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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. (in press). Volatility Spillover Across Spot and Futures Markets: Evidence from Dual Financial System. Research in International Business and Finance,

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. (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

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, 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

Rethinking Ḥalāl: Hegemony, Agency and Process (2021)
Book Chapter
Sencal, H., & Asutay, M. (2021). Rethinking Ḥalāl: Hegemony, Agency and Process. In A. U. Yakin, & L. Christians (Eds.), Rethinking Halal: Genealogy, Current Trends, and New Interpretations (25-55). Brill Academic Publishers. https://doi.org/10.1163/9789004459236_003

This study critically explores the hegemony of the capitalist market system in the product development process and everyday operations of Islamic financial institutions (IFIs). The hegemony of the capitalist market system is revealed through its infl... Read More about Rethinking Ḥalāl: Hegemony, Agency and Process.

Constituting an Islamic Social Welfare Function: An Exploration through Islamic Moral Economy (2021)
Journal Article
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

Purpose – This study aims to theoretically explore and examine the possibility of developing an Islamic social welfare function (ISWF) within the Islamic moral economy (IME) frame by going beyond the traditional fiqhī approach. It focuses on issues o... Read More about Constituting an Islamic Social Welfare Function: An Exploration through Islamic Moral Economy.

Ethical Disclosure in the Shari’ah Annual Reports of Islamic Banks: Discourse on Shari’ah Governance, Quantitative Empirics and Qualitative Analysis (2020)
Journal Article
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

Purpose As an essential component of Islamic governance for ensuring religious compliance, Shari’ah annual reports (SARs) play an important role in providing communication between Shari’ah board (SB) members and stakeholders. This paper aims to deter... Read More about Ethical Disclosure in the Shari’ah Annual Reports of Islamic Banks: Discourse on Shari’ah Governance, Quantitative Empirics and Qualitative Analysis.

Combining Islamic Equity Portfolios and Digital Currencies: Evidence from Portfolio Diversification (2020)
Book Chapter
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

Digital currencies are unregulated and potentially have a destabilizing effect coupled with increased concerns over capital gains and losses in a high volatility environment. When added to a portfolio, this currency may have certain driving factors i... Read More about Combining Islamic Equity Portfolios and Digital Currencies: Evidence from Portfolio Diversification.

Risk Management and Corporate Governance Failures in Islamic Banks: A Case Study (2020)
Journal Article
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

Purpose: The purpose of this paper is to show how the choice and ongoing evaluation of a firm’s business model, as a matter of strategic guidance, are key aspects of corporate governance (CG), with particular reference to risk management (RM) in Isla... Read More about Risk Management and Corporate Governance Failures in Islamic Banks: A Case Study.

Political Economy of Islamic Banking Growth: Does Political Regime and Institutions, Governance and Political Risks Matter? (2020)
Journal Article
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

This article explores the political economy of Islamic banking by examining the impact of political regime types, institutional environment, government and political risk on the development of Islamic banking proxied by financing or loan growth in th... Read More about Political Economy of Islamic Banking Growth: Does Political Regime and Institutions, Governance and Political Risks Matter?.

Do Government Expenditures and Institutions Drive Growth? Evidence from Developed and Developing Economies (2020)
Journal Article
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

Purpose – Most empirical studies on the government expenditure-economic growth nexus suggest a negative relationship between the size of the government expenditures and economic growth especially government consumption expenditures. Given these findi... Read More about Do Government Expenditures and Institutions Drive Growth? Evidence from Developed and Developing Economies.

Liquidity Risk Exposure and its Determinants in the Banking Sector: A Comparative Analysis between Islamic, Conventional and Hybrid Banks (2020)
Journal Article
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

This study aims to explore and examine the liquidity risk that Islamic banks are exposed to in a comparison with conventional and hybrid banks in the case of 145 commercial banks for the period of 1996–2015. This study also examines the factors deter... Read More about Liquidity Risk Exposure and its Determinants in the Banking Sector: A Comparative Analysis between Islamic, Conventional and Hybrid Banks.

The Effects of Regulation and Supervision on the Risk-Taking Behaviour of Islamic Banks (2020)
Journal Article
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

Purpose: This study examines the impact of the regulatory and supervisory environment on the risk-taking behaviour of Islamic banks. The impact of the heterogeneous nature of the banking environment in the sampled countries is also considered. Design... Read More about The Effects of Regulation and Supervision on the Risk-Taking Behaviour of Islamic Banks.

Higher Ethical Objective (Maqasid al-Shari'ah) Augmented Framework for Islamic Banks: Assessing the Ethical Performance and Exploring its Determinants (2019)
Journal Article
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

This study utilises higher objectives postulated in Islamic moral economy or the maqasid al-Shari’ah theoretical framework’s novel approach in evaluating the ethical, social, environmental and financial performance of Islamic banks. Maqasid al-Shari’... Read More about Higher Ethical Objective (Maqasid al-Shari'ah) Augmented Framework for Islamic Banks: Assessing the Ethical Performance and Exploring its Determinants.

Online Disclosure Practices of Halal-friendly Hotels (2019)
Journal Article
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

Purpose: This research analyses the online disclosure practices of halal-friendly hotels, denoting their service provision within “halal” expectancies. This study aims to discover the halal attributes commonly used in the online marketing practices o... Read More about Online Disclosure Practices of Halal-friendly Hotels.

The State of Islamic Governance in Islamic Financial Institutions: Islamic Governance Index. (2019)
Book Chapter
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

This chapter aims to explore and examine the extent of Islamic corporate governance practices in 35 Islamic Financial Institutions (IFIs) in Malaysia, Gulf Cooperation Council countries and the United Kingdom, particularly in its six major areas, nam... Read More about The State of Islamic Governance in Islamic Financial Institutions: Islamic Governance Index..

The Emergence of New Islamic Economic and Business Moralities (2019)
Journal Article
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

This article aims to explore the sources of the observed transformation in the embeddedness of economic, business, and financial practices of Muslim individuals in comparison to premodern period Muslims. It argues that the predomination of instrument... Read More about The Emergence of New Islamic Economic and Business Moralities.

Public and Private Investment in the Hydrocarbon-Based Rentier Economies: A Case Study for the GCC Countries (2019)
Journal Article
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

This study investigates the causal relationship between public and private investments from 1960 to 2015 in the GCC countries (i.e., Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) which are known as hydrocarbon-based rentie... Read More about Public and Private Investment in the Hydrocarbon-Based Rentier Economies: A Case Study for the GCC Countries.

Green Sukuk, Energy Poverty, and Climate Change: A Roadmap for Sub-Saharan Africa (2018)
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

The climate change challenge and the growth of the Islamic finance industry, together with the increase in socially responsible investing, could position green sukuk as a key instrument for financing clean energy and resilient infrastructure projects... Read More about Green Sukuk, Energy Poverty, and Climate Change: A Roadmap for Sub-Saharan Africa.

Does Low Leverage Minimise the Impact of Financial Shocks? New Optimisation Strategies Using Islamic Stock Screening for European Portfolios (2018)
Journal Article
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

This study embodies a preliminary endeavour at analysing the impact of leverage on portfolio behaviour, with specific reference to return and volatility, in the European stock markets, using the debt ratio as one of the important benchmarks for Islam... Read More about Does Low Leverage Minimise the Impact of Financial Shocks? New Optimisation Strategies Using Islamic Stock Screening for European Portfolios.

Comparing the Determinants of Fund Flows in Domestically Managed Malaysian Islamic and Conventional Equity Funds (2018)
Journal Article
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

Purpose: This paper aims to provide an empirical evidence on the fund flows-past return performance relationship by also considering the management expense ratio, the portfolio turnover, the fund size and the fund age of Islamic equity funds (IEF) in... Read More about Comparing the Determinants of Fund Flows in Domestically Managed Malaysian Islamic and Conventional Equity Funds.

Exploring International Economic Integration through Sukuk Market Connectivity: A Network Perspective (2017)
Journal Article
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

This paper aims to measure the degree of international financial and economic integration through sukuk markets among the eight sukuk issuing countries for the period of 2004–2014. In empirically modelling the study, the ‘standard perfect financial i... Read More about Exploring International Economic Integration through Sukuk Market Connectivity: A Network Perspective.

Nonperforming loans in the GCC banking sectors: Does the Islamic finance matter? (2017)
Journal Article
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

This paper investigates the bank-level and country-level factors determining nonperforming loans (NPL) in the commercial banking industry of Gulf Cooperation Council (GCC) countries. Specifically; it examines the impact of the sectoral distribution f... Read More about Nonperforming loans in the GCC banking sectors: Does the Islamic finance matter?.

Integrated early warning prediction model for Islamic banks: the Malaysian case (2017)
Journal Article
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

It is increasingly becoming important to predict the performance of Islamic banks in order to anticipate a problem before it materializes and negatively affects banks’ performance and financial standing. Benefiting from the earlier research on the su... Read More about Integrated early warning prediction model for Islamic banks: the Malaysian case.

What explains corporate sukuk primary market spreads? (2017)
Journal Article
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

This study investigates the determining factors of international corporate sukuk pricing in the primary market for the period of 2004–2015. We present novel evidence for a unique data set covering all 63 international corporate sukuk issuances consis... Read More about What explains corporate sukuk primary market spreads?.

Leverage versus volatility: Evidence from the capital structure of European firms (2017)
Journal Article
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

The impact of leverage on financial market stability and the relationship with the real economy is a key concern among researchers. This paper makes an initial attempt to investigate the relationship between a firm’s leverage, return and share price... Read More about Leverage versus volatility: Evidence from the capital structure of European firms.

Sharī‘ah and SRI Portfolio Performance in the UK: Effect of Oil Price Decline (2016)
Journal Article
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

In accordance with decline in oil price and portfolio performance, this study attempts to examine the effect of oil price on Sharī‘ah portfolio performance, which Socially Responsible Investment (SRI) portfolio is also constructed as a comparison. Th... Read More about Sharī‘ah and SRI Portfolio Performance in the UK: Effect of Oil Price Decline.

Shari’ah screening, market risk and contagion: A multi-country analysis (2016)
Journal Article
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

This study investigates the relationship and shock transmission between firm leverage and systematic risk within the Shari’ah stock screening rules among seven European countries with a sample of 689 firms for the period from 2008 Q2 to 2013 Q1. Due... Read More about Shari’ah screening, market risk and contagion: A multi-country analysis.

The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector (2016)
Journal Article
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

This paper examines the relationship between corporate social responsibility (CSR) and financial performance for Islamic banks in the Gulf Cooperation Council (GCC) region over the period 2000–2014 by generating CSR-related data through disclosure an... Read More about The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector.

Developing Maqasid al-Shari’ah Index to Evaluate Social Performance of Islamic Banks: A Conceptual and Empirical Attempt (2015)
Journal Article
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

The rise of Islamic banking and finance is now a reality with Shari 'ah compliant financial operations existing in many different parts of the world. However, its development has recently been subjected to criticism in relation to the aspirational ob... Read More about Developing Maqasid al-Shari’ah Index to Evaluate Social Performance of Islamic Banks: A Conceptual and Empirical Attempt.

The Role of Islamic Microfinance Institutions in Economic Development in Indonesia: A Comparative Empirical Study on Pre and Post Financing States (2015)
Book Chapter
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, …B. Al Quradaghi (Eds.), Access to finance and human development : essays on zakah, awqaf and microfinance (55-71). Bloomsbury Qatar Foundation Publishing

Different institutions are engaged in the development efforts in Indonesia by appealing to different sectors of socio-economic life. Among such institutions, BMT (Baitul Maal wa Tamweel) and BPRS (Shariah People Credit Bank) are the main players of t... Read More about The Role of Islamic Microfinance Institutions in Economic Development in Indonesia: A Comparative Empirical Study on Pre and Post Financing States.

Comparison of Portfolio Selection and Performance: Shari’ah-Compliant and Socially Responsible Investment Portfolios (2015)
Journal Article
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

This study examines the effect of Islamic screening criteria on Shari’ah-compliant portfolio selection and performance compared to Socially Responsible Investment (SRI) portfolio. Each portfolio constructed from 15 stocks based on FTSE 100 using data... Read More about Comparison of Portfolio Selection and Performance: Shari’ah-Compliant and Socially Responsible Investment Portfolios.

The Impact of Asset-based versus Market Capitalization-based Shari'ah Screening on US and Japanese Equities: An Empirical Analysis (2012)
Journal Article
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

This paper focuses on Shari’ah-compliant investments, which are managed in a Shari’ah-compliant manner that goes beyond defi ning a set of rules or guidelines to generate a static list of automatically screened equities. Shari’ah screening is about i... Read More about The Impact of Asset-based versus Market Capitalization-based Shari'ah Screening on US and Japanese Equities: An Empirical Analysis.

Conceptualising and Locating the Social Failure of Islamic Finance: Aspirations of Islamic Moral Economy vs. the Realities of Islamic Finance (2012)
Journal Article
Asutay, M. (2012). Conceptualising and Locating the Social Failure of Islamic Finance: Aspirations of Islamic Moral Economy vs. the Realities of Islamic Finance

Islamic moral economy emerged in the modern sense in the late 1960s and early 1970s as an attempt to develop an authentic understanding of the Islamic system of economics and develop policies accordingly. As part of this concept, Islamic banks and fi... Read More about Conceptualising and Locating the Social Failure of Islamic Finance: Aspirations of Islamic Moral Economy vs. the Realities of Islamic Finance.

An Empirical Inquiry into Marketing Islamic Mortgages in the UK (2012)
Journal Article
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

Purpose – This paper aims to explore public perceptions on marketing-related issues of Islamic mortgages, which can help to identify the contents of the best marketing strategies for financial institutions wishing to promote Islamic mortgages among t... Read More about An Empirical Inquiry into Marketing Islamic Mortgages in the UK.

An Analysis of the Courts’ Decisions on Islamic Finance Disputes (2011)
Journal Article
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

Most Islamic financial institutions operate in an environment where the legislative framework consists of mixed legal systems where the Shari'ah (Islamic law) co-exists with common law and civil law legal systems. As such, every transaction, product,... Read More about An Analysis of the Courts’ Decisions on Islamic Finance Disputes.

Divergence between Aspiration and Realities of Islamic Economics: A Political Economy Approach to Bridging the Divide. (2009)
Journal Article
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

Early writings in Islamic economics depicted a grand and, some would say, utopian image of the type of societal development that would result from implementing Islamic social and economic theory. However, despite the emergence of Islamic economics in... Read More about Divergence between Aspiration and Realities of Islamic Economics: A Political Economy Approach to Bridging the Divide..

Price Behaviour, Vintage Capital and Islamic Economy (2008)
Journal Article
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

Purpose – To find out the behaviour of firms with objectives of Islamic Shariah when a number of techniques are working simultaneously with the different productive efficiencies. Design/methodology/approach – This is a theoretical paper based on the... Read More about Price Behaviour, Vintage Capital and Islamic Economy.

Does Ethico-Moral Coalition Complement to Economic Coalition? A Response in the Periphery of Islamic Economics (2007)
Journal Article
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

Abstract: Purpose – To reason whether the ethical–moral cum economic coalition among the different sets of economy is more efficient with objectives of Islamic Shariah. Design/methodology/approach – This is a theoretical paper based on the modified m... Read More about Does Ethico-Moral Coalition Complement to Economic Coalition? A Response in the Periphery of Islamic Economics.