Rashid, emerald publisher.
  2. Basov, S. M. I. Bhatti & S. Danikina (2010), "Recent Developments on Mechanism Design under Bounded Rationality" Nova Science, Economic Research Volume 20, 2010.
  3. Gill, A., and Bhatti, M. I. (2010), “Supply Chain Management” chapter 28, Handbook on Business Information System edited by A. Gunasekaran and M. Sandhu, Worlds Scientific Publication, Singapore, ISBN-13-978-981-283-605-2, Chapter 28,,  pages 675 – 698. 3.
  4. Bhatti, Maria. I. and Bhatti, M. I. (2010), ‘Legality of Corporate Governance in Islamic Finance’, Volumes on Islamic Banking and Finance, appeared as Chapter 61, part 10, edited by Amer al – Roubaie and Shafiq Alvi, Rutledge, UK.
  5. Bhatti, M. I. (2008), Islamic Economics, Encyclopaedia Entry, “International Encyclopaedia of the Social Sciences” 2nd edition, pp. 510-511, edited by Darity, William A. Jr, MacMillan reference, USA, 2008.
  6. Williams, Nicolas, Bhatti (2007), “Responding to Learning Needs: Incorporating Language Proficiency in ESL Report for School Resource Allocation Branch, Victorian Department of Education and Training, Faculty of Education, La Trobe University, Bundoora, Australia,  2007.

Editorial Responsibilities:

  1. Associate Editor in the area of financial forecasting, Copula and EVT, Journal of International Financial Markets, Institutions & Money, 2013 -.
  2. Associate Editor, European Journal of Finance, 2015 -
  3. Asc Editor, Journal Annales Universitatis Apulensis series Oeconomica, 2014 -

Associate editor/Member editorial Board - Biometrical Journal, Humanomics - Emerald, Dialogue Asia Pacific, Islamic & Middle Eastern Finance, J. Statistical Theory and Application (JSTA), J. Applied Statistical Sciences, Far East J. Theoretical Statistics, Pakistan Journal of Statistics (PJS), Science International - Guest Editor- Special Issue PJS 94, Biometrical 2000, JSTA 2003 and Pakistan J of Statistics and OR.

-Guest Editor, Managerial Finance Journal, 2008 Vol 32 and Issue 1 & 2 (two issues co-edited with M.M. Khan on Islamic Banking.

-Guest Editor on Islamic Banking and Finance issues, Managerial Finance 2017 - Two special issue editor on Islamic Finance with Nafis Alam (1st issue) and Walid (2nd issue).


Older publications

  1. Some Tests for the equicorrelated models: An Example of Loss in Power, Statistical Papers, (41),345-352, 2000.
  2. On Testing for a change-point in variance of normal distribution, J Wang, Biometrical Journal, 42 (8), 1021-1032, 2000.
  3. On Optimal Testing for Equicorrelated Linear Regression Models, Statistical Papers, Vol. 36(4), pp. 299-312, 1995.
  4. Testing for Sphericity of a High Dimensional Distribution Based on Bootstrap Approximation with K Fang, L. Zhu and P Bentler, Pakistan Journal of Statistics, Vol. 11(1), pp. 49-65, 1995.
  5. Efficient Estimation of Random Coefficient Model Based on Survey Data, J. Quantitative Economics, 9(1), 99-110, 1993.
  6. Testing for Block Effects and Misspecification in Regression Models Based on Survey Data, with Wu, in Journal of Statistical Computations and Simulation, 50(1-2), 75-90, 1994.
  7. Optimal Testing for Serial Correlation in a Large Number of Small Samples, Biometrical Journal, 34(1), 57-66, 1992.
  8. Null Distribution of the Small Sample Mean Correlation Coefficient, An Application to Medical Research, Biometrical Journal, Vol. 32, (4), pp. 435-440, 1990.
  9. A Beta-Optimal Test of the Equicorrelation Coefficient, The Australian Journal of Statistics, with M King, Vol. 32(1), pp. 87-97, 1990.

Research projects

  1. Islamic Business Series Editor 10 Volumes, Informa Plc - (old Ashgate-Gower) Publishing, UK in progress 2015-2018. Edited volumes in press for 2016 are;  (i) 'Islamic Financial Economy and Islamic Banking', by Masudul Alam Choudhury,  Trisakti University, Indonesia  (ii) 'Labor in an Islamic Setting' by Necmettin Kizilkaya, University of Istanbul, Turkey and Toseef Azid, Qassim University, Saudi Arabia. (iii)  'Rethinking Islamic Finance', Saad Azmat and Ayesha Bhatti, Lahore University of Management Sciences, Lahore, Pakistan.
  2. ARC Discovery on Mechanism Design and bounded rationality with Suren Basov completed 2011.
  3. Islamic Finance Training; IDB, Turkey Central Bank (2013), Iraqi Central Bank (2010)
  4. Islamic Finance and Professional Development training 2011-2014 with Ethica, Dubai.
  5. Islamic Finance Symposium (2009) and Islamic Finance training (2010) jointly with National Australia Bank, and MCCA - Muslim Community corp of Australia.

Recent Doctoral Supervision to Completion

  1. Mohammed Al Harbi, PhD, 2016,
  2. Hung Quang Do, PhD, 2015,  'Capital Market Integration of ASEAN Countries'
  3. Lok Char Leung, PhD,  2014, 'Forecasting Dynamic Aggregate Expectation: Stochastic Differential Approach'
  4. Tengku Adil Izhar, PhD,  2014, 'Evaluating Firms Financial Goals Conformance Based on Ontology'
  5. Faridah Misman, PhD, 2014, 'Credit Risk Management of Islamic Banks: A Cross-country Study'
  6. Fadillah Mansor, PhD, 2013, 'Investment Performance of Islamic v/s Conventional Mutual'
  7. Cuong Nguyen, PhD, 2011, 'Copula Application in Predicting Extreme Financial Volatilities'
  8. Fahad Alahmad, PhD, 2010, 'The Added Benefits of Implementing ISO 9000 Kuwaiti Standards by Finnancial Institutions'
  9. 8. Sulaiman Al-Aboulijader, PhD 2009 An Empirical Investigation into the Working of an Emerging Stock Market in Kuwait