Jeddah, Kingdom of Saudi Arabia, 8 August 2021 - The Islamic Development Bank Institute (IsDBI) is inviting nominations for the IsDB Prize for Impactful Achievement in Islamic Economics for the year 1443H (2022). This year, the Prize focuses on the Knowledge Contribution category.

It aims to recognize, reward and encourage significant knowledge contributions in areas related to Islamic economics that have the potential to solve major development challenges of IsDB Member Countries.

Individuals and institutions can nominate other individuals and institutions for their contribution to the creation of new knowledge that has made or has the potential to make a substantial impact on economic development based on Islamic principles. The Prize comes with a US$ 50,000 award for the first-place winner, US$ 30,000 for second place, and US$ 20,000 for third place.

Winning knowledge contributions must be innovative, impactful, generalizable (cover several domains) and consistent with Islamic values. Additionally, the nominated contributions should be made within the previous seven years to incentivise the younger generation to contribute and encourage new developments.

Nominations can be submitted on the  IsDB Prize Portal before 26 Rabi al-Thani 1443H (1st December 2021).

More details on the nomination procedure is available on the  IsDB Prize Portal, where the information about the call for nominations and brochure can be downloaded.

First instituted in 1988 as the IsDB Prize in Islamic Economics, Banking and Finance, the Prize was reformulated earlier in 2021 under the new name of ‘IsDB Prize for Impactful Achievement in Islamic Economics.’ This reformulation expanded the scope of the Prize to reward outstanding achievements in two categories, namely innovative (i) development solutions guided by the principles of Islamic economics and (ii) knowledge creation.

Each category will be awarded every other year alternating between the two categories for contributions made over the previous seven years.

About the IsDB Institute

The Islamic Development Bank Institute (IsDBI), previously known as IRTI, is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDBI is mandated to lead the development of innovative knowledge-based solutions to support the sustainable economic advancement of 57 Member Countries and various Muslim communities worldwide. In alignment with the IsDB Group’s 10-Year Strategy and the President’s 5-Year Program, IsDBI works as a catalyst for knowledge-based sustainable development.