Biography
Prof. Alija Audukic is Professor of Political Economy and Islamic Finance at the University of Dundee, School of Business. He 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 pursued postgraduate study, earning 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.
Prof. 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 the MSc Islamic Finance programme at the University of Dundee; Visiting Professor for the Master’s programme in Islamic banking and finance for the joint programme between the School of Economics, University of Sarajevo (Bosnia and Herzegovina), and the University of Bolton (UK). He is also a visiting research fellow at the Durham Centre in Islamic Economics, Banking and Finance (UK).
His research includes the theoretical construction of Islamic moral/political economy as guiding theory for Islamic finance. Building on earlier post-colonial contributions from scholars from the sub-continent, Prof. Avdukic aims to systematise Islamic political economy as the defining framework for the moral or social economy. He also develops the discourse on the social and developmental failures of Islamic charitable and financial sectors in relation to the expressed ideals of the Islamic moral economy. Prof. Avdukic also conducts empirical research on various aspects of Islamic economics and finance.
Education
- PhD 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, Islam and Sustainable
Development in Leicestershire, course accredited by Newman University, Birmingham, UK. - Visiting lecturer at the Master’s Programme at Bolton University in Partnership with the School of Economics of Sarajevo University, Bosnia and Herzegovina, teaching two modules:
- Advanced Islamic Banking
- Islamic Commercial Law
- Visiting lecturer in Islamic Economics and Finance Programmes at Al-Maktoum College of Higher Education, Dundee, Scotland, in collaboration with Scottish Qualifications 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
Publications
- “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).
- Avdukic, A.; Agriyantie, H.; Dost, Mir. and Khaleel, F. (2026). “Decoupling Doctrine from Practice: Muslim Entrepreneurs and the Limits of Islamic Finance in Scotland”. Journal of Small Business and Enterprise Development (in production).
- Pade, A.L.; Hadi, A.L.; Avdukic, A. and Al Arif, M.N.R. (2026). “ESG Practices and Islamic Finance Principles During Geopolitical Uncertainty: A Methodologically Rigorous Test from Indonesian Capital Markets (2011–2024)”, Journal of Islamic Monetary Economics, 12(2)
- Pade, A.L.; Avdukic, A.; Insawan, H. and Maharani, N.K. (2026). “Foreign Bank Competition and Financial Stability in Dual Banking Systems: Evidence From Islamic and Conventional Banks in Indonesia”, Journal of King Abdulaziz University: Islamic Economics, 39(1), 99-121,
- Lina, A.G.; Avdukic, A.; Diana, A.G. and Khaleel F. (2025). “Water governance and sustainability: An Islamic moral economy perspective on circular resource use”, Discover Sustainability, 6, 1126 (2025).
- Bisma Omar, Alija Avdukic, Awais Farid Khan (2025). “Impact of Islamic Finance and Islamic Banking on Financial Stability: A Systematic Literature Review”, Journal of Islamic Business and Management, 15(01), 100-114,
- Khaleel, Fawad; Harte, Patrick; Avdukic, Alija; Bonnett, Matthew (2025). “Aligning Institutional Resource Commitment with Strategic Pedagogical Development to Create Online Distance Learning Provision in UK HEIs”, Education and Training,
- Megheirkouni, M.; Abdullah, A. and Avdukic, A. (2025). “Followership identity construction: an insight on the non-profit sector”. Leadership and Organisation Development Journal
- Parlina, S. and Avdukic, A. (2025). “Evaluating the Cash Waqf Contributions towards Sustainable Development in Cash Waqf Institutions in Indonesia During 2011-2020”, TUJISE Turkish Journal of Islamic Economics,
- Asutay, M.; Avdukic, A. and Tobin, S. (2025). “Overcoming the Invisible Ceiling for the Empowerment of Refugees and Immigrants Through Islamic Finance, Global Policy, 16(Spec1), 5-6.
- Khaleel, F.; Abu Ghunmi, L.; Avdukic, A.; Abu Ghunmi, D.; Patrick, H. (2025). “The Delphic ambiguity in academic integrity breaches of international students”, Studies in Higher Education,
- Avdukic, A. and Khaleel, F. (2025). “Financial Exclusion, Soft Segregation and Moral Constraints as Drivers of Entrepreneurial Activities in Scottish Muslim Immigrants”, Global Policy, 16, 57-65.
- Khaleel, F. and Avdukic, A. (2024). Islamic Classical Literature (AD 950–1450) on Institutionalisation of Ethics for Regulating Markets and Society. Religions, 15(12), 1496.
- Avdukic, A., and Mehmet, A. (2024). “Testing the Moral Economy Nature of Islamic Finance”, Economic Systems Journal
- Avdukic A.; Manjoo F.A.; Rahmani, A; Ahmad, A. (2024). “Co-exploring the process of decision making on the use of pensions for financing the old age: A Behavioural Geography of Muslim workers living in England” Review of Behavioural Economics.
- Metadjer, W.; Avdukic, A. & Camdzic, E. (2024). “Are Islamic bonds a safe choice for portfolio diversification in times of crisis? Evidence from volatility-causality analysis of Dubai financial market”, JELS Journal of Economics, Law and Society, 1(1), 73-89.
- Kalinowska, A.G.; Khaleel, F.; Avdukic, A. & Harte, P. (2023). “Exploring the Customer Trust Building Strategies used by Fintech Firms”, Journal of Business & Economics, 15(2).
- Meskovic, A., Avdukic, A., & Kozarevic, E. (2023). “Assessing the Impact of External Determinants on the Social Performance of Islamic Banks”, International Journal of Islamic and Middle Eastern Finance and Management,
- Meskovic, A.; Kozarevic, E. & Avdukic, A (2023). “The influence of national and individual Islamic governance on Islamic banks’ social performance”, Journal of Islamic Accounting and Business Research, ISSN: 1759-0817
- Avdukic, A.; Khaleel, F.; Abdullah, A. & Brawe, A. H. (2022). “Religion as a Barrier to the Use of Student Loans for Higher Education: A Participatory Study with Somalis Living in England”, British Educational Research Journal, 49(2), 370-404.
- Avdukic, A., and Rahmani, A. (2022). “A Maqasid-ul-Shari’ah Analysis of the Permissible Futures Trading in Islamic Financial Markets”, European Journal of Islamic Finance, DOI: 10.13135/2421-2172/6800.
- Rahmani, A.; Avdukic, A. and Manjoo, F. (2022). “The Infaq Theory of Islamic Pension”, International Journal of Islamic Banking and Finance Research, 9(1), 32-44
- Avdukic A.; Efendic V.; Meskovic A. (2022). Unification of actual discourse on Islam, finance and economy for creating Islamic moral economy, Novi Mualim, 88, 52-60.
- Mehmet, A.; Greget, K.B. & Avdukic, A. (2021). “The Impact of Islamic Spirituality on Job Satisfaction and Organisational Commitment: Exploring Mediation and Moderation Impact.” Journal of Business Ethics, 181, pages 913-932.
- Mehmet, A.; Yumeng, W. & Avdukic, A. (2021). “Examining the Performance of Islamic and Conventional Stock Indices: A Comparative Analysis”, Asia-Pacific Financial Markets, 29, pages 327–355
- Meskovic, A.; Kozarevic, E. & Avdukic, A. (2021). “Social Performance of Islamic Banks”, European Journal of Islamic Finance, 19, 1-17.
- Mergaliyev, A.; Asutay, M.; Avdukic, A. & Karbahari, Y. (2020). “Higher ethical objective (Maqasid al-Shari’ah) augmented framework for Islamic banks: Assessing ethical performance and exploring its determinants”, Journal of Business Ethics, 170, 797-834.
- Khaleel, F. & Avdukic, A. (2019). “Accounting for the Ideology and Culture within Literature: Deconstruction of Arguments in Islamic Economics and Finance”, Interdisciplinary Journal of Economics and Business Law, 8(2), 112-137.
- Avdukic A.; Efendic V. and Hadzic F. (2017). “Islamic Economics through the Eyes of Political Economy”, Znakovi Vremena, Sarajevo, Jesen XX, 76/77.
- Efendic V. and Avdukic A. (2017). “Islamic Economy Promotes Corporate Social Responsibility”, Novi Mualim, 18(71).
- Hasanovic, B & Avdukic, A. (2026). “Qurʾanic Narratives as Impulses for Learning from Role Models”, in Islamic Theological and Pedagogical Approaches to Religious Education: Interdisciplinary Perspectives on Contemporary Challenges, edited by Ulvi Karagedik, Senol Yağdı, Ibrahim Kocyigit, published in Austria: Nomos Verlag
- Mešković, A., Kozarevic, E., & Avdukic, A. (2025). “Incorporating ESG Factors in Islamic Banking Financing Practices”, in Islamic Green Finance (pp. 226-242). Routledge.
- Hasanović, B. & Avdukic, A. (2025). “An Analytical Exploration and Assessment of the Commercialisation of Islam Through Financial Institutions and Education”, in Business, Economy and Commerce in the Name of God: Prospects and Pitfalls (pp. 97-115). Cham: Springer Nature Switzerland.
- Avdukic, A. & Smolo, E. (2024). “Promoting Sustainable Development Through Islamic Social Finance”, in The Future of Islamic Finance, edited by Smolo, E. and Raheem, M.M. (Ed., Emerald Publishing Limited, Leeds, pp. 121-139.
- Inazzone, S. & Avdukic, A. (2024). “Integrating micro-finance and philanthropy through the Syrian Sanduq: lessons learnt from Jabal al-Hoss”, in Different Forms of Microcredit and Social Business from the 14th to the 20th Centuries: Essays on the Global History of Microfinance, Springer.
- Khaleel, F.; Harte, P. & Avdukic, A. (2024). “Future Proofing the Integrity of Assessments Within Business Management Studies for the Age of Artificial Intelligence”, in International Encyclopedia of Business Management. Elsevier.
- Avdukic, A. (2023). “Quantifying the unquantifiable: Developing Maqāsid Methodology for Islamic Economics: Hisbah, Banks and Charities”, in The Digital Economy, The Way Forward, Foreseeing the Future in Light of Islamic Economy, pages 293 – 328. Amman: Al-Barakah Forum for Islamic Economy.
- Avdukic, A.; Khaleel, F. & Taufik Akbar, Y. (2023). “Exploring the Synthesis of Spirituality, Economic Identity, and Social Development within the Operation of the Mosques in Scotland” in Toseef Azid (Ed.), Sustainable Development and Islamic Finance, London: Routledge.
- Avdukic, A.; Khaleel, F. & Farah, A. (2022). “When It Comes to Risk, is Sukuk Better than Conventional Bonds? A Comparative Study of Nasdaq Securities”, in Toseef Azid & Murniati Mukhlisin & Othman Altwijry (Eds.), Wealth Management and Investment in Islamic Settings, pages 283-312, Singapore: Springer.
- Efendic, V.; Avdukic, A. & Bisic, M. (2021). “Awqaf Properties and their Development in Eastern Europe: The Case of Bosnia and Herzegovina”, in Syed Nazim Ali and Icon, Umar A. Osen (Eds.), Waqf Development and Innovation, Chapter 11, London: Routledge.
- Khaleel, F. & Avdukic, A. (2021). “Sustainability in Abrahamic Religions”, in Umar Burki, Toseef Azid, Robert Francis Dahlstrom (Eds.), Foundations of a Sustainable Economy, Chapter 5, pages 69-80, London: Routledge.
- Avdukic, A., and Khaleel, F. (2020). “History of Economic Thoughts in the Abrahamic Religions: A Case of Religiously Informed Regulative Environment”, in Velid Efendic (Ed.), Islamic Finance Practices: Experiences from South Eastern Europe, Chapter 1, pages 1-19, Switzerland: Palgrave Macmillan.
- Avdukic, A., and Khaleel, F. (2020). “Utility Theory: an Islamic Political Economy Perspective” in Velid Efendic (Ed.), Islamic Finance Practices: Experiences from South Eastern Europe, Chapter 2, pages 23-39, Switzerland: Palgrave Macmillan
- 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)
- 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)

