ABS in Islamic Economics and Finance - International Award (2nd Edition)

IsDB & Ecole Mohammadia d'Ingénieurs (IFE Lab) are proud to present the 2nd Edition of the

International Award for the best application of Agent-Based Simulation (ABS) in Islamic Economics and Finance

Agent-based simulation (ABS) is a valuable tool for studying complex phenomena and developing practical solutions. Over the past 25 years, ABS has been applied in various areas and fields of applications, including science, engineering, management, business, economics and finance.

The Islamic Development Bank in Jeddah and the Mohammadia School of Engineering (LERMA) of Mohamed V University in Rabat have joined hands to present the 2nd Edition of the Award for Best Application of Agent-Based Simulation (ABS) in Islamic Finance.

This award is intended for young researchers (PhD students and 2019 PhD doctors), to encourage the use of new technologies in Islamic finance and economics, especially the use of agent-based modeling. 
In the second edition of the Award, the applications combining the Blockchain technology and/or smart contracts are strongly encouraged.

The Award is aimed at inspiring student researchers across the world to use and apply ABS to various aspects of Islamic economics and finance. It is envisaged that this would stimulate innovation and creativity in this field and encourage young researchers to contribute to the advancement of the subject to the benefit of their communities and Member Countries.

Eligibility for the Award

The following may apply:

  • students (Ph.D. and Masters preferably)
  • 2019 Ph.D. doctors

The participant will have to furnish a proof of enrolment attested by the educational institution of his/her affiliation.

Submission Criteria

Research Paper

The paper must be original and should not have been published or submitted for publishing before.

The paper format should be as follows:

  • Includes an ‘Abstract’ of 100-150 words
  • Includes 3-5 Keywords
  • Written in MS Word (Font - Times New Roman; Size – 12 pts.; Line and Paragraph Spacing – 2.0). Zipped files will not be accepted.
  • Follows the Harvard referencing system

The paper and the model must be in the area of Islamic economics and finance.

ABS model and code

  • The model must be designed using a freely available platform (i.e. NetLogo)
  • The full code must be submitted together with supporting material (e.g. interface, flow chart)
  • Code must be annotated to explain the objective and function of instructions.

The latest CV of the author(s) must also be included


Submissions will be subjected to a rigorous evaluation process in accordance with academic standards. The best five submissions that meet the criteria will be announced as winners of the Award.


Cash Prize

  • 1st winner - $5,000.00
  • 2nd winner - $3,000.00
  • 3rd winner - $2,000.00 
  • 4th winner - $1,500.00 
  • 5th winner - $1,000.00
  • Commemorative Medal
  • Certificate of Honour

Timeline and Details


Deadline for Submission: 31st October 2019

Announcement of Winners: 1st January 2020

Awards Ceremony: March 2020

Publishing & Copyright

The winning submissions will become the property of the Islamic Development Bank, which will have the right to share, use, and publish the papers and codes of the associated models.

For more details and Submission

Mr. Elhadi Elnahoui 
Islamic Development Bank
Email:  Enahoui@isdb.org

and Mrs. Yosra Alshangiti
Email:  YAlshangiti@isdb.org