Staff profile

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

 

• 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

• Economics & Finance Department

• 0000: Associate Editor, American Journal of Islamic Social Sciences, since 2009:
• 0000: Managing Editor, Review of Islamic Economic, since 2000:
• 0000: Member of the Editorial Advisory Board, International Journal of Islamic and Middle Eastern Finance and Management, since 2011:
• 0000: Member of the International Editorial Advisory Board, International Journal of Innovation and Business Strategies, since 2011 :
• 0000: Member of the International Editorial Board, Borneo Journal of Business and Economics, since 2010 :

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

Authored book

• Mohd Nor, Shifa & Asutay, Mehmet (2021). Corporate Social Responsibility: An Islamic Moral Economy Approach. University Kebangsaan Malaysia (UKM) Press.
• 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). 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). Westernizing the Third World: The Eurocentricity of Economic Development Theories. The Muslim World Book Review 22(4): 26-30.
• Asutay, M. (2002). The Turkish Republic at 75 Years. The Muslim World Book Review 23(1): 41-42.
• Asutay, M. (2002). Money, Land and Trade: An Economic History of the Muslim Mediterranean. Review of Islamic Economics (12): 109-112.
• Asutay, M. (2001). The Revolution of 1908 in Turkey. American Journal of Islamic Social Science 18(2 (Spring): 172-185.
• 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). Bandits and Bureaucrats: The Ottoman Route to State Centralization. The Muslim World Book Review 21(4): 29-33.
• 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

• Aleraig, Mahmoud Ali & Asutay, Mehmet (2022). The Impact of Islamic Worldview on Shaping the Accounting System: An Islamic Moral Economy and Historical Exploration in Rationalising Islamic Accounting. In Islamic Accounting and Finance: A Handbook. Hussainey, Khaled & Lawati, Hidaya Al World Scientific Publishing.
• Aleraig, Mahmoud Ali & Asutay, Mehmet (2022). Islamic Accounting Applications of Islamic Finance. In Islamic Accounting and Finance: A Handbook. Hussainey, Khaled & Lawati, Hidaya Al World Scientific Publishing.
• Abdullah, H. & Asutay, M. (2021). Exploring the Corporate Governance and Risk Management Disclosure Performance Nexus in Islamic Banks: An Empirical Analysis. In Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International Overview. Azid, T., Mukhlisin, M., Akbar, N. & Tahir, M. Emerald. 201-232.
• Abdullah, H. & Asutay, M. (2021). Constituting Islamic Corporate Governance Theory through Islamic Moral Economy. In Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International Overview. Azid, T., Mukhlisin, M., Akbar, N. & Tahir, M. Emerald. 13-35.
• Sencal, Harun & Asutay, Mehmet (2021). Rethinking Ḥalāl: Hegemony, Agency and Process. In Rethinking Halal: Genealogy, Current Trends, and New Interpretations. Yakin, Ayang Utriza & Christians, Louis-Léon Brill. 37: 25-55.
• El Alaoui, Abdelkader O., Dchieche, Amina & Asutay, Mehmet (2021). Combining Islamic Equity Portfolios and Digital Currencies: Evidence from Portfolio Diversification. In Fintech, Digital Currency and the Future of Islamic Finance. Alam, Nafis & Nazim Ali, Syed Cham: Palgrave Macmillan. 31.
• Hasan, Zulkifli & Asutay, Mehmet. (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. Toseef Azid, Ali Abdullah Alnodel, & Muhammad Azeem Qureshi. Emerald Publishing Limited. 371-387.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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. 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.

Edited book

• Asutay, M. & Turkistani, A. (2015). Islamic Finance: Risk, Stability and Growth. Berlin: Berlin: Gerlach.
• Asutay, M. & Turkistani, A. (2015). Islamic Finance: Political Economy, Values and Innovations. 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

• Asutay, Mehmet & Ubaidullah (2023). Examining the Impact of Intellectual Capital Performance on Financial Performance in Islamic Banks. Journal of the Knowledge Economy
• Asutay, Mehmet, Aziz, Primandanu Febriyan, Indrastromo, Banjaran S. & Karbhari, Yusuf (2023). Religiosity and Charitable Giving on Investors’ Trading Behaviour in the Indonesian Islamic Stock Market: Islamic vs Market Logic. Journal of Business Ethics
• Akkas, E. & Asutay, M. (2022). The Impact of Intellectual Capital Formation and Knowledge Economy on Banking Performance: A Case Study of GCC's Conventional and Islamic Banks. Journal of Financial Reporting and Accounting
• Akkas, E. & Asutay, M. (2022). Intellectual Capital Disclosure and Financial Performance Nexus in Islamic and Conventional Banks in the GCC Countries. International Journal of Islamic and Middle Eastern Finance and Management 15(5): 943-966.
• Asutay, M., Wang, Y. & Alija, A. (2022). Examining the Performance of Islamic and Conventional Stock Indices: A Comparative Analysis. Asia-Pacific Financial Markets 29(2): 327-355.
• Abdul R., Azila B. & Asutay, M. (2022). Financial Inclusion and Economic Well-Being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia. Research in International Business and Finance 59: 101557.
• Muharam, I. & Asutay, M. (2022). Online Disclosure Practices of Halal-friendly Hotels. Journal of Islamic Marketing 13(1): 119-132.
• Asutay, M., Buana, G. & Avdukic, A. (2022). The Impact of Islamic Spirituality on Job Satisfaction and Organisational Commitment: Exploring Mediation and Moderation Impact. Journal of Business Ethics 181(4): 913-932.
• Asutay, M. & Yilmaz, I. (2021). Constituting an Islamic Social Welfare Function: An Exploration through Islamic Moral Economy. International Journal of Islamic and Middle Eastern Finance and Management 14(3): 524-540.
• Mergaliev, A., Asutay, M., Avdukic, A. & Karbhari, Y. (2021). Higher Ethical Objective (Maqasid al-Shari'ah) Augmented Framework for Islamic Banks: Assessing the Ethical Performance and Exploring its Determinants. Journal of Business Ethics 170(4): 797-834.
• Asutay, M. & Sidek, N.Z.M. (2021). Political Economy of Islamic Banking Growth: Does Political Regime and Institutions, Governance and Political Risks Matter? International Journal of Finance and Economics 26(3): 4226-4261.
• Sencal, Harun & Asutay, Mehmet (2021). Ethical Disclosure in the Shari’ah Annual Reports of Islamic Banks: Discourse on Shari’ah Governance, Quantitative Empirics and Qualitative Analysis. Corporate Governance: The International Journal of Business in Society 21(1): 175-211.
• Zahirah Mohd Sidek, Noor & Mehmet, Asutay (2021). Do Government Expenditures and Institutions Drive Growth? Evidence from Developed and Developing Economies. Studies in Economics and Finance 38(2): 400-440.
• Alhammadi, Salah Archer, Simon & Asutay, Mehmet (2020). Risk Management and Corporate Governance Failures in Islamic Banks: A Case Study. Journal of Islamic Accounting and Business Research 11(9): 1921-1939.
• Asutay, M., Ayturk, Y. & Aksak, E. (2020). The Effects of Regulation and Supervision on the Risk-Taking Behaviour of Islamic Banks. Journal of Islamic Accounting and Business Research 11(9): 1953-1967.
• Asutay, M & Othman, J (2020). Alternative Measures for Predicting Financial Distress in the Case of Malaysian Islamic Banks: Assessing the Impact of Global Crisis. Journal of Islamic Accounting and Business Research 11(9): 1827-1845.
• Mohammad, Sabri, Asutay, Mehmet, Dixon, Rob & Platonova, Elena (2020). Liquidity Risk Exposure and its Determinants in the Banking Sector: A Comparative Analysis between Islamic, Conventional and Hybrid Banks. Journal of International Financial Markets, Institutions and Money 66: 101196.
• 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.
• 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.
• 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.
• 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.
• 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.
• Othman,J. & Asutay, M. (2018). Integrated early warning prediction model for Islamic banks: the Malaysian case. Journal of Banking Regulation 19(2): 118-130.
• 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.
• Ayturk, Y., Asutay, M. & Aksak, E. (2017). What explains corporate sukuk primary market spreads? Research in International Business and Finance 40: 141-149.
• 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.
• 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.
• 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: 93-112.
• 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. (2015). Islamic Finance: Principles, Institutions and Development. Trade and Finance 2015(Winter): 4-26.
• 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. & 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.
• Tameme, M. & Asutay, M. (2012). An Empirical Inquiry into Marketing Islamic Mortgages in the UK. International Journal of Bank Marketing 30(3): 150-167.
• 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.
• 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., 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. (2008). GCC Sovereign Wealth Funds and Their Role in the European and American Markets. Equilibri 12(3): 335-354.
• 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, 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., 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. (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. (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, Mehmet (2021). Islamic Finance Educational Offerings in the UK: Developments and Reflections. Katilim-Finans (Participation Finance) 5(28): 76-83.
• Asutay, Mehmet (2016). Reflecting on the Political Economy Trajectory of The Muslim World: The Need for Substantive Morality beyond Maslaha as a Legitimacy Tool. Deep Economy, Special Issue on OIC Islamic Summit 2016 70-72.
• Asutay, M. (2013). Islamic finance, the Gulf and London's Future as a Global Hub. The Conversation
• Asutay, M. (2012). Islamic Economics: Between Aspirations and Reality. Papers of Dialogue 3 July - September: 20-23.
• Asutay, M. (2012). The socio-ethical failure in Islamic banking and finance. New Horizon (182): 33-35.
• 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.