The IDB Prize

IDB PRIZE IN ISLAMIC ECONOMICS AND ISLAMIC BANKING

The Prize was established during 1408H (1988). The aim of the Prize is: "to recognize, reward and encourage any activity of outstanding merits in promoting outstanding works in Islamic Economics, Banking and Finance which are directed towards the realization of the Islamic values. Such activity may take the form of research, teaching, training, mobilization of intellectual opinion or any other activity promoting the purpose of the IRTI/IDB".

THE PRIZE

The Prize is awarded annually alternating between Islamic Economics and Islamic Banking and consists of the following:

1. A Citation carrying the Bank's Emblem
2. A Cash Award (in US dollars equivalent) of 30,000 Islamic Dinars

NOMINATIONS

Every year the IRTI announces the Prize and invites nominations fulfilling the following points:

1. Candidates may either be nominated by individuals or organizations.
2. Self nominations and posthumous nominations are not acceptable.
3. Nominations will remain valid for two 'prize years' in the concerned field.
4. IRTI/IDB current staff members are not eligible for such nomination.
5. For the validity of nomination of ex-officials of IDB, at least one year's discontinuity in service shall be required.
6. The nomination letter should be written in Arabic, English or French and provide a comprehensive rationale with supporting documentation for the nomination.

Nominations shall be sent to:

The IDB Prize Preparatory Committee
Islamic Research and Training Institute,
Islamic Development Bank
P O Box 9201
Jeddah 21413
Kingdom of Saudi Arabia
Fax 966 2 6378927/6366871

KEY STEPS IN NOMINATION PROCESSING

1. The Prize is announced formally every year when the President of the IDB Group invites the members of the IDB Board of Governors, Alternate Governors and members of the Board of Executive Directors to nominate persons or institutions, whom they deem fit for the award of the Prize, for consideration of the Prize in the new year.
2. The Prize is announced by means of advertisements in various languages in the members countries.
3. The IDB Prize Preparatory Committee publishes a brochure announcing the Prize in the new year. This brochure is mailed to educational institutions, research institutions and other Islamic organizations in the member countries on a large scale.
4. In response to these efforts, the nominations are received and collated by the IDB Prize Preparatory Committee and presented to the Screening Committee.
5. The Screening Committee short lists the nominations to a manageable size and sends all nominations and their supporting documents to three referees.
6. When all the reports received from the referees on short-listed candidates, the observations of the referees are processed by the IDB Prize Preparatory Committee and presented to the second meeting of the Screening Committee. The Screening Committee in its second meeting evaluates all technical reports and makes a recommendation to the Selection Committee. Sometimes it further reduces the short-list to 3 or 5 candidates from which the Selection Committee may choose a Prize winner.
7. Once nominations are received the IDB Prize Preparatory Committee compiles a list of the nominees and their respective background material ensuring compliance with the nomination procedures, and criteria of nominations as laid down in the IDB Prize Rules.
8. Complete record of each nomination is thoroughly evaluated by the Screening Committee. The Screening Committee short lists the nominations to a manageable number. The short-listed nominations and their supporting documents are sent to three referees by the Screening Committee with specific guidelines. The referees are asked by the Screening Committee to compare the merit of the nominations based on the records submitted and mark each nomination either not suitable, suitable or very suitable giving detailed reasons for each. Based on the referee reports the Screening Committee further short lists the nominations and makes specific recommendations to the Selection Committee. Only the Selection Committee and the Screening Committee have complete access to all records of the nominations. The Selection Committee is the final decision authority of the Prize.
9. The Prize is awarded by the President of the IDB Group in a special ceremony which is held as a side activity of the Annual Meeting of the IDB Board of Governors. In this ceremony, the IDB President makes a short speech and presents the Award, Bank's Emblem and the Decoration to the Prize Laureate who accepts the Prize. Later, the Prize Laureate is invited to IDB Headquarters to deliver a lecture. This lecture is presented to the Academic Committee and if found suitable, it is published under IRTI Lecture Series.

By this, the cycle of the prize is completed.

AWARDS SINCE INCEPTION

The first Prize was awarded in 1408H (1988). The IDB Prize has been in operation for the last 19 years. During these 19 years, the Prize has been awarded to 26 Laureates. Out of these 26 Awards, 13 have been awarded in Islamic Economics and 13 have been awarded in Islamic Banking and Finance. The nomination of the Prize is open both for individuals and institutions. However, only 3 institutions have been successful in getting the Prize. These are Tabung Haji of Malaysia, Centre for Research in Islamic Economics, King Abdul Aziz University, Jeddah, and International Institute of Islamic Economics, IIU, Islamabad, Pakistan. The rest 23 Prizes have been won by individuals for their scholarly contributions.

LIST OF IDB PRIZE LAUREATES