Islamic Moral Economy as the Foundation of Islamic Finance by Dr. Mehmet Asutay
18 January 2012, 17:30-19:00 at AKU-ISMC London
The demand for Islamic finance has grown in the West following the success of this approach over the past three decades. However, Islamic finance has a moral foundation beyond Islamic law constructs and financial contracts. This moral foundation is provided by Islamic moral economy which formed the basis of Islamic finance in the early 1970s.
Islamic moral economy is defined as the re-interpretation of divine wisdom enshrined in Islamic teaching with the objective of developing a human-centred development process as a response to capitalist and socialist development failures. In this imagination, Islamic banks and financial institutions ‘finance’ the real economy with the development of human well-being seen as an end. Here a moral filter is introduced to the market economy to yield a socially acceptable moral economy.
Given that the current financial crisis has been attributed to an ethical and moral deficit, Islamic moral economy may be seen as an important foundation for Islamic and conventional finance.
Dr Asutay is a Reader in Middle Eastern and Islamic Political Economy and Finance at the School of Government and International Affairs, Durham University. He is also the Director of the newly established Durham Centre for Islamic Economics and Finance, the course director of the MA/MSc in Islamic Finance; and the Director of the Durham Islamic Finance Summer School. He teaches and supervises masters and doctoral research on various aspects of Islamic moral economy, Islamic finance, political economy of the Middle East, Turkey and the Kurds, as well as economic development related subjects. He is the Managing Editor of Review of Islamic Economics and an Associate Editor of the American Journal of Islamic Social Sciences. His has published widely in journals and his book on political economy will be published in 2012.
No pre-registration required - Free entry for the public.
This lecture is also available via webinar: https://www1.gotomeeting.com/register/370135121
Professional Programmes Unit
Institute for the Study of Muslim Civilisations
The Aga Khan University (International) in the United Kingdom
210 Euston Road
London NW1 2DA
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