We use cookies to ensure that we give you the best experience on our website. You can change your cookie settings at any time. Otherwise, we'll assume you're OK to continue.

Email and Telephone Directory

Staff Profile

Prof 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. in the Business School
Telephone: +44 (0) 191 33 47179
Fax: +44 (0) 191 33 45201
Room number: MHL 378

(email at


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.

Mini Biography

Director, Durham Doctoral Training Centre in Islamic Finance


Research Groups

Business School

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

Teaching Areas

  • Islamic Political Economy; Islamic Economics; Islamic Finance


Authored book

Chapter in book

  • 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.
  • 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.
  • 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.
  • 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). 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.
  • Asutay, M. (2010). Islamic Microfinance: Fulfilling Social and Developmental Expectations. In Islamic Finance: Instruments and Markets. Q-Finance. London: Bloomsbury.

Edited book

Journal Article

Book review

  • Asutay, M. (2003). A Modern History of the Kurds. The Muslim World Book Review 24: 47-53.
  • Asutay, M. (2002). Money, Land and Trade: An Economic History of the Muslim Mediterranean. Review of Islamic Economics (12): 109-112.
  • 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). The Turkish Republic at 75 Years. The Muslim World Book Review 23(1): 41-42.
  • Asutay, M. (2002). Westernizing the Third World: The Eurocentricity of Economic Development Theories. The Muslim World Book Review 22(4): 26-30.
  • 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.

Newspaper/Magazine Article

Media Contacts

Available for media contact about:

  • Government: Middle East Political Economy; Turkish Political Economy; Kurdish Political Economy
  • Middle eastern and Islamic studies: Middle East Political Economy; Turkish Political Economy; Kurdish Political Economy
  • Business, Economics & Employment: Islamic economics, banking and finance
  • Business, Economics & Employment: Middle East Political Economy; Turkish Political Economy; Kurdish Political Economy