FINANCE CLUSTER
FINANCE CLUSTER
FINANCE CLUSTER
Accounting and Auditing
The core objective of the Accounting and Auditing Cluster is to propose research solutions in a broad range of accounting fields, from financial and management accounting, budget, and tax planning, to financial management and auditing various business problems. The Cluster is also engaged in interdisciplinary research. We integrate information, data, techniques, concepts, and theories from accounting, economics, education, and other fields to provide solutions that are beyond the scope of single disciplined research practice.
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Cluster Leader 

Ravshan Kakharov
Email: rkakharov@wiut.uz
Cluster Members
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Jamshidbek Jalilov
Senior Lecturer
Email: jjalilov@wiut.uz
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Email: f_yodgorova@wiut.uz
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Email: i.khadjieva@wiut.uz
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Gulhayo Nusratova
Associate lecturer
Email: gnusratova@wiut.uz
Asset Pricing and Fixed Income
The cluster-related research focuses on the valuation of financial assets (including derivatives) and real assets, as well as the investment project appraisal. The topics explored cover such novel perspectives as the Transactional Asset Pricing Approach (TAPA) and discount rate derivations, and other.
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Cluster Leader 

Andrey Artemenkov
Email: aartemenkov@wiut.uz
Cluster Members
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Email: a.djalilov@wiut.uz
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Email: rsulaymanov@wiut.uz
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Saidgozi Saidumarov
Associate Lecturer
Email: ssaydumarov@wiut.uz
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Sherzodbek Safarov
Associate lecturer
Email: s.safarov@wiut.uz
Commercial Banking
Commercial Banking Cluster aims to develop research and a space of debate on several contemporary issues in banking, in particular, the effectiveness of banking regulations, cultivation of innovative small and medium enterprises (SMEs) financing, mapping the resilience of the financial stability under several stress conditions. 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; (ii) way out to finance the innovative SMEs to boost economic growth; (iii) risk management and financial stability, studying how acute stress impacts the banking system’s profitability and strength; (iv) modeling of the risk-taking behavior of commercial banks. We are committed to undertaking research projects considering both the local Uzbek and Central Asian contexts with a global mindset. Our mission is to produce knowledge and evidence to enhance the economic development of the region through a vibrant financial system.
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Cluster Leader 

Hasan Kamrul, PhD
Email: ahasan@wiut.uz
Cluster Members
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Dildora Ibragimova
Senior Lecturer
Email: dibragimova@wiut.uz
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Email: f_yodgorova@wiut.uz
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Email: gnusratova@wiut.uz
Corporate Finance & Financial Markets
The research cluster in corporate finance and the financial market merges researchers from the fields of corporate finance, financial accounting, and financial markets. The aim of this cluster is to produce high-quality research in the fields of financial accounting, corporate finance, and financial market efficiency. This cluster is designed to take a deep investigation on the nonfinancial policy of the corporates e.g., dividend policy, issuance of shares, and retained earnings management in a dynamic setting of taxation. Another field of corporate finance is to assess the financial strength of the firm by considering the financial ratios, which is one of the most relevant research areas for developing markets. The cluster is also engaged to assess the impact of IFRS adaptation on the firm’s reputation which may ultimately impact the firm’s market value. The cluster’s research output is believed to have significant importance for policymakers.
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Cluster Leader 

Hamid Waqas, PhD
Email: hwaqas@wiut.uz
Cluster Members
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Email: aa.buriev@wiut.uz
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Ram Sen
Lecturer
Email: ram.sen@wiut.uz
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Email: i.khadjieva@wiut.uz
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Surraya Shaamirova
Associate Lecturer
Email: sshaamirova@wiut.uz
Sustainable Finance
This Research Cluster aims to develop research and a space of debate on green finance and public policy issues such as low-carbon innovation policy and renewable energy investments, role of central banks and financial governance in addressing climate and environmental risks and greening the financial system, climate vulnerability and the cost of capital, investing in resilience, role of public financial institutions in financing the green transformation.
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Cluster Leader 

Indira Khodjieva, PhD candidate
Email: i.khadjieva@wiut.uz
Cluster Members
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Omonjon Ganiev
Head of Finance Department
Email: oganiev@wiut.uz
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Email: lmemesheva@wiut.uz
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Email: gnusratova@wiut.uz
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Nargiza Khurramova
Associate Lecturer
Email: nkhurramova@wiut.uz
Islamic Finance
The key objective of the Islamic Finance cluster is to explore the interdisciplinary study of the Islamic banking and finance industry. It scrutinizes the relationship between the Islamic faith and economic phenomenon pertaining to the behavior of individuals, institutions, and markets, and its interaction with the emerging financial technology. It also examines Islamic perspectives on production, redistribution, and exchange, examining the Islamic components of the moral economy, such as social and behavioral norms, role and functioning of Islamic economic institutions such as zakat and waqf and the emerging concepts of the moral economy such as Circular Economy, Green Financing and ESG investments. The cluster has four priority areas of research:
i) Empirical Digital Banking and Fintech
ii) Islamic Social Finance
iii) Empirical Islamic Banking
iv) Sustainable Islamic Finance.
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Cluster Leader 

Surraya Shaamirova, PhD candidate
Email: sshaamirova@wiut.uz
Cluster Members
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Email: aa.buriev@wiut.uz

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