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 a 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 (UK).

Mehmet joined the School of Government and International Affairs at Durham University in 2005 and later moved to Durham University Business School in January 2014 with the transfer of all Islamic finance-related programmes to the DUBS.

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

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

Mehmet is the Editor-in-Chief of the American Journal of Islamic and Society, Editor-in-Chief of the Review of Islamic Economics, and in the Editorial Board of the International Journal of Islamic and Middle Eastern Finance and Management and Borsa Istanbul Review.

He is a board member of the IAIE (International Association for Islamic Economics).

Current Research

Mehmet's recent research includes the construction of an Islamic moral/political economy, which has been considered as an incomplete project since the 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 aspirations. In addition to theorising Islamic moral political economy, Mehmet is researching the articulation of various forms of Islamic moral economy in the larger Muslim world as part of the existing and emerging moralities. Secondly, Mehmet develops the discourse around the ‘social and developmental failure’ of Islamic banking and finance in relation to the expressed ideals of the 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 the GCC, Indonesia, Malaysia and Turkey). Mehmet is also involved in empirical research in various aspects of Islamic finance and Islamic business ethics. He has recently been involved in research and policy work on sustainable development and Islamic finance, mainly focusing on theory and governance dynamics.

Mini Biography

Director, Durham Centre in Islamic Economics and Finance

 

• Islamic moral economy/Islamic economics
• Islamic political economy
• Islamic finance, banking and management
• Sustainable development
• Ethics in economics and finance
• Political economy of development – Middle East, Turkey and Kurds

• 2024: Member, AAOIFI Education Board :
• 2023: Visiting Professor, Academy of Islamic Civilisation, Universiti Teknologi Malaysia, Johor:
• 2021: Visiting Professor, Faculty of Economics and Business, Universitas Islam Internasional Indonesia:
• 2019: Editor-in-Chief, American Journal Islam and Society, since 2019:
• 2019: Editor-in-Chief, Review of Islamic Economic, since 2000:
• 2018: Chairman, AAOIFI Education Board :
• 2016: Co-Director, Research Network (R): Islamic Moral Economy and Finance, SASE:
• 2014: Member of the International Editorial Advisory Board, Borsa Istanbul Review, since 2014:
• 2013: Member of the Council of Experts, Democratic Progress Institute, London, UK:
• 2012: Palgrave Studies in Islamic Banking, Finance, and Economics - Book Series: Book Series
• 2011: Member of the Editorial Advisory Board, International Journal of Islamic and Middle Eastern Finance and Management, since 2011:
• 2011: Member of the Editorial Advisory Board, Journal of Islamic Accounting and Business Research, since 2010:
• 2007: Fellow, Advanced Higher Education:
• 2000: Member of the Executive Committee, International Association for Islamic Economics:

Authored book

• Mohd Nor, S., & Asutay, M. (2021). Corporate Social Responsibility: An Islamic Moral Economy Approach. University Kebangsaan Malaysia (UKM) Press
• Eid, W., & Asutay, M. (2019). Mapping the Risks and Risk Management Practices in Islamic Banking. John Willey & Sons
• Jan, S., & Asutay, M. (2019). A Model for Islamic Development: An Approach in Islamic Moral Economy. Edward Elgar Publishing. https://doi.org/10.4337/9781788116732
• Tolefat, A., & Asutay, M. (2013). Takaful Investment Portfolios: A Study of the Composition of Takaful Funds in the GCC and Malaysia. John Wiley and Sons

Book review

• Asutay, M. (online). Money, Land and Trade: An Economic History of the Muslim Mediterranean. Review of Islamic economics, 109-112
• Asutay, M. (2003). A Modern History of the Kurds. Muslim world book review, 24, 47-53
• Asutay, M. (2002). Privatisation and the Creation of a Market-Based Legal System: The Case of Eqypt. Muslim world book review, 23(4), 51-55
• Asutay, M. (2002). Westernizing the Third World: The Eurocentricity of Economic Development Theories. Muslim world book review, 22(4), 26-30
• Asutay, M. (2002). The Turkish Republic at 75 Years. Muslim world book review, 23(1), 41-42
• Asutay, M. (2001). Bandits and Bureaucrats: The Ottoman Route to State Centralization. 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
• Asutay, M. (2001). The Revolution of 1908 in Turkey
• Asutay, M. (2000). A History of Middle East Economies in the Twentieth Century. Muslim world book review, 20(4 (Summer)), 31-34
• Asutay, M. (1999). State and Business in Modern Turkey: A Comparative Study. Muslim world book review, 19(4 (Summer)), 33-35

Chapter in book

• Aleraig, M. A., & Asutay, M. (2023). Islamic Accounting Applications of Islamic Finance. In K. Hussainey, & H. A. Lawati (Eds.), Islamic Accounting and Finance: A Handbook. World Scientific Publishing. https://doi.org/10.1142/q0366
• Aleraig, M. A., & Asutay, M. (2023). The Impact of Islamic Worldview on Shaping the Accounting System: An Islamic Moral Economy and Historical Exploration in Rationalising Islamic Accounting. In K. Hussainey, & H. A. Lawati (Eds.), Islamic Accounting and Finance: A Handbook. World Scientific Publishing. https://doi.org/10.1142/q0366
• Sencal, H., & Asutay, M. (2021). Rethinking Ḥalāl: Hegemony, Agency and Process. In A. U. Yakin, & L.-L. Christians (Eds.), Rethinking Halal: Genealogy, Current Trends, and New Interpretations (25-55). Brill Academic Publishers. https://doi.org/10.1163/9789004459236_003
• Abdullah, H., & Asutay, M. (2021). Constituting Islamic Corporate Governance Theory through Islamic Moral Economy. In T. Azid, M. Mukhlisin, N. Akbar, & M. Tahir (Eds.), Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International Overview (13-35). Emerald. https://doi.org/10.1108/978-1-80043-786-920211002
• El Alaoui, A. O., Dchieche, A., & Asutay, M. (2021). Combining Islamic Equity Portfolios and Digital Currencies: Evidence from Portfolio Diversification. In N. Alam, & S. Nazim Ali (Eds.), Fintech, digital Currency and the future of Islamic finance. Palgrave Macmillan. https://doi.org/10.1007/978-3-030-49248-9_3
• Abdullah, H., & Asutay, M. (2021). Exploring the Corporate Governance and Risk Management Disclosure Performance Nexus in Islamic Banks: An Empirical Analysis. In T. Azid, M. Mukhlisin, N. Akbar, & M. Tahir (Eds.), Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International Overview (201-232). Emerald. https://doi.org/10.1108/978-1-80043-786-920211012
• Hasan, Z., & Asutay, M. (2019). The State of Islamic Governance in Islamic Financial Institutions: Islamic Governance Index. In T. Azid, A. A. Alnodel, & M. A. Qureshi (Eds.), Research in Corporate and Shari’ah Governance in the Muslim World: Theory and Practice (371-387). Emerald. https://doi.org/10.1108/978-1-78973-007-420191037
• Asutay, M., & Yilmaz, I. (2018). Re-embedding Maqasid al-Shari’ah in the Essential Methodology of Islamic Economics. In M. E.-T. El-Mesawi (Ed.), Maqasid Al-Shari’ah : explorations and implications. Islamic Book Trust
• Asutay, M., & Aksak, E. (2017). The economic and political determinants of depth and strength in sukuk markets. In M. K. Hassan (Ed.), Handbook of empirical research on Islam and economic life (706-730). Edward Elgar Publishing
• Alandejani, M., & Asutay, M. (2016). Measuring the Technical Efficiency and Technology Gaps of Islamic and Conventional Banks in GCC Countries and Determining the Efficiency of the Banks. In M. Asutay, & A. Turkistani (Eds.), Islamic Finance: Performance and Efficiency. Gerlach
• Shariff, M., Aniza, R., Aladwani, T., & Asutay, M. (2016). An Empirical Study of Perceived Service Quality of Islamic Banks: A Comparison between Malaysia and Kuwait. In M. Asutay, & A. Turkistani (Eds.), Islamic Finance: Performance and Efficiency. Gerlach
• Riwajanti, N., & 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 H. El-Karanshawy, A. Omar, T. Khan, S. Ali, H. Izhar, W. Tariq, K. Ginena, & B. Al Quradaghi (Eds.), Access to finance and human development : essays on zakah, awqaf and microfinance (55-71). Bloomsbury Qatar Foundation Publishing
• Eid, W., & Asutay, M. (2015). Mapping the Risks and Risk Management Practices in Islamic Banking. In M. Asutay, & A. Turkistani (Eds.), Islamic Finance: Risk, Stability and Growth. Berlin: Gerlach
• Aksak, E., & Asutay, M. (2015). The Maqasid and the Empirics: Has Islamic Fulfilled its Promise?. In M. Asutay, & A. Turkistani (Eds.), Islamic Finance: Political Economy, Values and Innovation. Gerlach
• Asutay, M., & Marzban, S. (2015). Alternative Ways of Developing the Gulf Cooperation Council Islamic Funds Industry: Entrepreneurial Development. In M. Asutay, & A. Turkistani (Eds.), Islamic Finance: Political Economy, Performance and Risk. Gerlach Press
• Hasan, Z., & Asutay, M. (2014). Islamic Law of Financial Transactions in Practice: An Analysis of the Courts. In A. B. Mashood (Ed.), Islamic Law in Practice. Surrey, Ashgate
• Asutay, M. (2013). Development in Islamic Banking in Turkey: Emergence, Regulation and Performance. In V. Cattelan (Ed.), Islamic Finance in Europe: Towards a Plural Financial System. Edward Elgar Publishing
• Asutay, M. (2013). Islamic Moral Economy as the Foundation of Islamic Finance. In V. Cattelan (Ed.), Islamic Finance in Europe: Towards a Plural Financial System. Edward Elgar Publishing
• Asutay, M. (2010). Islamic Microfinance: Fulfilling Social and Developmental Expectations. In Islamic Finance: Instruments and Markets. Bloomsbury
• Asutay, M. (2010). Relationship: Principles, Developments and the Bridge Role of Islamic Finance. In L. Stenberg, & C. Koch (Eds.), The EU and the GCC: Challenges and Prospects under the Swedish EU Presidency (35-58). Dubai: Gulf Research Center
• Asutay, M. (2010). Deconstructing and Moderating the Functioning and Consequences of Political Manipulation of the Economy in Turkey. In T. Cetin, & F. Yilmaz (Eds.), Understanding the Process of Institutional Change in Turkey: An Institutional Approach. Nova Science Publishers

Edited book

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

Journal Article

• Asutay, M., & Yilmaz, I. (online). Financialisation of Islamic finance: a Polanyian approach on the hegemony of market logic over Islamic Logic. New Political Economy, https://doi.org/10.1080/13563467.2024.2424170
• Elsayed, A. H., Asutay, M., ElAlaoui, A. O., & Bin Jusoh, H. (2024). Volatility Spillover Across Spot and Futures Markets: Evidence from Dual Financial System. Research in International Business and Finance, 71, Article 102473. https://doi.org/10.1016/j.ribaf.2024.102473
• Avdukic, A., & Asutay, M. (2024). Testing the Development Impact of Islamic Banking: Islamic Moral Economy Approach to Development. Economic Systems, https://doi.org/10.1016/j.ecosys.2024.101229
• Akkas, E., & Asutay, M. (2023). 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, 21(5), 1149-1170. https://doi.org/10.1108/jfra-08-2021-0251
• Asutay, M., Aziz, P. F., Indrastromo, B. S., & Karbhari, Y. (2023). Religiosity and Charitable Giving on Investors’ Trading Behaviour in the Indonesian Islamic Stock Market: Islamic vs Market Logic. Journal of Business Ethics, 188(2), 327-348. https://doi.org/10.1007/s10551-023-05324-0
• Asutay, M., & Ubaidillah. (2023). Examining the Impact of Intellectual Capital Performance on Financial Performance in Islamic Banks. Journal of the Knowledge Economy, https://doi.org/10.1007/s13132-023-01114-1
• 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. https://doi.org/10.1007/s10551-021-04940-y
• 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. https://doi.org/10.1108/imefm-01-2021-0015
• 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. https://doi.org/10.1007/s10690-021-09351-7
• Muharam, I., & Asutay, M. (2022). Online Disclosure Practices of Halal-friendly Hotels. Journal of Islamic Marketing, 13(1), 119-132. https://doi.org/10.1108/jima-12-2018-0239
• 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, Article 101557. https://doi.org/10.1016/j.ribaf.2021.101557
• Asutay, M., & Sidek, N. (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. https://doi.org/10.1002/ijfe.2011
• Zahirah Mohd Sidek, N., & Asutay, M. (2021). Do Government Expenditures and Institutions Drive Growth? Evidence from Developed and Developing Economies. Studies in Economics and Finance, 38(2), 400-440. https://doi.org/10.1108/sef-10-2019-0412
• 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. https://doi.org/10.1007/s10551-019-04331-4
• Sencal, H., & Asutay, M. (2021). Ethical Disclosure in the Shari’ah Annual Reports of Islamic Banks: Discourse on Shari’ah Governance, Quantitative Empirics and Qualitative Analysis. Corporate Governance, 21(1), 175-211. https://doi.org/10.1108/cg-01-2020-0037
• 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. https://doi.org/10.1108/imefm-03-2019-0130
• Mohammad, S., Asutay, M., Dixon, R., & Platonova, E. (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, Article 101196. https://doi.org/10.1016/j.intfin.2020.101196
• 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. https://doi.org/10.1108/jiabr-12-2019-0223
• 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. https://doi.org/10.1108/jiabr-12-2019-0222
• Alhammadi, S., Archer, S., & Asutay, M. (2020). Risk Management and Corporate Governance Failures in Islamic Banks: A Case Study. Journal of Islamic Accounting and Business Research, 11(9), 1921-1939. https://doi.org/10.1108/jiabr-03-2020-0064
• Sencal, H., & Asutay, M. (2019). The Emergence of New Islamic Economic and Business Moralities. Thunderbird International Business Review, 61(5), 765-775. https://doi.org/10.1002/tie.22064
• Ari, I., Akkas, E., Asutay, M., & Koc, M. (2019). Public and Private Investment in the Hydrocarbon-Based Rentier Economies: A Case Study for the GCC Countries. Resources Policy, 62, 165-175. https://doi.org/10.1016/j.resourpol.2019.03.016
• 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. https://doi.org/10.1016/j.ribaf.2017.10.003
• 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. https://doi.org/10.1016/j.intfin.2018.07.007
• 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. https://doi.org/10.1007/s10551-016-3229-0
• 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. https://doi.org/10.1108/jiabr-07-2016-0084
• Othman, J., & Asutay, M. (2018). Integrated early warning prediction model for Islamic banks: the Malaysian case. Journal of Banking Regulation, 19(2), 118-130. https://doi.org/10.1057/s41261-017-0040-5
• 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. https://doi.org/10.1016/j.ribaf.2017.07.020
• Ayturk, Y., Asutay, M., & Aksak, E. (2017). What explains corporate sukuk primary market spreads?. Research in International Business and Finance, 40, 141-149. https://doi.org/10.1016/j.ribaf.2017.01.002
• El Alaoui, A., Ismath Bacha, O., Masiha, M., & Asutay, M. (2017). Leverage versus volatility: Evidence from the capital structure of European firms. Economic Modelling, 62, 145-160. https://doi.org/10.1016/j.econmod.2016.11.023
• El Alaoui, A., Bacha, O., Masih, M., & Asutay, M. (2016). Shari’ah screening, market risk and contagion: A multi-country analysis. Journal of Economic Behavior and Organization, 132(Supplement), 93-112. https://doi.org/10.1016/j.jebo.2016.10.023
• Hendranastiti, N., & Asutay, M. (2016). Sharī‘ah and SRI Portfolio Performance in the UK: Effect of Oil Price Decline. Islamic Economic Studies, 24(2), 77-104. https://doi.org/10.12816/0033335
• Asutay, M., & Harningtyas, A. (2015). Developing Maqasid al-Shari’ah Index to Evaluate Social Performance of Islamic Banks: A Conceptual and Empirical Attempt. Uluslararası İslam ekonomisi ve finansı araştırmaları dergisi, 1(1), 5-64
• Asutay, M. (2015). Islamic Finance: Principles, Institutions and Development
• 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. https://doi.org/10.21002/icmr.v7i1.4358
• Asutay, M., Aysan, A., & Karahan, C. (2013). Reflecting on the Trajectory of Islamic Finance: From Mit Ghamr to the Globalisation of Islamic Finance. Afroeurasian studies, 2(1&2), 2-14
• Asutay, M., & Ergec, E. (2013). Searching for the Nexus between Money, Deposits, and Loans (Financing) in Malaysian and Turkish Islamic and Conventional Banking: A Comparative Analysis (2007-2013)
• 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
• Asutay, M. (2012). Conceptualising and Locating the Social Failure of Islamic Finance: Aspirations of Islamic Moral Economy vs. the Realities of Islamic Finance
• Tameme, M., & Asutay, M. (2012). An Empirical Inquiry into Marketing Islamic Mortgages in the UK. International Journal of Bank Marketing, 30(3), 150-167. https://doi.org/10.1108/02652321211222531
• 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
• 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
• Zaman, N., & Asutay, M. (2009). Divergence between Aspiration and Realities of Islamic Economics: A Political Economy Approach to Bridging the Divide. International Journal of Economics, Management and Accounting, 17(1), 73-96
• Asutay, M. (2008). GCC Sovereign Wealth Funds and Their Role in the European and American Markets
• Asutay, M., Azid, T., & Khawaja, M. (2008). Price Behaviour, Vintage Capital and Islamic Economy. International Journal of Islamic and Middle Eastern Finance and Management, 1(1), 52-68. https://doi.org/10.1108/17538390810864250
• 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. (2007). Conceptualisation of the Second Best Solution in Overcoming the Social Failure of Islamic Banking and Finance: Examining the Overpowering of Homoislamicus by Homoeconomicus
• Asutay, M., & Azid, T. (2007). Does Ethico-Moral Coalition Complement to Economic Coalition? A Response in the Periphery of Islamic Economics. Humanomics, 27(3), 153-173. https://doi.org/10.1108/08288660710779380
• Asutay, M. (2007). A Political Economy Approach to Islamic Economics: Systemic Understanding for an Alternative Economic System
• Asutay, M., Azid, T., & Burki, U. (2007). "Theory of Firm, Management and Stakeholders: An Islamic Perspective". Islamic Economic Studies, 15(1), 1-30
• Asutay, M. (2006). European Futures in the “Wilderness”: Turkey's Accession to the EU. 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. 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

Other (Print)

• Asutay, M. (2021). Islamic Finance Educational Offerings in the UK: Developments and Reflections
• Asutay, M. (2016). Reflecting on the Political Economy Trajectory of The Muslim World: The Need for Substantive Morality beyond Maslaha as a Legitimacy Tool
• Asutay, M., & Marzban, S. (2012). Standing Out with the Crowd
• Asutay, M. (2012). The socio-ethical failure in Islamic banking and finance
• Asutay, M. (2012). Islamic Economics: Between Aspirations and Reality
• Asutay, M. (2010). Considering the Dichotomy between the Ideals and Realities of Islamic Finance
• Asutay, M. (2008). Islamic banking and finance : social failure
• Asutay, M. (2007). Two track development : the future of Islamic finance in Turkey

Working Paper

• Aassouli, D., Asutay, M., Mohieldin, M., & Nwokike, T. C. (2018). Green Sukuk, Energy Poverty, and Climate Change: A Roadmap for Sub-Saharan Africa