People in SFiC

Based in the College of Social Sciences at the University of Birmingham, the Sustainable Finance Innovation Centre (SFiC) is the first interdisciplinary research centre to focus on financial technology and sustainable financial innovation.

Core staff

Professor Hisham Farag

Director, Sustainable Financial Innovation Centre (SFiC)
Head of Department of Finance, Birmingham Business School

Telephone: +44 (0)121 414 3101

More about Hisham

Hisham Farag is a Professor of Finance at the Birmingham Business School at the University of Birmingham- UK, where he chairs the Department of Finance. His current research areas are FinTech, Sustainable Finance, Corporate Finance, Corporate Governance, and Board Diversity, in which he published widely. He holds a PhD in Finance from the University of Birmingham, UK. Hisham is a qualified Non-Executive Director and a member of the Investments sub-committee at the University of Birmingham. He has extensive industry experience as a financial consultant and a successful track record in attracting research funding from reputable institutions e.g. the Bank of England. Hisham is an Associate Editor of the European Journal of Finance, Research in International Business and Finance and Business Ethics: A European Review.

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Hisham Farag

Professor Karen Rowlingson

Professor of Social Policy, School of Social Policy

Telephone: +44 (0)121 415 8565

More about Karen

Karen Rowlingson joined the University of Birmingham in 2007 as Professor of Social Policy.  She is a Fellow of the Academy of Social Sciences and Chair of the Social Policy Association (from July 2019). After studying Modern History at Oxford University and Sociology at the LSE, Karen then worked at the Policy Studies Institute in London before becoming an academic at the Universities of Derby and then Bath.  Her research focuses on poverty, inequality and personal finance.  She has co-authored an annual report monitoring levels of financial inclusion in Britain since 2013 and she was the specialist advisor to the House of Lords Select Committee on Financial Exclusion from 2016-2017.

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Karen Rowlingson

Professor David Dickinson

The Department of Economics, Birmingham Business School

Telephone: +44 (0)121 414 5027

More about David

David Dickinson is Joint Director and Social Science Lead for the Nankai Birmingham Joint Research Institute. This has been formed in 2018 to undertake interdisciplinary research on Green Economy and Sustainable Development. In addition to bringing together researchers in China and the UK, the Centre also encourages multi-disciplinary approaches to the solutions for Environmental Pollution. David has spent most of his academic career at Birmingham, taking of the roles as Head of the Department of Economics and Dean of the Business School during that time.. He has been a visiting Professor at Universities in France, Portugal, Japan, Thailand, China, Russia and Australia. David has research interests in Banking and Financial Markets and has been undertaking research on China over the last 15 years. His current research focusses on the role of financial markets in developing the Green Economy. He has been a consultant for the World Bank and GATT for a range of projects. He obtained his from undergraduate degree from the University of Manchester and a PhD from the University of Sheffield.

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David Dickinson

Professor Paul Jackson

Director of Research, College of Social Sciences

Telephone: +44 (0)121 414 7293

More about Paul

Paul Jackson is a political economist working predominantly on conflict and post-conflict reconstruction. A core area of interest is decentralisation and governance and it was his extensive experience in Sierra Leone immediately following the war that led him into the area of conflict analysis and security sector reform. He was Director of the GFN-SSR and is currently an advisor to the Governance and Social Development Resource Centre which engages him in wide ranging policy discussion with donor agencies engaged in these activities, including various European Governments, the EU, the UN and the World Bank as well as the UK Government.

Paul is the Programme Leader on the Sustainable Development Programme for the British Academy and a Member of the Advisory Group on the Partnership for Conflict, Crime & Security Research Partnership for Conflict, Crime & Security Research.

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Professor Douglas Cumming

DeSantis Distinguished Professor of Finance and Entrepreneurship

Telephone: +1-561-562-0764

More about Douglas

Douglas Cumming, J.D., Ph.D., CFA, is the DeSantis Distinguished Professor of Finance and Entrepreneurship at the College of Business, Florida Atlantic University, and a Visiting Professor of Finance at Birmingham Business School, University of Birmingham. Douglas has published over 180 articles in leading refereed academic journals in finance, management, and law and economics, such as the Academy of Management JournalJournal of Financial EconomicsReview of Financial Studies, Journal of Financial and Quantitative Analysis, and Journal of International Business Studies, and has been cited over 15,000 times according to Google Scholar.  He is the Editor-in-Chief of the British Journal of Management (2020-2022) and the Journal of Corporate Finance (2018-2020). He is the Founding Editor of Annals of Corporate Governance, and a former Co-Editor of Finance Research Letters and Entrepreneurship Theory and Practice. His most recent book is Crowdfunding: Fundamental Cases, Facts, and Insights (Elsevier Academic Press, 2019) complete with  companion materials.  He is the coauthor of Venture Capital and Private Equity Contracting (Elsevier Academic Press, 2nd Edition, 2013), and Hedge Fund Structure, Regulation and Performance around the World (Oxford University Press, 2013).  He is the Editor of the Oxford Handbook of Entrepreneurial Finance (2013), the Oxford Handbook of Private Equity (2013), the Oxford Handbook of Venture Capital (2013), the Oxford Handbook of Sovereign Wealth Funds (2018), the Oxford Handbook of IPOs (2019), the Research Handbook of Finance and Sustainability (2018), and the Research Handbook of Investing in the Triple Bottom Line (2019).  Douglas’ work has been reviewed in numerous media outlets, including The Economist, The New York Times, The Chicago Tribune, the Wall Street Journal, the Globe and Mail, Canadian Business, the National Post, and The New Yorker.  

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douglas cumming

Dr Danny McGowan

Reader in Finance, Birmingham Business School

Telephone: +44 (0)121 414 6530

More about Danny

Danny McGowan is a Reader in Finance and the Director of Postgraduate Research Programmes at Birmingham Business School. He holds a PhD in Economics from the University of Nottingham. His research interest lie in applied microeconomics with a focus on banking and financial intermediation. His recent work studies connections between the law and and bank conduct. Dr McGowan's research has appeared in leading academic journals including the Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Journal of Financial Intermediation. He has received research funding from the ESRC, British Academy, and the Leverhulme Trust.

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Danny McGowan

Dr Sofia Johan

Assistant Professor of Finance, Florida Atlantic University

Telephone: (561) 297-4970

More about Sofia

Sofia Johan, LL.B, LL.M. in International Economic Law, Ph.D. in Law and Economics, is Assistant Professor of Finance and Fellow of the Phil Smith Center for Free Enterprise at Florida Atlantic University, USA. She is also the Extramural Research Fellow at the Tilburg Law and Economics Centre (TILEC) in The Netherlands. She is Associate Editor of the British Journal of Management, on the Editorial Board of Finance Research Letters and will be Co-Editor of Venture Capital: An International Journal of Entrepreneurial Finance in January 2021. Her research is focused on law and finance, sovereign wealth funds, market surveillance, corporate governance, alternative investments (including but not limited to hedge funds, venture capital, private equity, real estate investment trusts and IPOs) and alternative finance (including but not limited to crowdfunding, peer to peer lending and cryptocurrencies). Her research has been published in the American Law and Economics Review, Journal of Financial Economics, Academy of Management Journal, Journal of Banking and Finance, European Financial Management, European Economic Review, and Entrepreneurship Theory and Practice, among other journals. She has co-authored the books titled Crowdfunding: Fundamental Cases, Facts and Insights; Venture Capital and Private Equity Contracting: An International Perspective; and Hedge Fund Structure, Regulation and Performance Around the World. She has co-edited the book Handbook of IPOs, published by Oxford University Press and is in the process of working an another, Handbook of Hedge Funds, also to be published by Oxford University Press. She has also consulted for a variety of governmental and private organizations in Canada, Australasia and Europe and is on the advisory boards of a select few start-up firms.

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Sofia Johan

Dr Huw Macartney

Senior Lecturer in Political Economy, School of Government


More about Huw

Dr Huw Macartney is a Senior Lecturer in Political Economy. He is the author and co-author of 5 books and 18 journal articles or chapters on banking and financial market regulation. His most recent research focused on The Bank Culture Debate (Oxford University Press) and he is currently working on a British Academy funded project on fintech in retail banking and corporate bond markets.

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Huw MaCartney

Dr Malika Hamadi

Senior Lecturer in Finance, Birmingham Business School

Telephone: +44 (0)121 414 2294

More about Malika

Dr. Malika Hamadi is a Senior Lecturer in Finance. Malika holds a Ph.D. in Economics from the Catholic University of Louvain in Belgium. She previously held posts at Surrey Business School, Leicester School of Business, the Department of Business and Economics - University of Sassari, Italy, and the Luxembourg School of Finance - University of Luxembourg. Her research is in corporate finance, corporate governance, banking/microfinance. Her work has been published in top leading journals such as the Journal of Money, Credit, and Banking, the Journal of Corporate Finance, the Journal of Banking and Finance, the Journal of Empirical Finance among other journals.

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Malika Hamadi

Dr Eilnaz Kashefi Pour

Senior Lecturer in Finance, Birmingham Business School


More about Eilnaz

Eilnaz is a Senior Lecturer in Finance and Programme Director of MSc Financial Management at Birmingham Business School. She has her PhD in Finance from City University Business School. Her current research interests are empirical issues in corporate finance with a special focus on capital structure, debt maturity, IPOs, and delistings. Her research has been published in leading academic journals including the British Journal of Management, Journal of Banking and Finance, and Journal of International Financial Markets, Institutions and Money. She is also a member of the American Finance Association (AFA), Financial Management Association (FMA), European Finance Association (EFA) and European Financial Management Association (EFMA).

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Dr Anandadeep Mandal 

Lecturer in Finance, Birmingham Business School

Telephone: +44 (0)121 414 9211

More about Anandadeep

Anandadeep Mandal is a lecturer in Finance and the Programme Director of MSc Financial Technology (upcoming) at Birmingham Business School. He holds a doctorate degree from Cranfield University on Probability Distribution Fitting for which he received the Best Doctoral Thesis Award at Cranfield University in 2016.  His research underpins a desire to learn, understand and explain the complex dynamics of financial markets and their behaviour using applied mathematics. His recent work studies pricing mechanisms of commodities and weather derivatives in Brazil and developing economies. He has received research funding from the ESRC (seed corn) and the Malaysian government.

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Anandadeep Mandal

Dr Santosh Koirala

Lecturer in Finance, Birmingham Business School

Telephone: +44 (0)121 414 5983

More about Santosh

Santosh Koirala is a Lecturer (Assistant Professor) in Finance. He holds a PhD in Finance from the University of Strathclyde. His research interest lies in corporate risk-taking, investment decisions and M&As with a focus on law and regulatory interventions. Santosh was a commercial banker (3 years) and later worked in the public sector (6 years) before joining academia. He also specializes on Emerging Market Finance. His current research interests include issues in Fintech, Financial Intermediation and Climate Finance. He welcomes enquiries on research consulting, policy moderation, or PhD supervision.

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Santosh Koirala

Dr Hui Li

Lecturer in Finance, Birmingham Business School

Telephone: +44 (0)121 414 2294

More about Hui

Hui Li is a Lecturer in Finance at the University of Birmingham. She is mainly interested in research in various topics on security issuance and banking. Her recently publications include journal articles in Journal of Corporate Finance, Journal of Financial Stability, Journal of Journal of International Money and Finance, and International Review of Financial Analysis.

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Hui Li

Dr Xiaofei Xing

Lecturer in Finance, Birmingham Business School

Telephone: +44 (0) 121 414 6011

More about Xiaofei

Xiaofei Xing joined the University of Birmingham in April 2017 as a Lecturer in Finance. He holds a PhD in Finance from Durham University. His research interests lie in corporate finance and behavioural corporate finance, specialising in mergers and acquisitions. 

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Xiaofei Xing

Our PhD students

Mr Yaopeng Wang

Corporate Culture and Innovation

Yaopeng Wang is a PhD student in Finance Department at the Birmingham Business School at the University of Birmingham-UK. He begins his PhD after he completed his MSc in Financial Management at the University of Birmingham with distinction. His current research areas are Corporate Governance, Corporate Innovation, Corporate Culture and Board Characteristics. 

Yaopeng Wang

Mrs Tanzeela Hanif

FinTech and Banks Performance

Tanzeela Hanif is a second year PhD student at University of Birmingham. Her doctorial research investigates the impact of Marketplace lending on commercial banks in US. This study develops unique empirical model where P2P platform and commercial banks coexist and examine the effect of competition by merging data from multiple sources. She holds master’s degree in Finance from Herriot Watt University with academic distinction. 

Tanzeela Hanif

Mr Seyit Gokmen

Essays in Financial Intermediation

Seyit Gokmen is a doctoral researcher in the Department of Finance at Birmingham Business School. He began his PhD in October 2018 after completing his MSc Finance degree at the University of Southampton. He received his undergraduate degree in Economics from Anadolu University, Turkey in 2012.

Seyit’s research interests lie in Fintech, banking and the effect of regulatory reforms on financial intermediaries. His ongoing work studies Fintech lending markets. Seyit teaches tutorials to undergraduate and postgraduate students in Economics and Finance.

Seyit Gokmen

Sara Al-Rasheed 

Sara Al Rasheed is a first year PhD student in Finance Department at University of Birmingham. She holds master’s degree in Finance from Cardiff University with academic distinction. Her current research area is Sustainable Finance.

Sara Al Rasheed is a first year PhD student in Finance Department at University of Birmingham. She holds master’s degree in Finance from Cardiff University with academic distinction. Her current research area is Sustainable Finance.

Sara Al-Rasheed

Our industry partners

The Sustainable Financial Innovation Research Centre (SFiC) works collaboratively with a variety of organisations, policy-makers, financial institutions, corporations and academic institutions to bring about change. Here are some of our key partners:

Whitecap Consulting

Whitecap Consulting is a regionally focused strategy consulting firm with six UK offices including Birmingham, and works with regional, national and international clients to help design and deliver growth strategies. The firm operates across multiple sectors with strong experience in financial services, technology and FinTech. 

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Amplify Trading was founded in 2009 to develop traders equipped to perform in the new era of global markets. Using technology to bridge the gap between theory and practice, our innovative approach to capital markets training is now used by many of the world’s largest financial firms to find and develop their next market leaders. 

Since 2009, Amplify Trading has built a team of traders to execute short-term macroeconomic strategies across different asset classes in the futures market. Their ethos is based on providing high-quality and structured training from the initial foundations to elite performance, helping them to identify talent and support further development of their traders.

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Streets Consulting

Streets Consulting is a business development, marketing and communications consultancy supporting international financial services, technology and fast-growth organisations.We work with companies at many different stages of their corporate development, helping them grow their businesses, build their brands and communicate what they do and why it matters. We help CEOs, management teams, sales and communications specialists define and deliver integrated marketing and communications campaigns and provide the coaching necessary to become confident, compelling spokespeople.

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Find out more about SFiC