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Our People

Professor Mehmet Asutay

BA, MSc, PgDip, MA, PhD

Professor of Middle Eastern and Islamic Political Economy & Finance. Director, MSc Islamic Finance Programme. Director, Durham Centre for Islamic Economics and Finance.

Director, Durham Doctoral Training Centre in Islamic Finance

 

Biography

Mehmet has a BA in Public Finance from the University of Istanbul (Turkey); continued for MSc in Public Finance at the University of Istanbul; has Postgraduate Diploma in Economic and Social Policy Analysis, University of York (UK); MA in Economics of Public Policy, Department of Economics of the University of Leicester (UK); Ph.D. in Political Economics, University of Leicester.

Mehmet teaches and supervises research on Islamic Political Economy; Islamic Moral Economy; Islamic Banking, Finance and Management; Political Economy of Development in the Middle East including Turkish Political Economy and Kurdish Political Economy.

He is the Director of Durham Centre for Islamic Economics and Finance; and is the Programme Director for MSc in Islamic Finance and MSc in Islamic Finance & Management; and also the Director of the Durham Islamic Finance Summer School.

Mehmet is the Managing Editor of the Review of Islamic Economics; and is an Associate Editor of the American Journal of Islamic Social Science; and in the Editorial Board of International Journal of Islamic and Middle Eastern Finance and Management and Borsa Istanbul Review.

He is the Honorary Treasurer of the BRISMES (British Society for Middle Eastern Studies); and of the IAIE (International Association for Islamic Economics).

Current Research

Mehmet's recent research includes the construction of Islamic moral/political economy, which is considered as an incomplete project since early 1970s. By following the earlier contributions made by the founding fathers, Mehmet aims to systemise Islamic political economy as the defining framework for the moral or social economy aimed at by Islamic economics, a term that falls short of the aspirations. Secondly, Mehmet develops the discourse around ‘social and developmentalist failure’ of Islamic banking and finance in relation to the expressed ideals of Islamic moral economy. In reflecting on the political economy nature of Islamic finance, he is also researching the political economy of Islamic finance related developments in various parts of the world (particularly in Turkey, Malaysia and Indonesia). Mehmet also involved in empirical research in various aspects of Islamic finance.

Research Interests

  • Islamic economics/Islamic moral economy
  • Islamic finance, banking and management
  • Political economy of development – Middle East, Turkey and Kurds
  • Political economics, public choice and public sector economics

Research Groups

Supervises

Publications

    Authored book

  • Izhar, H. & Asutay, M. (2020). Operational Risk in Islamic Financial Institutions: Theory, Practice and Modelling. Cheltenham: Edward Elgar.
  • Eid, W. K. & Asutay, M. (2019). Mapping the Risks and Risk Management Practices in Islamic Banking. London: John Willey & Sons.
  • Jan, Shafiullah & Asutay, Mehmet (2019). A Model for Islamic Development: An Approach in Islamic Moral Economy. Edward Elgar Publishing.
  • Tolefat, A.K. & Asutay, M. (2013). Takaful Investment Portfolios: A Study of the Composition of Takaful Funds in the GCC and Malaysia. London: John Wiley & Sons.
  • Book review

  • Asutay, M. (2003). A Modern History of the Kurds. The Muslim World Book Review 24: 47-53.
  • Asutay, M. (2002). Westernizing the Third World: The Eurocentricity of Economic Development Theories. The Muslim World Book Review 22(4): 26-30.
  • Asutay, M. (2002). Privatisation and the Creation of a Market-Based Legal System: The Case of Eqypt. The Muslim World Book Review 23(4): 51-55.
  • Asutay, M. (2002). Money, Land and Trade: An Economic History of the Muslim Mediterranean. Review of Islamic Economics (12): 109-112.
  • Asutay, M. (2002). The Turkish Republic at 75 Years. The Muslim World Book Review 23(1): 41-42.
  • Asutay, M. (2001). Bandits and Bureaucrats: The Ottoman Route to State Centralization. The Muslim World Book Review 21(4): 29-33.
  • Asutay, M. (2001). Identity Politics in Central Asia and the Muslim World: Nationalism, Ethnicity and Labour in the Twentieth Century. Encounters: Journal of Inter-Cultural Perspectives 7(2 (September): 231-233.
  • Asutay, M. (2001). The Revolution of 1908 in Turkey. American Journal of Islamic Social Science 18(2 (Spring): 172-185.
  • Asutay, M. (2000). A History of Middle East Economies in the Twentieth Century. The Muslim World Book Review 20(4 (Summer): 31-34.
  • Asutay, M. (1999). State and Business in Modern Turkey: A Comparative Study. The Muslim World Book Review 19(4 (Summer): 33-35.
  • Chapter in book

  • Toseef Azid, Ali Abdullah Alnodel, & Muhammad Azeem Qureshi. (2019). The State of Islamic Governance in Islamic Financial Institutions: Islamic Governance Index. In Research in Corporate and Shari’ah Governance in the Muslim World: Theory and Practice. Hasan, Zulkifli & Asutay, Mehmet. Emerald Publishing Limited.
  • Asutay, Mehmet. & Yilmaz, Isa. (2018). Re-embedding Maqasid al-Shari’ah in the Essential Methodology of Islamic Economics.. In Maqasid Al-Shari’ah: Explorations and Implications. El-Mesawi, Mohamed El-Tahir. Islamic Book Trust.
  • Asutay, M. & Aksak, E. (2017). The economic and political determinants of depth and strength in sukuk markets.. In Handbook of Empirical Research on Islam and Economic Life. Hassan, M. Kabir Cheltenham: Edward Elgar. 706-730.
  • Alandejani, M. & Asutay, M. (2015). Measuring the Technical Efficiency and Technology Gaps of Islamic and Conventional Banks in GCC Countries and Determining the Efficiency of the Banks. In Islamic Finance: Performance and Efficiency. Asutay, M. & Turkistani, A. Berlin: Gerlach.
  • Aksak, E. & Asutay, M. (2015). The Maqasid and the Empirics: Has Islamic Fulfilled its Promise? In Islamic Finance: Political Economy, Values and Innovations. Asutay, M. & Turkistani, A. Berlin: Gerlach.
  • Asutay, M. & Marzban, S. (2015). Alternative Ways of Developing GCC Islamic Funds Industry: Entrepreneurial Development. In Islamic Finance: Political Economy Perspectives. Asutay, M. & Turkistani, A. Berlin: Gerlach.
  • Shariff, M., Aniza, R., Aladwani, T. & Asutay, M. (2015). An Empirical Study of Perceived Service Quality of Islamic Banks: A Comparison between Malaysia and Kuwait. In Islamic Finance: Performance and Efficiency. Asutay, M. & Turkistani, A. Berlin: Gerlach.
  • Eid, W. & Asutay, M. (2015). Mapping the Risks and Risk Management Practices in Islamic Banking. In Islamic Finance: Risk, Stability and Growth. Asutay, M. & Turkistani, A. Berlin: Gerlach.
  • Riwajanti, N. I. & Asutay, M. (2015). The Role of Islamic Microfinance Institutions in Economic Development in Indonesia: A Comparative Empirical Study on Pre and Post Financing States. . In Access to Finance and Human Development - Essays on Zakah, Awqaf and Microfinance. El-Karanshawy, H., Omar, A., Khan, T., Ali, S., Izhar, H., Tariq, W., Ginena, K. & Al Quradaghi, B. Doha, Quatar.: Bloomsbury Qatar Foundation Publishing. 1: 55-71.
  • Hasan, Z. & Asutay, M. (2014). Islamic Law of Financial Transactions in Practice: An Analysis of the Courts. In Islamic Law in Practice. Mashood, A. Baderin. Surrey, Ashgate. III.
  • Asutay, M. (2013). Development in Islamic Banking in Turkey: Emergence, Regulation and Performance. In Islamic Finance in Europe: Towards a Plural Financial System. Cattelan, V. Cheltenham: Edward Elgar Publishing.
  • Asutay, M. (2013). Islamic Moral Economy as the Foundation of Islamic Finance. In Islamic Finance in Europe: Towards a Plural Financial System. Cattelan, V. Cheltenham: Edward Elgar Publishing.
  • Asutay, M. (2010). Islamic Microfinance: Fulfilling Social and Developmental Expectations. In Islamic Finance: Instruments and Markets. Q-Finance. London: Bloomsbury.
  • Asutay, M. (2010). Islamic Banking and Finance and Its Role in the GCC and the EU Relationship: Principles, Developments and the Bridge Role of Islamic Finance. In The EU and the GCC: Challenges and Prospects under the Swedish EU Presidency. Stenberg, L. & Koch, C. Dubai: Gulf Research Center. 35-58.
  • Asutay, M. (2010). Deconstructing and Moderating the Functioning and Consequences of Political Manipulation of the Economy in Turkey. In Understanding the Process of Institutional Change in Turkey: An Institutional Approach. Cetin, T. & Yilmaz, F. New York: Nova Science Publishing.
  • Edited book

  • Asutay, M. & Turkistani, A. (2015). Islamic Finance: Political Economy, Values and Innovations. Berlin: Berlin: Gerlach.
  • Asutay, M. & Turkistani, A. (2015). Islamic Finance: Risk, Stability and Growth. Berlin: Berlin: Gerlach.
  • Asutay, M. & Turkistani, A. (2015). Islamic Finance: Performance and Efficiency. Berlin: Berlin: Gerlach.
  • Ahmed, H., Asutay, M. & Wilson, R. (2014). Islamic Banking and Financial Crisis: Reputation, Stability and Risks. Edinburgh: Edinburgh University Press.
  • Journal Article

  • Muharam, I. & Asutay, M. (2019). Online Disclosure Practices of Halal-friendly Hotels. . Journal of Islamic Marketing
  • Sencal, H & Asutay, Mehmet (2019). The Emergence of New Islamic Economic and Business Moralities. Thunderbird International Business Review 61(5): 765-775.
  • Ari, I. Akkas, E., Asutay, M. & Koc, Muammer (2019). Public and Private Investment in the Hydrocarbon-Based Rentier Economies: A Case Study for the GCC Countries. . Resources Policy 165-175.
  • Platonova, E., Asutay, M., Dixon, R. & Mohammad, S. (2018). The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector.. Journal of Business Ethics 151(2): 451-471.
  • Othman, J., Asutay, M. & Jamailan, N. (2018). Comparing the Determinants of Fund Flows in Domestically Managed Malaysian Islamic and Conventional Equity Funds. . Journal of Islamic Accounting and Business Research 9(3): 401-414.
  • Othman,J. & Asutay, M. (2018). Integrated early warning prediction model for Islamic banks: the Malaysian case.. Journal of Banking Regulation 19(2): 118-130.
  • Ouatik el Alaoui, A., Ismath Bacha, O., Masih, M. & Asutay, M. (2018). Does Low Leverage Minimise the Impact of Financial Shocks? New Optimisation Strategies Using Islamic Stock Screening for European Portfolios.. Journal of International Financial Markets, Institutions and Money 57: 160-184.
  • Asutay, M. & Hakim, A. (2018). Exploring International Economic Integration through Sukuk Market Connectivity: A Network Perspective. . Research in International Business and Finance 46: 77-94.
  • El Alaoui, A.O., Ismath Bacha, O., Masiha, M. & Asutay, M. (2017). Leverage versus volatility: Evidence from the capital structure of European firms.. Economic Modelling 62: 145-160.
  • Ayturk, Y., Asutay, M. & Aksak, E. (2017). What explains corporate sukuk primary market spreads?. Research in International Business and Finance 40: 141-149.
  • Alandejani, M. & Asutay, M. (2017). Nonperforming loans in the GCC banking sectors: Does the Islamic finance matter?. Research in International Business and Finance 42: 832-854.
  • El Alaoui, A.O., Bacha, O.I., Masih, M. & Asutay, M. (2016). Shari’ah screening, market risk and contagion: A multi-country analysis. . Journal of Economic Behavior & Organization 132(Supplement): 93-112.
  • Hendranastiti, N.D. & Asutay, M. (2016). Sharī‘ah and SRI Portfolio Performance in the UK: Effect of Oil Price Decline.. Islamic Economic Studies 24(2): 77-104.
  • Asutay, M. & Hendranastiti, N. (2015). Comparison of Portfolio Selection and Performance: Shari’ah-Compliant and Socially Responsible Investment Portfolios.. Indonesian Capital Market Review 7(1): 46-55.
  • Asutay, M. (2015). Islamic Finance: Principles, Institutions and Development. Trade and Finance 2015(Winter): 4-26.
  • Asutay, M. & Harningtyas, A.F. (2015). Developing Maqasid al-Shari’ah Index to Evaluate Social Performance of Islamic Banks: A Conceptual and Empirical Attempt.. International Journal of Islamic Economics and Finance Studies 1(1): 5-64.
  • Asutay, M. & Ergec, E.H. (2013). Searching for the Nexus between Money, Deposits, and Loans (Financing) in Malaysian and Turkish Islamic and Conventional Banking: A Comparative Analysis (2007-2013). Afro Eurasian Studies 2(1&2): 72-90.
  • Asutay, M., Aysan, A.F. & Karahan, C.C. (2013). Reflecting on the Trajectory of Islamic Finance: From Mit Ghamr to the Globalisation of Islamic Finance. Afro Eurasian Studies 2(1&2): 2-14.
  • Asutay, M. & Marzban, S. (2012). Empirical Analysis of the Impact of Asset-based versus Market Capitalization-based Shariah Screening on US and Japanese Equities. Journal of Asian and African Studies 11(2): 151-165.
  • Marzban, S. & Asutay, M. (2012). The Impact of Asset-based versus Market Capitalization-based Shari'ah Screening on US and Japanese Equities: An Empirical Analysis. . Asian and African Area Studies 11(2): 151-165.
  • Asutay, M. (2012). Conceptualising and Locating the Social Failure of Islamic Finance: Aspirations of Islamic Moral Economy vs. the Realities of Islamic Finance. . Asian and African Area Studies 11(2): 93-113.
  • Tameme, M. & Asutay, M. (2012). An Empirical Inquiry into Marketing Islamic Mortgages in the UK. . International Journal of Bank Marketing 30(3): 150-167.
  • Hasan, Z. & Asutay, M. (2011). An Analysis of the Courts’ Decisions on Islamic Finance Disputes.. ISRA International Journal of Islamic Finance 3(2): 41-71.
  • Izhar, H. & Asutay, M. (2010). A Theoretical Analysis of the Operational Risk Framework in Islamic Banks. IIUM Journal of Economics and Management 18(1): 73-113.
  • Zaman, N. & Asutay, M. (2009). Divergence between Aspiration and Realities of Islamic Economics: A Political Economy Approach to Bridging the Divide. IIUM Journal of Economics and Management 17(1): 73-96.
  • Asutay, M. (2008). GCC Sovereign Wealth Funds and Their Role in the European and American Markets. Equilibri 12(3): 335-354.
  • Asutay, M., Azid, T. & Khawaja, M. J. (2008). Price Behaviour, Vintage Capital and Islamic Economy.. International Journal of Islamic and Middle Eastern Finance and Management 1(1): 52-68.
  • Asutay, M. & Azid, T. (2007). Does Ethico-Moral Coalition Complement to Economic Coalition? A Response in the Periphery of Islamic Economics.. Humanomics 23(3): 153-173.
  • Asutay, M. (2007). Conceptualisation of the Second Best Solution in Overcoming the Social Failure of Islamic Banking and Finance: Examining the Overpowering of Homoislamicus by Homoeconomicus. IIUM Journal of Economics and Management 15(2): 167-195.
  • Asutay, M. & Izhar, H. (2007). Estimating the Profitability of Islamic Banking: Evidence from Bank Muamalat Indonesia.. Review of Islamic Economics 11(2): 17-29.
  • Asutay, M., Azid, Toseef & Burki, Umar (2007). "Theory of Firm, Management and Stakeholders: An Islamic Perspective". Islamic Economic Studies 15(1): 1-30.
  • Asutay, M. (2007). A Political Economy Approach to Islamic Economics: Systemic Understanding for an Alternative Economic System. Kyoto Bulletin of Islamic Area Studies 1(2): 3-18.
  • Asutay, M. (2006). European Futures in the “Wilderness” Turkey's Accession to the EU.. The Muslim World Book Review 26(4): 6-18.
  • Asutay, M. (2004). In Search of a ‘Lost Legacy’ The Politics of National Identity and Islam in Turkey. The Muslim World Book Review 24(4): 6-19.
  • Newspaper/Magazine Article

  • Asutay, M. (2013). Islamic finance, the Gulf and London's Future as a Global Hub. The Conversation
  • Asutay, M. (2012). The socio-ethical failure in Islamic banking and finance. New Horizon (182): 33-35.
  • Asutay, M. (2012). Islamic Economics: Between Aspirations and Reality. Papers of Dialogue 3 July - September: 20-23.
  • Asutay, M. & Marzban, S. (2012). Standing Out with the Crowd. The Banker (Special Issue: Top Islamic Financial Institutions, November): 28-29.
  • Asutay, M. (2010). Considering the Dichotomy between the Ideals and Realities of Islamic Finance. NewHorizon (174): 32.
  • Asutay, M. (2008). Islamic banking and finance social failure. New Horizon (169): 1-3.
  • Asutay, M. (2007). Two track development the future of Islamic finance in Turkey.. Islamic Business and Finance (22): 12-13.
  • Working Paper

  • Aassouli, Dalal., Asutay, Mehmet., Mohieldin, Mahmoud. & Nwokike, Tochukwu Chiara. (2018). Green Sukuk, Energy Poverty, and Climate Change: A Roadmap for Sub-Saharan Africa. World Bank Policy Research Working Papers No. 8680.

Contact Details

Professor of Middle Eastern and Islamic Political Economy & Finance. Director, MSc Islamic Finance Programme. Director, Durham Centre for Islamic Economics and Finance.
+44 191 3347179