Mehmet Asutay and Islamic Finance
Mehmet Asutay is a highly regarded scholar in the field of Islamic finance, known for his critical and developmental approach. His work goes beyond simply describing existing Islamic financial practices; instead, he focuses on the ethical foundations, socio-economic implications, and developmental potential of Islamic finance as a tool for achieving social justice and sustainable development.
Asutay’s contributions are particularly significant in challenging the prevalent “replication” model of Islamic finance, where conventional financial products are merely repackaged to comply superficially with Sharia principles. He argues that this approach fails to capture the true spirit and purpose of Islamic finance, which should be deeply rooted in Islamic ethical values such as fairness, equity, and the avoidance of exploitation. He emphasizes that Islamic finance should not merely mimic conventional finance but should offer a genuine alternative that promotes inclusive growth and addresses societal needs.
A key aspect of Asutay’s research revolves around the concept of “Islamic social banking” and the development of a “Maqasid al-Sharia” framework for evaluating the performance of Islamic financial institutions. Maqasid al-Sharia refers to the higher objectives of Islamic law, which include the preservation of faith, life, intellect, lineage, and property. Asutay advocates for using these objectives as benchmarks to assess whether Islamic financial institutions are truly contributing to the well-being of society and fulfilling their ethical obligations. This framework provides a more holistic and comprehensive assessment compared to solely focusing on financial profitability.
He has published extensively on various aspects of Islamic finance, including risk management, corporate governance, and the role of Islamic finance in poverty alleviation. His work often highlights the importance of integrating ethical considerations into the decision-making processes of Islamic financial institutions and calls for greater transparency and accountability. Asutay also emphasizes the need for a more robust regulatory framework for Islamic finance to ensure its stability and integrity, preventing it from falling prey to speculative activities or unethical practices.
Professor Asutay’s work has had a considerable impact on the academic discourse surrounding Islamic finance, encouraging a more critical and nuanced understanding of its potential and limitations. He is a strong advocate for moving beyond mere compliance with Sharia rules and focusing on the substantive ethical values that should underpin Islamic finance. His work serves as a valuable resource for policymakers, practitioners, and academics seeking to develop a more socially responsible and ethically grounded Islamic financial system that truly benefits society.
238×238 mehmet asutay conversation from theconversation.com 
1024×576 assessing contribution islamic finance financial from www.slideserve.com 
432×648 hasan asutay analysis courts decisions islamic from www.academia.edu