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Durham Centre for Islamic Economics and Finance


Staff and the research students at the DIFP have been active in publishing in the field of Islamic finance, banking, management and economics. 

Research monographys include:  Ahmed El-Ashker and Rodney Wilson, Islamic Economics: A Short History, Brill Academic Publishing, Leiden, 2006.

Rodney Wilson is series editor at the Edinburgh Guides to Islamic Finance which include a book by Habib Ahmed on Product Development in Islamic Banks (2011).

Mehmet Asutay is editor of Durham Islamic Economics and Finance Series at Edward Elgar Publishing.

Review of Islamic Economics - cover

Academic Journal: Review of Islamic Economics

Dr Mehmet Asutay, the co-director of DCIEF, is the Managing Editor of the Review of Islamic Economics, the leading journal in Islamic economics, banking and finance, now in its eleventh year.

Authored book

  • 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.
  • Ahmed, Habib (2011). Product Development in Islamic Banks. Edinburgh: Edinburgh University Press.

Edited book

  • Ahmed, H., Asutay, M. & Wilson, R. (2014). Islamic Banking and Financial Crisis: Reputation, Stability and Risks. Edinburgh: Edinburgh University Press.
  • Ahmed, Habib & Muhammad Sirajul Hoque (2011). Handbook of Islamic Economics, Vol I, Exploring the Essence of Islamic Economics. Islamic Research & Training Institute, Islamic Development Bank Group, Jeddah.

Journal Article

  • Belal, A., Abdelsalam, O. & Nizamee, S. (2015). Ethical Reporting in Islami Bank Bangladesh Limited (1983–2010). Journal of Business Ethics 129(4): 769-784.
  • Abdelsalam, O., Duygun, D., Matallín-Sáez, J.C. & Tortosa-Ausina, E. (2014). Do ethics imply persistence? The case of Islamic and socially responsible funds. Journal of Banking & Finance 40: 182-194.
  • Abdelsalam, O. & El-Komi, M. (2014). Islamic Finance: An introduction. Journal of Economic Behaviour and Organization 103(Supplement): S1-S3.
  • Elnahass, M., Izzeldin, M. & Abdelsalam, O. (2014). Loan loss provisions, bank valuations and discretion: A comparative study between conventional and Islamic banks. Journal of Economic Behavior & Organization 103(Supplement): S160-S173.
  • Abdelsalam, O., Duygun Fethi, M., Matallín, J.C. & Tortosa-Ausina, E. (2014). On the comparative performance of socially responsible and Islamic mutual funds. Journal of Economic Behavior & Organization 103: S108-S128.
  • Salleh, Murizah O., Jaafar, Aziz & Ebrahim, Muhammed-Shahid (2014). Can an interest-free credit facility be more efficient than a usurious payday loan? Journal of Economic Behavior and Organization 103(Supplement): 74-92.
  • Ebrahim, Muhammed-Shahid, Girma, Sourafel, Shah, M. Eskandar & Williams, Jonathan (2014). Rationalizing the value premium in emerging markets. Journal of International Financial Markets, Institutions and Money 29: 51-70.
  • Rizk, R. (2014). Islamic Environmental Ethics. Journal of Islamic Accounting and Business Research 5(2): 194-204.
  • BinMahfouz, Saeed & Ahmed, Habib (2014). 'Shariah Investment Screening Criteria: A Critical Review'. Journal of King Abdulaziz University: Islamic Economics 27(1): 111-145.
  • Ahmed, H. & Mohammad, A.N. (2014). Debate on Tawarruq: Historical Discourse and Current Rulings. Arab Law Quarterly 28(3): 278-294.
  • Dian Masyita & Habib Ahmed (2013). Why is Growth of Islamic Microfinance Lower than its Conventional Counterparts in Indonesia? Islamic Economic Studies 21(1): 35-62.
  • 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. & 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.
  • Gwilym, Rhys ap & Ebrahim, Muhammed-Shahid (2013). Can position limits restrain ‘rogue’ trading? Journal of Banking and Finance 37(3): 824-836.
  • Ebrahim, Muhammed-Shahid, Molyneux, Rafal & Wilson, John O.S. (2013). Editorial - Financial sector performance and risk: An introduction. Journal of Economic Behavior and Organization 85: 118-121.
  • Ebrahim, Muhammed-Shahid, Shiller, Robert, Wojakowski, Rafal & Shackleton, Mark (2013). Mitigating financial fragility with Continuous Workout Mortgages. Journal of Economic Behavior and Organization 85: 269-285.
  • Ebrahim, Muhammed-Shahid & Mathur, Ike (2013). On the efficiency of the UPREIT organizational form: Implications for the subprime crisis and CDO's. Journal of Economic Behavior and Organization 85: 286-305.
  • Tameme, M. & Asutay, M. (2012). An Empirical Inquiry into Marketing Islamic Mortgages in the UK. International Journal of Bank Marketing 30(3): 150-167.
  • 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.
  • 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.
  • Ahmed, Habib (2012). 'Islamic Law, Investors' Rights and Corporate Finance'. Journal of Corporate Law Studies 12 (2): 367-392
  • Ahmed, Habib (2012). The Islamization of Economies and Knowledge: A New Institutional Economics Perspective. American Journal of Islamic Social Sciences 29(4): 22-45.
  • 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.
  • Ahmed, Habib (2011). Maqasid al-Shari’ah and Islamic Financial Products: A Framework for Assessment. ISRA International Journal of Islamic Finance 3(1): 149-160.
  • 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.
  • Ahmed, Habib (2011). Risk Management Assessment Systems: An Application to Islamic Banks. Islamic Economic Studies 19 (1): 63-86.
  • Ahmed, Habib (2011). Shar'iah Governance Regimes for Islamic Finance: Types and Appraisal -I regimi di governance conformi alla shari’ah nella finanza islamica: tipologia e valutazione. Economia Internazionale - International Economics 64(4): 393-412.
  • Ebrahim, Muhammed-Shahid, Shackleton, Mark B. & Wojakowski, Rafał M. (2011). Participation Mortgages and the Efficiency of Financial Intermediation. Journal of Banking and Finance 35(11): 3042-3054.
  • Ahmed, Habib (2010). Islamic Finance at a crossroads: the dominance of the asset-based sukuk. Butterworths Journal of International Banking and Financial Law 25(6): 366-67
  • 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.
  • Ebrahim, Muhammed-Shahid & Hussain, Sikandar (2010). Financial development and asset valuation: The special case of real estate. Journal of Banking and Finance 34(1): 150-162.

Newspaper/Magazine Article

  • Ahmed, Habib (2013). Islamic Wealth Management: Goals and Instruments. The Q Report Issue No. 1 / 2013: 26-30.
  • 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.
  • Ahmed, Habib (2012). A different perspective on the financial crisis. Papers of Dialogue 3: 18-19.
  • Ahmed, Habib (2012). Defining Ethics in Islamic Finance: Looking Beyond Legality. NewHorizon 184, July-September 2012: 20-26
  • 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.

Chapter in book

  • 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.
  • Ahmed, Habib (2013). 'Financial Inclusion and Islamic Finance: Organizational Formats, Products, Outreach and Sustainability'. In Economic Development and Islamic Finance. Iqbal, Zamir & Mirakhor, Abbas The World Bank, Washington DC. 203-229.
  • Ahmed, Habib (2012). 'Organizational models of Islamic microfinance'. In Shari'a Compliant Microfinance. S. Nazim Ali Routledge. 17-32.
  • Ahmed, Habib (2012). 'Waqfs'. In Encyclopedia of Global Studies. Helmut K. Anheier Mark Juergensmeyer & Victor Faessel Sage Publications, Thousand Oaks.
  • Ahmed, Habib (2011). 'Waqf-Based Microfinance: Realizing the Social Role of Islamic Finance'. In Essential Readings in Contemporary Waqf Issues. Monzer Kahf & Siti Mashitoh Mahamood CERT, Kuala Lumpur.
  • Asutay, M. (2010). Islamic Microfinance: Fulfilling Social and Developmental Expectations. In Islamic Finance: Instruments and Markets. Q-Finance. London: Bloomsbury.
  • 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.
  • 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.
  • Rizk, R. & Gregory, S. (2010). Esh Added Value: A Case Study in Indigenous Corporate Social Responsibility. In A Handbook on Corporate Governance and Social Responsibility. Aras, G. & Crowther, D. Farnham, England: Gower Applied Research. 653-664.


  • Abdelsalam, O., Duygun, M., Matallín-Sáez, J. & Tortosa-Ausina, E. (2014), Mutual Fund Performance Persistence: A Comparison of Islamic and Socially Responsible Funds, JEBO IBF 2014 Islamic Finance Conference. Lancaster University, Lancaster University.
  • Abdelsalam, O., Al-Kafaji, Y. & Elnahass, M. (2013), Ownership Structure and Related Party Transaction Disclosure, Best Paper Award: AIB MENA Conference.
  • Abdelsalam, O., Leventis, S. & Dedoulis, E. (2013), The impact of religious social norms on audit pricing, Financial Reporting Conference. University of Bristol, University of Bristol.