Maheran Mohd Jaffar (Assoc. Prof. Dr.)
  Phone 03-55435342
  Email This email address is being protected from spambots. You need JavaScript enabled to view it.
  Web site -
  Location T2-54
  Academic Position Assoc. Prof.
  Qualification
  • Ph. D. (Mathematics), 2007 - Universiti Kebangsaan Malaysia, Malaysia
  • MSc. (Mathematics), 1986 - California State University – Fresno, USA
  • B. Sc. (Hons) (Mathematics), 1984 – University of Northern Iowa, USA
  Area of Interest
  • Mathematical Models in Islamic Investment
  • Financial Mathematics
  • Ethnomathematics
  Working Experience
  • Joined Institut Teknologi MARA (now known as Universiti Teknologi MARA) as a lecturer on 1st August 1987.
  • Was promoted to Senior Lecturer on 1st August 1996.
  • Was awarded the “Excellent Service Award” by the Vice Chancellor of Universiti Teknologi MARA in 1999.
  • Had served at 3 University Teknologi MARA branches that were Perlis, Pahang, and Terengganu.
  • Was promoted to Associate Professor on 1st October 2001.
  • Was the coordinator for the Diploma Quantitative Sciences in 2001.
  • Embarked on the PhD program in Universiti Kebangsaan Malaysia from October 2001 to December 2005.
  • Was conferred the Doctoral Degree in Mathematics on 18 December 2006 and the convocation was on 11 August 2007.
  • Was the coordinator for the BSc final year mathematics projects.
  • Was the Head of the Mathematics Department in the Faculty of the Computer and
    Mathematical Sciences in University Teknologi MARA from 1st December 2010 to 31st July 2013.
  • Currently the Head of the FSKM Quality Unit, 2016-now.
  Subject Taught
  • Introduction to Calculus,
  • Introduction to Statistics,
  • Business Mathematics,
  • Calculus,
  • Discrete Mathematics,

  • Real Analysis

  • Algebraic Structures
  • Financial Mathematics
  • Stochastic Calculus
  Research Publicatio
  • Shakila, S., Noryati, A. and Maheran, M.J. (2017). Assessing Stock Market Volatility for Different Sectors in Malaysia. Pertanika Journal of Science and Technology. 25 (2): 631 - 648.  Presented at The 2nd International Conference on Statistics in Science, Business and Engineering 2015 (ICSSBE2015), 2-3 September 2015, Pullman Hotel Putrajaya, Malaysia. ISBN 978-1-4799-8292-9. 196-201. 
  • Azie Farhani Badrol Hisham, Jaizah Othman & Maheran Mohd Jaffar. (Julai 2017). Deriving Partial Differential Equation for the Value of Salam Contract with Credit Risk.  Pertanika Journal of Science and Technology. 25 (3).  Presented at The 2nd International Conference on Statistics in Science, Business and Engineering 2015 (ICSSBE2015), 2-3 September 2015, Pullman Hotel Putrajaya, Malaysia. ISBN 978-1-4799-8292-9. 196-201.

  • Nurizzati Azhari & Maheran Mohd Jaffar. (2016).  Modelling and Forecasting Mudharabah Investment with Risk by Using Geometric Brownian Motion.  Chapter in Soft Computing in Data Science.  652:190-199.  Singapore: Springer Singapore.  Presented in The 2nd International Conference on Soft Computing in Data Science 2016 (SCDS 2016), 21-21 Sept 2016, Pullman Hotel Kuala Lumpur, Malaysia.  ISBN: 978-981-10-2776-5 (Print) 978-981-10-2777-2 (Online).  DOI 1007/978-981-10-2777-2_17.

  • Azie Farhani Badrol Hisham & Maheran Mohd Jaffar. (2016).  Salam Contract with Credit Risk Model by Partial Differential Equations Approach.  Jurnal Teknologi, Vol. 78(11): 75-84.
  • Aslina Omar & Maheran Mohd Jaffar. (2016). The Continuous Model of Stochastic Mudharabah   Pertanika Journal of Social Science and Humanities. 24(S):83-92. Presented at The 2nd International Conference on Statistics in Science, Business and Engineering 2015 (ICSSBE2015), 2-3 September 2015, Pullman Hotel Putrajaya, Malaysia. ISSN 0128-7702 (Print); ISSN 2231-8534 (Online).
  • Shakila Saad, Noryati Ahmad & Maheran Mohd Jaffar. (2016). Forecasting the Value of Credit Scoring.  AIP Conference Proceeding of Simposium Kebangsaan Sains Matematik ke-24, 27-29 Sept 2016, Primula Hotel, Kuala Terengganu, anjuran UMT & PERSAMA.  Akan terbit dalam AIP Conference Proceeding of SKSM24.
  • Azie Farhani Badrol Hisham & Maheran Mohd Jaffar. (2016). Modeling Commodity Salam Contract Between Two Parties For Discrete And Continuous Time Series.  AIP Conference Proceeding of Simposium Kebangsaan Sains Matematik ke-24,27-29 Sept 2016, Primula Hotel, Kuala Terengganu, anjuran UMT & PERSAMA.  Akan terbit dalam AIP Conference Proceeding of SKSM24.
  • Muhammad Hafidz Anuwar & Maheran Mohd Jaffar. (2016). Grading The Probabilities Of Credit Default Risk For Malaysian Listed Companies By Using The Kmv-Merton Model.  AIP Conference Proceeding of Simposium Kebangsaan Sains Matematik ke-24,27-29 Sept 2016, Primula Hotel, Kuala Terengganu, anjuran UMT & PERSAMA.   Akan terbit dalam AIP Conference Proceeding of SKSM24.
  • Abdul Hafiz Zakaria & Maheran Mohd Jaffar. (2016).  Forecasting value at risk of unit trust portfolio by adapting geometric brownian motion.  Jurnal Kalam. Jurnal Karya Asli Lorekan Ahli Matematik. 9(2): 24-36.  Presented at the 7th International Conference on Numerical Optimization & Operation Research (ICNOOR 2016), 57-68.  31 Oct -2 Nov 2016, Army Hotel Hanoi, Vietnam. Anjuran Jurnal Kalam, UNIMAP & UPM. 
  • Ahmad Kasyful Azim Ahmad Tarmizi, Muhamad Azizi Ahmad Zaki, Erma Aida Juhari, Maheran Mohd Jaffar. (2015).  Comparative analysis of FBMKLCI with major world indices by using stochastic calculus.  Jurnal Karya Asli Lorekan Ahli Matematik.  7(2): 029-037.
  • Norliza Muhamad Yusof & Maheran Mohd Jaffar (2015).  Forecasting the Probability of Default of PN17 Company using KMV-Merton Model.  International Journal of Applied Mathematics and Statistics IJAMAS, 53(5);103-108. (indexed by ERA). ISSN 0973-1377 (Print); 0973-7545 (Online).  Presented at International Conference on Statistic and Mathematics (ICSM), 27-28 November 2014, Surabaya, Indonesia.
  • Shakila Saad & Maheran Mohd Jaffar. (2015). Review on the Structural Approach of the Black-Scholes Model. International Conference on Mathematics, Engineering and Industrial Applications (ICoMEIA 2014). AIP Conference Proceedings. 28 - 30 Mei 2014. The Gurney Resort Hotel & Residences Penang. AIP Conf. Proc. 1660, 050084-1–050084-8; doi: 10.1063/1.4915717.
  • Norliza Muhamad Yusof & Maheran Mohd Jaffar (2014). KMV-Merton Model as a Default Forecasting Model. AIP Conference Proceeding.  Simposium Kebangsaan Sains Matematik ke-22, 6-8 Nov 2014.  Shah Alam, Malaysia.
  • Siti Nazifah Zainol Abidin & Maheran Mohd Jaffar. (2014). Forecasting Share Prices of Small Size Companies in Bursa Malaysia Using Geometric Brownian Motion. Applied Mathematics & Information Sciences. Vol. 8(1): 107-112. (Impact factor 0.642).
  • Nur Jariah Mansur & Maheran Mohd Jaffar (2013). Forecasting the Call Warrant Prices in Bursa Malaysia by Using Finite Difference Approach of Black-Scholes Model. AIP Conference Proceeding. Simposium Kebangsaan Sains Matematik ke-21, Penang, Malaysia.
  • Ainon Mardhiyah Shahidin, Nor Fuzaina Ismail, Zubaidah Abdul Wahab, Hamidah Maidinsah, Maznita Maksari, Hasnah Yusuf, Noraini Ibrahim, Eng Wat Kim, Hamidah Ayub, Nadzrah Yunus, Norkiah Ismail, Siti Hajar Abdulah, Rokiah Embong, & Maheran Mohd Jaffar. (2013). Mathematics Basic Skills Diagnostic Test (UDKAM). AIP Conference Proceeding. Simposium Kebangsaan Sains Matematik ke-21, Penang, Malaysia.
  • Siti Nazifah Zainol Abidin & Maheran Mohd Jaffar (2013). Analytic hierarchy process (AHP) as a tool in asset allocation. AIP Conference Proceeding. 1522, 384. Simposium Kebangsaan Sains Matematik ke-20, Putrajaya, Malaysia. http://dx.doi.org/10.1063/1.4801150.
  • Daud Mohamad & Maheran Mohd Jaffar. (2013). Some Strategies of Enhancing Marketability and Employment of mathematics Graduates of UiTM. Proceeding of Academic Conference 2013, 30-31 Jan 2013, UiTM, Shah Alam. ISBN 978-967-0171-23-4.
  • Maheran Mohd Jaffar, Norain Alwi & Shazwa Roslan. (2013). Applying Quantitative and Technical Analysis Models to Forecast Net Asset Value of Unit Trust Fund. 2013 IEEE Symposium on Humanities, Science and Engineering Research (SHUSER). 23-25 June 2013. Penang, Malaysia. ISBN: 978-1-4799-0443-3
  • Maheran Mohd Jaffar, Rashidah Ismail, Hamdan Abdyl Maad, & Abd Aziz Samson. (2012). The Application of New Musyarakah Model In Islamic Banking Products. 2012 International Conference on Statistics in Science, Business and Engineering (ICSSBE2012), pp.1-4. 10-12 September 2012, Langkawi, Kedah. ISBN: 978-1-4673-1581-4. DOI: 10.1109/ICSSBE.2012.6396559
  • Norliza, M.Y. & Maheran, M.J. (2012). Estimating the Credit Risk of Malaysian Companies using Merton Model [Special issue of applied math]. World Applied Sciences Journal 17, pp. 72-78. ISSN: 1818-4952. (SCOPUS) (ISI Indexed).
  • Yusof, N.M, & Jaffar, M.M. (2012). The Analysis of KMV-Merton model in Forecasting Default Probability. 2012 IEEE Symposum on Humanities, Sciences and Engineering Research (SHUSER), 24-27 June, pp. 93-97, Kuala Lumpur, Malaysia. ISBN: 978-1-4673-1311-7. DOI: 10.1109/SHUSER.2012.6269010.
  • Siti Zaharah Mohd Ruslan & Maheran Mohd Jaffar. (2012). Analysis on Asset Acquisition using Diminishing Musyarakah Model. 2012 IEEE Symposium on Humanities Science and Engineering (SHUSER2012) 24-27 June 2012,Kuala Lumpur. (Xplore)
  • Siti Nazifah Zainol Abidin & Maheran Mohd Jaffar. (2012). Forecasting share prices of small size companies in Bursa Malaysian using geometric brownian motion. Applied Mathematics and Information Sciences, An international Journal, 1-7, @2012 NSP Natural Sciences Publishing Cor. (Impact factor 0.642).
  • Siti Zaharah Mohd Ruslan & Maheran Mohd Jaffar. (2012). Analysis on Asset Net Present Value of Joint Ventures Investment using Diminishing Musyarakah Model. International Conference on Statistics in Science, Business and Engineering 2012 (ICSSBE2012) 10-12 September 2012, Langkawi, Kedah. (Xplore)
  • Siti Nazifah Zainol Abidin & Maheran Mohd Jaffar. (2012). Forecasting share prices of small size companies in Bursa Malaysia. International Conference of Decision Making Proceeding (ICDeM 2012) 13-16 March 2012; Kedah, Malaysia
  • Siti Nazifah Zainol Abidin & Maheran Mohd Jaffar. (2012). Surveying the best volatility measurements in stock market forecasting techniques involving small size companies in Bursa Malaysia.IEEE Symposium on Humanities Sciences and Engineering (SHUSER), 24-27 June 2012, Kuala Lumpur, Malaysia, 975-979, ISBN 978-1-4673-1311-7,(http://ieeexplore.ieee.org/xpls/abs_all.jsp?arnumber=6269014).
  • Siti Nazifah Zainol Abidin & Maheran Mohd Jaffar. (2012). A review on Geometric Brownian Motion in forecasting the share prices in Bursa Malaysia. World Applies Sciences Journal 17 (Special Issue of Applied Math), 87-93, ISSN 1818-4952, IDOI Publications (Indexed by Scopus). http://idosi.org/wasi/wasj17(AM)12/15.pdf.
  • Maheran Mohd Jaffar & Nora Baizura Mohd Isa. (2011). The Net Present Value of Mudharabah and Musharakah Models. Proceeding of 2011 International Conference on Business, Engineering and Industrial Applications (ICBEIA2011). Kuala Lumpur, IEEE Malaysia & UiTM, 5-8 Jun 2011. (Xplore).
  • Maheran Mohd Jaffar, Rashidah Ismail, Hamdan Abdul Maad & Abd Aziz Samson. (2011). The Application of New Musyarakah Model inIslamic Banking Products. International Conference of Islamic Banking and Finance. Mauritius Al-Huda, Centre of Islamic Banking and Economics. 5-7 April 2011
  • Maheran Mohd Jaffar, Rashidah Ismail, Hamdan Abdul Maad,& Abd Aziz Samson. (2011). Musyarakah Models of Joint Venture Investment Between Two prties. The International Training and Seminars on Mathematics (ITSM 2011), Samarkand, Uzbekistan. Samarkand State University dan Persatuan Sains matematik Malaysia (PERSAMA). 3-5 Jun 2011. ISBN 978-967-5878-48-0
  • Maheran Mohd Jaffar & Ilham Abadi Idris. (2011). Foreign Exchange Framework Based on Mudharabah Principle". 2011 IEEE Symposium on Business, Engineering, and Industrial Applications Proceeding (ISBEIA 2011) 25-28 September 2011; 141-143. (Xlplore)
  • Siti Nazifah Zainol Abidin & Maheran Mohd Jaffar. (2011). Cluster Analysis in Identifying the Performance of the Syariah Counters in Bursa Malaysia. Simposium Kebangsaan Sains Matematik (SKSM 19) 09-11 November 2011; Pulau Pinang, Malaysia.
  • Norliza Muhamad Yusof & Maheran Mohd Jaffar. (2011). Predicting the Credit risk through Merton Model. 2011 IEEE Symposium on Business, Engineering, and Industrial Applications Proceeding (ISBEIA), 25 - 28 September 2011, Langkawi, Malaysia; 162-166. (Xplore)
  • Norliza Muhamd Yusof & Maheran Mohd Jaffar. (2011). Merton Model in Credit Default Risk. Simposium Kebangsaan Sains Matematik (SKSM 19), 9-11 November 2011, Pulau Pinang, Malaysia. (Akan diterbit dalam WASJ)
  • Aslina Omar & Maheran Mohd Jaffar. 2011. Comparative Analysis of Geometric Brownian motion Model in Forecasting Syariah Counter in Bursa Malaysia. Simposium Kebangsaan Sains Matematik ke 19. (SKSM 19) 9-11 November 2011 Uitm Pulau Pinang, Malaysia. (Akan diterbit dalam WASJ)
  • Aslina Omar & Maheran Mohd Jaffar. 2011. Comparative Analysis of Geometric Brownian motion Model in Forecasting FBMHS and FBMKLCI Index in Bursa Malaysia”. 2011 IEEE Symposium on Business, Engineering and Industrial Application Proceeding (ISBEIA 2011). 25-28 September 2011 Langkawi, Malaysia. (Xplore)
  • Maheran Mohd Jaffar. (2010) New Musyarakah Model in Managing Islamic Investment. ISRA International Journal of Islamic Finance, 2(2), 25-36. ISSN 0128-1976
  • Maheran Mohd Jaffar, Siti Zaharah Mohd Ruslan, & Abd Aziz Samso. 2010. Application Of Musyarakah Model In Managing Joint Venture Between An Investment Company And Entrepreneur. Prosiding Seminar Kebangsaan Aplikasi Sains dan Matematik 2010 (SKASM2010) for Simposium Kebangsaan Sains Matematik 2010 (SKSM2010), Johor Bahru, Johor, 8 - 10 Disember 2010 UTHO & PERSAMA
  • Maheran Mohd Jaffar. 2010. Mudharabah and Musyarakah Models of Joint Venture Investments between Two Parties. 2010 International Conference on Science and Social Research (CSSR 2010), 5-7 Dec 2010, Kuala Lumpur, UiTM and IEEE. DOI: 10.1109/CSSR.2010.5773814
  • Maheran Mohd Jaffar & Nurul Aida Binti Nordin. 2010. Analysis On Musyarakah Model In Managing Interbank Investment. Regional Conference on Applied and Engineering Mathematics (RCAEM). 2-3 Jun 2010. Penang, UniMAP
  • Abd Aziz Samson, Rashidah Ismail & Hamdan Abdul Maad & Maheran Mohd Jaffar, 2009. Analysis of the Profit Sharing Rates Used in Managing Interbank Investment. Simposium Kebangsaan Sains Matematik ke-17 (SKSM17), 15-17 Dis 2009, Melaka, UPM & PERSAMA
  • Maheran Mohd Jaffar. 2009. Mathematical Musyarakah Model In Managing Islamic Investment Between Two Parties Using Two Profit Sharing Rates. The 5th International Conference on Mathematics, Statistics and Its Application (ICMSA), 9-11 Jun 2009, Bukit Tinggi, Sumatra Barat, Indonesia. Universiti Andalas
  • Maheran Mohd Jaffar. 2009. Modeling Of Joint Venture Islamic Investment Between Two Parties Using Musyarakah Concept. Quantitative Islamic Finance and Takaful 2009 (QIFT 2009), 6-7 Julai 2009, Bangi, UKM & PERSAMA
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain & Abdul Aziz Jemain. 2008. Jurnal Teknologi Maklumat dan Sains Kuantitatif. 10(1), 25-46. ISSN 1823-0822
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain, & Abdul Aziz.Jemain 2008, Perkembangan model matematik pelaburan islam berkonsep musyarakah. Kesturi 18(1&2): 55-62
  • Abd. Aziz Samson, Maheran Mohd Jaffar & Nurhuda Ismail. 2008. Comparing mathematical mdels of musyarakah mutanaqisah with bai bithaman ajil. Prosiding Simposium Kebangsaan Sains Matematik ke-16, UMT, PERSAMA, Kota Bahru, 3-5 Jun. ISBN 978-963-2888-91-8
  • Maheran Mohd Jaffar & Nadiah Mohamed @ Abd Rahman. 2007. Mathematical Models of conventional, Mudharabah and Musyarakah in Islamic Banking: A Comparative Study. Prosiding Simposium Kebangsaan Sains Matematik ke-15, 185-190. UiTM, PERSAMA, Shah Alam, 5-7 Jun.
  • Noorlenda Mohd Noor, Maheran Mohd Jaffar, Mohamad Ali Hassan & Khairu Azlan Abd Aziz. 2007. Pricing Malaysian Warrants: An Evaluation Using the Black Scholes Model. Prosiding Simposium Kebangsaan Sains Matematik ke-15, 237-242. UiTM, PERSAMA, Shah Alam, 5-7 Jun.
  • Maheran Mohd Jaffar. 2006. Model musyarakah bagi pengurusan pelaburan Islam. Prosiding Simposium Kebangsaan Sains Matematik ke-14, 177-183. UM, PERSAMA, Kuala Lumpur, 6-8 Jun.
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain, Abdul Aziz Jemain, Zaidi Isa. 2005. Pelaburan satu saham dari perspektif Islam. Prosiding Simposium Kebangsaan Sains Matematik ke-13, 410-414. UUM, PERSAMA dan Kerajaan Negeri Kedah, Alor Setar, 31 Mei-2 Jun.
  • Maheran Mohd Jaffar & Abd Aziz Jemain. 2005. Pengiraan keuntungan oleh bank Islam dalam pelaburan mudharabah: pembaikan dan cadangan. Prosiding SEKI’09, Seminar Ekonomi dan Kewangan Islam. 79-85. UUM. Bangi, 29-30 Ogos. ISBN 983-2155-86-X
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain. 2005. Kelemahan amalan bank Islam dalam pengagihan untung pelaburan mudharabah. Prosiding Matematik Dan Masyarakat, 136 – 144. KUSTEM dan PERSAMA, Kuala Terenggau, 26-27 Feb.
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain. 2004. Perbandingan Model Lazim dan Model Mudharabah. Prosiding Seminar Mengenang Jasa Prof Dr Shaharir Mohamad Zain, 64-73. PERSAMA dan PPSM, UKM, 3 Jun.
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain. 2003. Model Mudharabah Perniagaan Dalam Bentuk Persamaan Beza. Prosiding Seminar Sains Pemutusan Peringkat Kebangsaan 2003, 175-181. UUM, Langkawi, 15-16 Okt.
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain. 2003. Persamaan beza mudharabah perniagaan. Prosiding Simposium Kebangsaan Sains Matematik ke-11, 202-207. UNIMAS dan PERSAMA, Kota Kinabalu. 22-24 Dis
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain. 2003. Mudharabah Model For Business Loan Based on Equity. Kertas kerja Seminar on Non-Bank Financial Institutions: Islamic Alternatives. Islamic Research and Training Institute, Islamic Banking and Finance Institute Malaysia, Kuala Lumpur, 1-3 Mac. http://www.ibfim.com/images/sp/PDF%20List%20-%202004.pdf
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain. 2002. Model matematik Baru Bagi “pinjaman” berdasarkan konsep ekuiti mudharabah. Prosiding Simposium Kebangsaan Sains Matematik ke-10, 179-190. UTM dan PERSAMA, Johor bahru, 23-24 Dis.
  • Maheran Mohd Jaffar & Shaharir Mohamad Zain. 2002. Satu Ulasan Terhadap Model-Model Matematik Bagi “Pinjaman” Berdasarkan Prinsip Islam. Kolokium Siswazah Pertama Fakulti Sains dan Teknologi. FST, UKM. 6 April. ISBN 983-2446-40-6
  Unpublished Paper
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain, PM Dr Abdul Aziz Jemain & PM Dr Zaidi Isa. 2005. Pembinaan Model Pelaburan Mudharabah dan Musyarakah Berisiko. Kolokium Siswazah Kelima FST. 25-26 April
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain. 2004. Pelaburan Mudharabah dan Musyarakah. PPSM, UKM. 17 June
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain. 2003. Mudharabah Model For Business Loan Based on Equity. Kertas kerja Seminar on Non-Bank Financial Institutions: Islamic Alternatives. Islamic Research and Training Institute, Islamic Banking and Finance Institute Malaysia, Kuala Lumpur, 1-3 Mac.
  • Maheran Mohd Jaffar, Shaharir Mohamad Zain. 2003. Sistem Dinamik Mudharabah Seminar Sehari Penyelidikan Sains Matematik 2003 PPSM, UKM. 19–20 May
  • Maheran Mohd Jaffar & Shaharir Mohamad Zain. 2002. Satu Ulasan Terhadap Model-Model Matematik Bagi “Pinjaman” Berdasarkan Prinsip Islam. Kolokium Siswazah Pertama Fakulti Sains dan Teknologi. FST, UKM. 6 April
  • Maheran Mohd Jaffar & Shaharir Mohamad Zain. 2002. Model Mudharabah Perniagaan Berasaskan Ekuiti. Kolokium Siswazah Ke 2. 2002. FST, UKM. 13 Oct
  Project Supervision
  • Nur Aimi Badriah Nasharrudin. 2017.  Predicting the Risk Value of Share Prices Portfolio by Integrating Value at Risk Method with Geometric Brownian Motion. MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Nur Syahira Binti Ab Rahman.   2016.  Modelling Salam Prices Of Parallel Salam Contract With Time Value Of Money Elements.  MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Nurizzati Binti Azhari.   2016.  Modelling And Forecasting Mudharabah Investment With Risk By Using Geometric Brownian Motion.  MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Siti Nor Aiza Mat Nor.  2016.  Modelling and Assesing Moral Hazard Problem in Ijarah Financing.  MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Muhammad Zulkhairi Zakaria. 2016. Forecast and Analysis of Warrant Prices Using Mean Reversion and Black.  MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia. 
  • Abdul Hafiz Zakaria.   2016.  Forecasting Value at risk of Unit Trust Portfolio by Adapting Monte Carlo Simulation and Geometric Brownian Motion.  MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia. 
  • Azahari Yahya.   2016. Modelling And Forecasting The Value Of The Double-Storey Terrace Houses Using Summation Method And Geometric Brownian Motion.  MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Nurul Izzati Abdul Aziz.   2015.  Modelling Musyarakah Investment of Three Parties Using Differnce and Fifferential Equations.  MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Siti Noorfaera Karim.   2015.  Forecasting Value at Risk of Foreign Exchange Rate by Intergrating Geometric Brownian Motion.  MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Norhayanti mohamad.   2015.  Indentifyng Factors Affecting Palm Oil Proces Based on Grey Incidence Analysis.   MSc (Applied Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Noor Azizah Mazeni. 2014. Modelliing Risky Investment By Considering Geometric Brownian Motion Using Musyarakah Concept.  MSc (Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Asma’ Fauzi. 2014. Forecasting Investment and Return in Stock market Using Stochastic Mudharabah Investment Model. MSc (Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Bertha Trissan Petrus. 2014. Asset Allocation:  AHP Weightage Functions of Stock market Investment Sub-Criteria.  MSc (Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Norliza Muhamad Yusof (2010606232). 2014. Analyzing the Default Risk of Malaysian Companies in Bursa Malaysia Using Merton Model.  MSc (Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia. 
  • Siti Nazifah Zainol Abidin (2010844044). 2014. Integrating Cluster Analysis, Geometric Brownian Motion and Analytic Hierarchy Process in Capital Allocation.  MSc (Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Siti Zaharah Mohd Ruslan (2010353595). 2014.  Analyzing on Asset Acousition using Diminishing Musyarakah Model.  MSc (Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Syahida Abdul Rahman .2014. Analyzing the Dividend_paying Company Warrant Prices by Discretizing the Black-Scholes Model Using Finite Difference Approach.  MSc (Mathematics).  Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik.  Universiti Teknologi MARA Malaysia.
  • Nur Jariah Mansor (2012277662-CS773) – Analyzing The Call Warrant Prices in Bursa Malaysia Using Black-Scholes Model and Finite Difference Approach (2013).
  • Siti Syuhada Ishak Currently. -Co-supervision. Estimating Default Likelihood Indicator of Financially Distressed SMEs in Malaysia using the Black-Scholes-Merton Model
  • Fauziah Ahmad. Currently. –Co-supervision. The Assessment of Information Communication and Technology Investment and Its Payoff Model by Public Sector of Malaysia. PhD Fakulti Sains Komputer dan Matematik. Universiti Teknologi MARA Malaysia.
  • Aslina Omar (2010672268). 2014. Islamic Investment in Stock market Using Mudharabah Principles. MSc (Mathematics). Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik. Universiti Teknologi MARA Malaysia (2013).
  • Nurul Aida Nordin, BSc (Mathematics) Technical. Analysis on musyarakah model in managing interbank investment using different profit sharing rates. Pusat Pengajian Matematik, Fakulti Sains Komputer dan Matematik, Universiti Teknologi MARA Malaysia (2009).
  • Mohd Noor Miswan, BSc (Mathematics) Technical. Managing Islamic Bonds using musyarakah mutanaqisah model. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2008).
  • Hanizah Hashim, BSc (Mathematics) Technical. Musyarakah Mutanaqisah model with different profit sharing rates in Islamic banking. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2008).
  • Mohd Ali Kamaruddin, B Sc (Management Mathematics) Industrial Training. Developing Financial calculator software based on mudharabah and musyarakah model. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2008).
  • Musalimah Mahbob, BSc (Mathematics) Technical. Solving musyarakah model of a joint venture between two parties with fixed rate of profit. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2007).
  • Rohaiju Baharuddin, BSc (Mathematics) Technical. Mathematical Models of Islamic Bonds. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2007).
  • Emy Hafiza Hazira Nakhrowi, B Sc (Management Mathematics) Industrial Training. Modeling and Determining the Price of House. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2007).
  • Nurhuda Ismail, BSc (Mathematics) Technical. Comparing Mathematical Models of Musyarakah Mutanaqisah with Bai Bithaman Ajil. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2006).
  • Nadiah Mohamed @ Abd Rahman, BSc (Mathematics) Technical. The Model Of Mudharabah Or Musyarakah Concept In Islamic Banking: A Comparative Study. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2006).
  • Nazihah Ismail, B Sc (Management Mathematics) Industrial Training. Investment Transaction System for Felda Sendayan Project. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2006).
  • Norhafiza Idris, B Sc (Management Mathematics) Industrial Training. Ar-Rahnu Islamic Pawn-Broking Scheme at Bank Kerjasama Rakyat Malaysia Berhad, Jerteh, Terengganu. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2006).
  • Norazlila Ramli, B Sc (Computational Mathematics) Industrial Training. Performance Management and Development System for Bank Islam Malaysia Berhad. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2006).
  • Mohd Nurhaminza Abdul Rahman @ Asmat, B Sc (Management Mathematics) Industrial Training. Population Growth of the Besut District by Using Malthusian Growth Model. Pusat Pengajian Matematik, Fakulti Teknologi Maklumat dan Sains Kuantitatif, Universiti Teknologi MARA Malaysia (2006).
  Exhibition & Awards
  • Best Paper Award. Modelling and Forecasting Mudharabah Investment with Risk by Using Geometric Brownian Motion.  Soft Computing in Data Science Proceeding. 190-199. The 2nd International Conference on Soft Computing in Data Science 2016 (SCDS 2016),  Pullman Hotel Kuala Lumpur, Malaysia.  Nurizzati Azhari & Maheran Mohd Jaffar.
  • Won Gold Award. The E-Ramal:  Share Price Forecaster.  Invention, Innovation and Design Exposition on 2015 (IIDEX2015), UiTM Shah Alam, 27-30 April 2015. Maheran Mohd Jaffar (Ketua), Siti Nazifah Zainol Abidin, Sharifah Aniza Sayed Ahmad, Nurul Hidayah Ahmad Zukri & Siti Maisarah Md Zin
  • Won Silver Award. Ramal: Share Prices Forcaster.  25th International Invention, Innovation & Technology Exhibition (ITEX 2014), Kuala Lumpur Convention Centre. 8-10 May 2014. Maheran Mohd Jaffar (Ketua), Siti Nazifah Zainol Abidin, Aslin Omar, Norliza Mohd Yusof, Siti Zaharah Muhd Ruslan

  • Won Gold Award. Forecasting Share Prices of Companies in Bursa Malaysia Using Geometric Brownian Motion. Competition & Exhibition Invention, Innovation, & Design 2014 (IIDEX2014) & Innovation Wannabe! 2014, UiTM, Shah Alam, 27-30 April 2014. Maheran Mohd Jaffar (Ketua), Siti Nazifah Zainol Abidin, Aslin Omar, Norliza Mohd Yusof, Siti Zaharah Muhd Ruslan  

  • Won Silver Award.  Al—Hasabah Investment Calculator: A profit Sharing Joint Venture Investment. PECIPTA 2013. International Conference and Exposition on Invention of Institutions of Higher Lerning. Kuala Lumpur Convention Centre, 7-9 Nov 2013. Maheran Mohd Jaffar, Abd Aziz Samson, Rashidah Ismail, Rokiah Embong, Sharifah Aniza Sayed Ahmad, Shahirulliza Ahamsul Ambia - 
  • Won Gold Award.  Al—Hasabah Investment Calculator: A profit Sharing Joint Venture Investment. Invention, Innovation and Design Expo 2013 (IIDEX2013). Research Innovation Business Unit (RIBU), Universiti Teknologi MARA. 15-17 March 2013. Maheran Mohd Jaffar, Abd Aziz Samson, Rashidah Ismail, Rokiah Embong, Sharifah Aniza Sayed Ahmad, Shahirulliza Ahamsul Ambia - 
  • Anugerah PERSAMA (Kategori Makalah Ilmiah). Hadiah Pertama. Maheran Mohd Jaffar. (2010) New Musyarakah Model in Managing Islamic Investment. ISRA International Journal of Islamic Finance, 2(2), 25-36. ISSN 0128-1976
  • Won Bronze Award.  Musyarakah Investment Calculator. Invention, Innovation and Design 2010-Special Edition(IID2010-SE), Research Management Institute, Universiti
    Teknologi MARA Malaysia, Dewan Sri Budiman, UiTM Shah Alam, Selangor.
    12-14 Oktober 2010. Maheran Binti Mohd Jaffar (Dr), Abd Aziz Samson,
    Norhidayah Abd Kadir, Mohd Azdi Maasar)
  • Won Gold Award. New musyarakah model in Islamic investment. Invention, Innovation and Design 2009 (IID2009). Research Management Institute, Universiti Teknologi MARA Malaysia, Dewan Sri Budiman, UiTM Shah Alam, 13 Jan 2009.
  • Won Silver Award. New musyarakah model in Islamic investment. 20th International Invention, Innovation and Technology Exhibition 2009 (ITEX 2009). Malaysian Invention and Design Society (Minds). Kuala Lumpur Convention Center, 15-17 May 2009.
  • Won Silver Award.New musyarakah model in Islamic investment. Seoul Invention, Innovation Fair 2009 (SIIF 2009), Korea Kuala Lumpur Convention Center, COEX, Seoul,
    Korea. 3-7 Dis 2009. Maheran Mohd Jaffar, Abd Aziz Samson, Rashidah Ismail
    & Hamdan Abdul Maad. 
  Grants
  • Fundamental Research Grant Scheme (FRGS) Principal Researcher – Modeling Commodity Salam Contract as an Islamic Financial Derivatives. 600-IRMI/FRGS 5/3 (83/2016).  RM63,200.  1 Ogos 2016-31 Julai 2018. Dr Hassilah Binti Salleh (UMT).
  • Fundamental Research Grant Scheme (FRGS) Principal Researcher – Modified Mathematical KMV_Merton Default Credit Risk Probabilities Based Model. 600-RMI/FRGS 5/3(65/2013), RM60,000. 15 November 2013-14 November 2015.  Mohd Azdi Maasar.
  • Geran Dana Pembudayaan Penyelidikan (RAGS) 2013. (Co-researcher) – Black Scholes Default Likelihood Indicator of Malaysian Public Firm’s Failure. 600-RMI/RAGS 5/3 (27/2013). 15 Sept 2013-14 September 2015. RM55,410. Asmahani Nayan (Principal Researcher) , PM Dr Abd Razak Ahmad.
  • RIF (Co-researcher). Using Zero-One Goal Programing with Consistent Fuzzy Preference Relations for Selections of Islamic Personal Loan Package. RM32,000. Norhidayah A Kadir (Principal Researcher).
  • RIF (Co-researcher). Carbon Price Modelling: An Approach Towards Setting Up a Malaysian Carbon Price. RM32,000. Mohd Azdi Maasar (Principal Researcher).
  • Dana Kecemerlangan, UiTM (Master Student – Norliza Mohd Yusof). Analyzing the Default Risk of Malaysian Companies in Bursa Malaysia Using Merton Model. 600-RMI/ST/DANA 5/3/Dst ( /2011).
  • Dana Kecemerlangan, UiTM (Master Student- Siti Nazifah Zainol Abidin). Forecasting Syariah Counter Prices in Bursa Malaysia by Using Cluster Analysis and Geometric Brownian Motion. 600-RMI/ST/DANA 5/3/Dst (219/2011).
  • Dana Kecemerlangan (Master student – AslinaOmar). UiTM Islamic Investment in Stock market Using Mudharabah. 600-RMI/ST/DANA 5/3/Dst (221/2011).
  • FRGS (Principal Researcher) – Identifying the Mathematical Models in Islamic Investment Using Musyarakah Concept. Abd Aziz Samson, Rashidah Ismail & Hamdan Abdul Maad. 600-RMI/FRGS5/31Fst (26/2008)
  • FRGS (Co-researcher) - Model Matematik Baru Untuk Opsyen Islam Berasaskan Prinsip Mudharabah (A new Mathematical Model for an Islamic Option based on a Mudharabah)Principles)