Professor Mehmet Asutay has been selected as the first-place winner of the 2024 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics (www.IsDBInstitute.org) for his significant and influential contributions to the field of Islamic economics and finance.

The prize laureate is a Professor of Middle Eastern and Islamic Political Economy & Finance at Durham University, United Kingdom. He is an internationally recognised academic who produced pioneering and impactful scholarly works.

Professor Asutay was selected in recognition of his novel work on Islamic moral economy and the articulation of Islamic finance to be supportive of sustainable development and the welfare of human beings.

This year’s prize cycle aims to recognise, reward and encourage significant knowledge contributions in Islamic economics with the potential to solve major development challenges of IsDB member countries. The prize comes with a US$ 50,000 award for the first prize winner, US$ 30,000 for second prize, and US$ 20,000 for third prize. However, the second and third-position prizes are withheld this year.

Every year the winners of the IsDB Prize are selected by a different committee of experts from outside the IsDB Group, whose work is coordinated by the Islamic Development Bank Institute (IsDBI).

The winner of this year’s prize will receive the award during the IsDB Group Annual Meetings, scheduled for 27 – 30 April 2024 in Riyadh, Saudi Arabia.

In his comments on this occasion, the President of the IsDB, H.E. Dr. Muhammad Al Jasser, congratulated the laureate for his impactful knowledge contributions and wished him success in his various endeavours.

Acting Director General of IsDBI, Dr. Sami Al-Suwailem, also congratulated the winner and extended his appreciation to H.E. Dr. Al Jasser for guiding the Institute towards the successful coordination of the prize.

Here is the full citation issued by the prize selection committee:

• Professor Mehmet Asutay’s knowledge contributions emphasize reconstituting Islamic economics in the form of an Islamic moral economy by essentializing an extended stakeholder-based governance system to ensure the moral grounds of the economic system.

• An overall theme of the multidisciplinary research of Prof. Asutay relates to the articulation of Islamic finance to be supportive of sustainable development and the well-being of human beings. His empirical research resonates with and articulates the conceptual and theoretical reconstruction he attempts in his research.

• The original contributions of Prof. Asutay have tangible policy implications with practical applications in Member Countries and Muslim communities worldwide.

In recognition of his novel work on Islamic moral economy, the IsDB Prize Selection Committee decided to award the IsDB Prize for Impactful Achievement in Islamic Economics, Knowledge Contribution Category 1445H (2024G), to Prof. Dr. Mehmet Asutay.