Dr Alija Avdukic

Dr Alija Avdukic
Head of Islamic Finance and Development Studies

Background:

Dr Alija Avdukic has a BA in Islamic studies from the prestigious University of Al-Azhar (Egypt) and a BA from the University of Damascus (Syria). After his undergraduate degrees he pursed his postgraduate education gaining an MA in Islamic Economics, Finance and Management from the University of Gloucestershire. He completed his PhD in Islamic Political Economy and Finance at the University of Durham.

Alija Avdukic teaches and supervises research on Islamic Political Economy; Islamic Moral Economy; Islamic Banking, Finance and Management; Political Economy of Development in the Muslim world and Islamic studies related subjects. He is Deputy Director of MSc Islamic Finance programme at University of Dundee; Visiting professor for Master programme in Islamic banking and finance for the joint programme School of Economics, University of Sarajevo (Bosnia and Herzegovina) with University of Bolton (UK). Finally, he is a visiting research fellow of Durham Centre in Islamic Economics, Banking and Finance (UK).

Alija Avdukic research includes the theoretical construction of Islamic moral/political economy as guiding theory for Islamic finance. Building on the earlier contributions in the post-colonial period made by scholars from the sub-continent, Dr Avdukic aims to systemize Islamic political economy as the defining framework for the moral or social economy. He also develops the discourse around social and develop-mentalist failure of Islamic charitable and financial sectors in relation to the expressed ideals of Islamic moral economy. Dr Avdukic is also involved in empirical research in various aspects of Islamic economics and finance.

Current Publication

“Maqasid al-Shari’ah (Higher Ethical Objective) Augmented Framework for Assessing the Ethical Performance of Islamic Banks: Performance and Determinants”, Journal of Business Ethics. (2019).

“History of Economic Thoughts in the Ibrahimc Religions: A Case of Religiously Informed Regulative Environment” (Palgrave Edited Book on Islamic Economics and Finance) (2019).

“Utility Theory: an Islamic Political Economy Perspective” (Palgrave Edited Book on Islamic Economics and Finance) (2019).

“Accounting for the Ideology and Culture within Literature: Deconstruction of Arguments”, Interdisciplinary Journal of Economics and Business Law. (2019).

Expected or under review papers:

“The Islamic institutional ethics in the writings of Ibn-Khaldun, Al-Mawardi’s, Al-Ghazzali, and Ibn-Taymiya” (Paper submitted to Journal of History of Political Economy) (2019)

“When It Comes to Risk, is Sukuk Better than Conventional Bonds? A Comparative Study of Nasdaq Securities” (Journal of Research of International Business and Finance) (2019).

Education
Ph.D in Islamic Economics and Finance, Durham Doctoral Training Centre for Islamic Economics and
Finance, Durham University Business School, Durham University, UK. Title of the Thesis: Essays In
Islamic Political and Moral Economy: Explorations in Microeconomic Foundations of Islamic
Economics.
M.A. in Islamic Banking, Finance and Management, Distinction, University of Gloucestershire, UK.
Title of Dissertation: Microfinance from an Islamic Perspective for Achieving Sustainability.
Postgraduate Diploma in Islamic Studies (Shari’ah Law), Distinction, Fatih Institute of High Education,
Damascus, Syria.
B.A. (Hons.) in English Language and Education, First Class, Damascus University, Damascus, Syria.
B.A. (Hons.) in Usul al Deen, (Islamic Studies, Shari’ah), First Class, Al Azhar University, Cairo, Egypt.
Advanced Diploma in Arabic Language, Distinction, Abu-Nur Foundation, the Department for Arabic
Language, Damascus, Syria.

Career overview
Head of Department for Islamic Economics, Banking and Finance and Islam and Sustainable
Development in Leicestershire, course accredited by Newman University, Birmingham, UK.
Visiting lecturer at Master Programme of Bolton University in Partnership with Schools of Economics
of Sarajevo University, Bosnia and Herzegovina, teaching two modules Advanced Islamic Banking and
Islamic Commercial Law. Oral examination (viva) for dissertation is a condition for completion of
master level according to regulations of Sarajevo University in Bosnia and Herzegovina; I have
examined two master dissertations.
Visiting lecturer in Islamic Economics and Finance Programmes at Al-Maktoum College of Higher
Education, Dundee, Scotland, in collaboration with Scottish Qualification Authority (SQA) and Dundee
University (Honorary Fellow).
Assistant to Director of Durham Islamic Finance Programmes for organising the Durham Islamic
Finance Summer Schools. Occasional and event related assistantship involving preparation and
organisation of conferences; editorial assistantship with the Review of Islamic Economics Journal; and
other books published by the Director.
Publication
Avdukic A. and Asutay, M. (2017). “An Analytical Exploration and Assessment of the Social Risks Faced
by Islamic Banks and Financial Institutions: Credibility, Legitimacy, Sustainability and Trust Risks”, in
Islamic Banking: Risk Management, Regulation and Supervision. Edward Elgar Publishin.

Forthcoming publications
“Framing Islamic Economics as Islamic Moral Economy”,Alija Avdukic, Corresponding Author:
Lecturer at Markfield Institute of Higher Education, UK and Mehmet Asutay, Professor of Middle
Eastern and Islamic Political Economy & Finance at Durham University Business School. Paper
submitted for review in Journal of Economic and Social Review (2017).
“Islamic Banking Premium: Signalling, Piety or Both?”, Alija Avdukic, Corresponding Author: Lecturer
at Markfield Institute of Higher Education, UK, Nathan Berg, Associate Professor, Department of
Economics, University of Otago, NZ and Mohamed El-Komi, Assistant Professor, Department of
Economics, American University in Cairo, Egypt (Paper is submitted for review in special issue of
Islamic Finance JEBO 2017).
“Locating Islamic Moral Economy within the Heterodox Economics: Convergence of the Economics
Thinking”. Paper submitted for review in Kyoto University Journal in Islamic Studies.

Papers Presented at Conferences and Seminars
“The Impact of Islamic Banking on Economic and Social Development: An Empirical Analysis”,
proposed to be presented on International Conference on Islamic Finance, Islamic Economic
Development and Sustainability, jointly organised by Durham Centre for Islamic Economics, Durham
University Business School, Durham University, England and Finance and Centre for Excellence in
Islamic Finance (CEIF), Institute of Management Sciences, Peshwar, Pakistan on 25th -26th July 2016
at Durham University Business School in Durham, UK.
“Embededdness as a Feature of Islamic Moral Economy: Exploring the Divergence of Islamic Finance
from Embeddedness” Paper presented at the SASE Conference on ‘Moral Economies, Economic
Moralities’ on June 24-26, 2016 organised by University of California-Berkeley, USA.
“Social and Financial Performance of Islamic Financial Institutions” Paper presented at the BRISMES/
EURAMES annual conference on 23-26 June 2015 hosted by London School of Economics, London, UK.
“An Analytical Exploration of Islamic Social Welfare Policies as Practiced by Islamic Financial
Institutions: Realities and Suggestions”. Paper presented at The First International Conference on
Shari’ah Oriented Public Policy in Islamic Economic System, on 30 – 31 March 2015, Ar-Raniry State
Islamic University, Banda Aceh, Indonesia.
“An Analytical Exploration and Assessment of the Social Risks Faced by Islamic Banks and Financial
Institutions: Credibility, Legitimacy, Sustainability and Trust Risks”. Paper presented at the 6th
International Conference on Islamic Banking and Finance: Risk Management, Regulation and
Supervision, organised by IRTI-IDB and Borsa İstanbul with the Support of Central Bank of the
Republic of Turkey and the World Bank-Global Islamic Finance Development Centre (WB-GIFDC) on
16th -17th September 2014 at Borsa Istanbul, Turkey.
“Beyond Financial and Operational Risks into Social Risks Faced by Islamic Banks and Financial
Institutions”. Paper presented on 8th Kyoto-Durham International Workshop in Islamic Economics and
Finance on 25th – 26th August 2014, at Durham University Business School, organised by Centre for
Islamic Area Studies at Kyoto University; Centre for On-Site Education and Research, Graduate School
of Asian and African Area Studies, Kyoto University, Japan and Durham Doctoral Training Centre in
Islamic Finance, Durham University Business School, Durham University, UK.

“Social Welfare Functions and Public Choice from the Islamic Political Economy Perspective: Correcting
the Failure of Islamic Banking and Finance”. Paper presented at 7th Kyoto-Durham International
Workshop in Islamic Economics and Finance New Horizons in Islamic Economics: Socio-Economic Role
of Islamic Finance and its Potential at the Post-Capitalist Era 1st -2nd October 2013, Centre for Islamic
Area Studies at Kyoto University, KIAS, Japan.
“Locating Islamic Moral Economy within the Heterodox Economics: Convergence of the Economics
Thinking”. Paper presented at 6th Kyoto-Durham International Workshop in Islamic Economics and
Finance: New Horizons in Islamic Economics: Islamic Finance and Economy and Finance in the Muslim
World: Theories and Realities, Durham, 17th-18th July 2012, Durham Islamic Finance Doctoral
Training Centre, Van Mildert College, Durham University, UK

Research and Teaching Interests:
• Islamic Political/Moral Economy (Islamic Economics)
• • International Development and Finance
• • Sustainable Development
• • Public Choice Theory and Welfare Function
• • Islamic Banking and Financial Transactions
• • Corporate Finance
• • Islamic Microfinance and Entrepreneurship
• • Islamic Capital Market
• • Risk Management in Islamic Financial Institutions
• • Comparative Islamic Commercial and Transactional Law (Muamalat)
• • Insurance (Takaful)
• • Ethics, Social and Governance Issues (maqasid al-Shari’ah)

Professional Membership and Alumni
– Associate Fellow of the Higher Education Academy (HEA)
– Member of British Society for Middle Eastern Studies (BRISMES)
– Member of International Association for Islamic Economics (IAIE)
– Durham University Business Alumni (DUBA)