Professor Asutay Receives 2024 IsDB Islamic Economics Prize

Professor Mehmet Asutay has been honored with the prestigious 2024 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics for his groundbreaking contributions to Islamic economics and finance. As a distinguished Professor of Middle Eastern and Islamic Political Economy & Finance at Durham University in the UK, Professor Asutay is celebrated internationally for his pioneering research and significant scholarly impact.

His award-winning work focuses on the Islamic moral economy and its potential to enhance sustainable development and improve human welfare, aligning closely with the goals of the Islamic Development Bank. This recognition comes as part of the IsDB’s annual effort to highlight and promote outstanding contributions to Islamic economics that address key developmental challenges faced by its member countries.

The IsDB Prize, carrying a $50,000 reward for the first-place winner, is a highlight of the IsDB Group Annual Meetings, which will be held from April 27-30, 2024, in Riyadh, Saudi Arabia. This year, the second and third-place prizes were not awarded.

The selection process for the prize is rigorously conducted by an external committee of experts, coordinated by the Islamic Development Bank Institute (IsDBI). Professor Asutay’s selection this year was lauded by Dr. Muhammad Al Jasser, President of the IsDB, and Dr. Sami Al-Suwailem, Acting Director General of IsDBI, both of whom praised his influential work and wished him continued success.

The IsDB Prize Selection Committee highlighted Professor Asutay’s innovative approach to embedding an extended stakeholder-based governance system within Islamic finance to ensure ethical practices throughout the economic system. His empirical research not only supports theoretical advancements in Islamic economics but also offers practical policy implications that benefit IsDB member countries and Muslim communities globally.

Professor Asutay’s achievements underscore his commitment to redefining Islamic economics through the lens of an Islamic moral economy, making his receipt of the 2024 IsDB Islamic Economics Prize a well-deserved recognition of his impactful contributions.