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Professor Mehmet Asutay's Outputs (106)

Overcoming the Invisible Ceiling for the Empowerment of Refugees and Immigrants Through Islamic Finance (2025)
Journal Article
Asutay, M., Avdukic, A., & Tobin, S. A. (2025). Overcoming the Invisible Ceiling for the Empowerment of Refugees and Immigrants Through Islamic Finance. Global Policy, 16(S1), 5-6. https://doi.org/10.1111/1758-5899.13486

The 21st century has been marked by continuous political, economic and financial crises on a global, regional and national scale, leading to an unprecedented movement of people in the form of refugees and immigrants. The global refugee crisis has rea... Read More about Overcoming the Invisible Ceiling for the Empowerment of Refugees and Immigrants Through Islamic Finance.

Islamic Moral Economy: Bringing Back Substantive Morality to Humanise Islamic Finance (2025)
Journal Article
Asutay, M. (2025). Islamic Moral Economy: Bringing Back Substantive Morality to Humanise Islamic Finance. Global Policy, 16(S1), 7-11. https://doi.org/10.1111/1758-5899.13487

The theoretical foundation of Islamic finance is constituted by the Islamic moral political economy, which aims to provide resource accessibility within the permissibility of Islam to all stakeholders. The complementarity and unitarity nature of the... Read More about Islamic Moral Economy: Bringing Back Substantive Morality to Humanise Islamic Finance.

How Does Economic Uncertainty Affect the Financial Performance and Stability of Islamic and Conventional Banks in Hydrocarbon- Based Rentier Economies? (2025)
Book Chapter
Akkas, E., & Asutay, M. (2025). How Does Economic Uncertainty Affect the Financial Performance and Stability of Islamic and Conventional Banks in Hydrocarbon- Based Rentier Economies?. In E. Akkas (Ed.), Islamic Economics and Financial Crisis. Routledge. https://doi.org/10.4324/9781003500223-8

This study investigates whether Islamic banks are more resilient to uncertainties than their counterparts. Gulf Cooperation Council (GCC) countries are included in the sample, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emi... Read More about How Does Economic Uncertainty Affect the Financial Performance and Stability of Islamic and Conventional Banks in Hydrocarbon- Based Rentier Economies?.

Aligning Sustainable Finance and Fintech to Promote an Integrated Approach to Refugee Finance (2025)
Journal Article
Aassouli, D., Hajian, A., Asutay, M., & Jureidini, R. R. (2025). Aligning Sustainable Finance and Fintech to Promote an Integrated Approach to Refugee Finance. Global Policy, 16, 12-24. https://doi.org/10.1111/1758-5899.13482

The paper aims to assess the global landscape of refugee finance with an overview of global refugee‐related financing mechanisms and instruments. Despite the growing refugee population worldwide, most refugee financing mechanisms are characterized by... Read More about Aligning Sustainable Finance and Fintech to Promote an Integrated Approach to Refugee Finance.

Financialisation of Islamic finance: a Polanyian approach on the hegemony of market logic over Islamic Logic (2024)
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

The significant rise of finance in emerging economies evidenced that financialisation is not limited to advanced economies. While financial capitalism spreads to every corner, financialisation appears in emerging economies in the form of variegated f... Read More about Financialisation of Islamic finance: a Polanyian approach on the hegemony of market logic over Islamic Logic.

Volatility Spillover Across Spot and Futures Markets: Evidence from Dual Financial System (2024)
Journal Article
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

This paper investigates dynamic returns and volatility spillovers between spot and futures markets in a dual financial system. It further analyses the shock transmission of both volume trading and open interest in the futures market. Empirical result... Read More about Volatility Spillover Across Spot and Futures Markets: Evidence from Dual Financial System.

Testing the Development Impact of Islamic Banking: Islamic Moral Economy Approach to Development (2024)
Journal Article
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

Redistributive justice and stakeholder development have been central objectives of the Islamic moral economy for which Islamic banking was considered a facilitatory operational tool. Being its institutional form, the emergence of Islamic finance is,... Read More about Testing the Development Impact of Islamic Banking: Islamic Moral Economy Approach to Development.

The Impact of Islamic Worldview on Shaping the Accounting System: An Islamic Moral Economy and Historical Exploration in Rationalising Islamic Accounting (2023)
Book Chapter
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

Examining the Impact of Intellectual Capital Performance on Financial Performance in Islamic Banks (2023)
Journal Article
Asutay, M., & Ubaidillah. (2024). Examining the Impact of Intellectual Capital Performance on Financial Performance in Islamic Banks. Journal of the Knowledge Economy, 15(1), 1231-1263. https://doi.org/10.1007/s13132-023-01114-1

This study explores the intellectual capital (IC) performance of Islamic banks (IBs) and examines the impact of intellectual capital on financial performance in terms of profitability and productivity in IBs. The IC features are also examined individ... Read More about Examining the Impact of Intellectual Capital Performance on Financial Performance in Islamic Banks.

Religiosity and Charitable Giving on Investors’ Trading Behaviour in the Indonesian Islamic Stock Market: Islamic vs Market Logic (2023)
Journal Article
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

This study examines retail investors’ trading behaviour and its determinants in the Indonesian Shari’ah stock market by mainly focusing on the religious practice-related factors in the form of sadaqah or charitable giving on individual investors’ tra... Read More about Religiosity and Charitable Giving on Investors’ Trading Behaviour in the Indonesian Islamic Stock Market: Islamic vs Market Logic.

The Impact of Intellectual Capital Formation and Knowledge Economy on Banking Performance: A Case Study of GCC's Conventional and Islamic Banks (2022)
Journal Article
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

Purpose: This paper aims to evaluate the impact of intellectual capital in terms of human capital, structural capital, and capital employed on the financial performance of Islamic and conventional banks in the GCC countries. Design/methodology/approa... Read More about The Impact of Intellectual Capital Formation and Knowledge Economy on Banking Performance: A Case Study of GCC's Conventional and Islamic Banks.

Intellectual Capital Disclosure and Financial Performance Nexus in Islamic and Conventional Banks in the GCC Countries (2022)
Journal Article
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

Purpose: This paper aims to comparatively examine the impact of the intellectual capital performance on the financial performance of Islamic and conventional banks in the GCC countries by classifying intellectual capital as human capital, knowledge c... Read More about Intellectual Capital Disclosure and Financial Performance Nexus in Islamic and Conventional Banks in the GCC Countries.

Examining the Performance of Islamic and Conventional Stock Indices: A Comparative Analysis (2021)
Journal Article
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

Islamic indices encompass different fundamental principles to those held by conventional ones, which directs attention onto comparative financial performance. This paper offers a comprehensive performance comparison between Islamic indices and conven... Read More about Examining the Performance of Islamic and Conventional Stock Indices: A Comparative Analysis.

Financial Inclusion and Economic Well-Being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia (2021)
Journal Article
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

This study examines the impact of financial inclusion through Islamic pawnbroking, or ar-rahn financing facilities, on the economic well-being of ar-rahn clients in Malaysia. The data set consists of primary data assembled through questionnaire surve... Read More about Financial Inclusion and Economic Well-Being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia.

The Impact of Islamic Spirituality on Job Satisfaction and Organisational Commitment: Exploring Mediation and Moderation Impact (2021)
Journal Article
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

Research into spirituality and its impact on the work environment has been bourgeoning. In an attempt to explore the role of Islamic spirituality in the workplace, this study examines the influence of Islamic spirituality on job satisfaction and orga... Read More about The Impact of Islamic Spirituality on Job Satisfaction and Organisational Commitment: Exploring Mediation and Moderation Impact.

Exploring the Corporate Governance and Risk Management Disclosure Performance Nexus in Islamic Banks: An Empirical Analysis (2021)
Book Chapter
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