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College of Business Executive Lecture Series “Islamic Moral Economy as Foundation for Islamic Finance” April 28th, 2024

College of Business invited Dr. Mehmet Asutay to be part of CoB’s Executive Lecture Series. Dr. Mehmet a professor of Middle Eastern & Islamic Political Economy & Finance at Durhan University in UK. He is the winner of 2024 Islamic Development Bank Prize.

The lecture titled “Islamic Moral Economy as Foundation for Islamic Finance” was presented to the audience and College of Business students. It took place on Wednesday, April 28th, 2024, in the Lecture Theatre (M) from 12:00 to 12:50 PM.

Dr. Mehmet delved into the relationship between morality, economics, and institutional logic, particularly within the context of Islamic principles. He emphasized the significance of moral economics, which is a concept that resonates deeply within the fabric of Muslim societies but extends beyond religious boundaries to encompass broader societal values.

He drew attention to the historical evolution of economies, positing that all economies were once moral economies, where societal values directly influenced economic behavior. However, with the arrival of market economics, morality took a backseat, giving rise to “disembeddedness” where economic systems became disconnected from the values of the societies they operated in.

Moreover, he highlighted the inadequacy of conventional economics in explaining human behavior and the need to reintegrate ethics into economic discourse. He stressed the importance of considering human factors, the impact of individual and institutional behavior on broader societal well-being.

The lecture is part of College of Business Executive Lecture Series. It provides Alfaisal University students and guests from the business community the opportunity to learn from some of the country’s leading executives and leaders as they talk about their experiences. College of Business sponsors the weekly Executive Lecture Series to bridge the gap between the world of leadership and business education.

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