Jeddah : Saturday, April 15, 2006

The Islamic Research and Training Institute of the Islamic Development Bank has announced that HRH Prince Mohamed Al-Faisal Al-Saud of the Kingdom of Saudi Arabia is declared the winner of the IDB Prize in Islamic Banking & Finance for the year 1426H in recognition of his services and pioneering efforts to the development of the concept and business of Islamic Banking & Finance for more than three decades.

The prize is composed of Certificate of Merit and a medal carrying the IDB logo in addition to an amount of money.

The laureate will receive the prize during the Annual Meeting of the IDB Board of Governors , which will take place, by the Grace of Allah, in Kuwait from 3-4 Jumad Awwal 1427H [30-31 May 2006] bringing together 57 countries.

In a statement on this occasion, H.E. Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank congratulated the laureate on his notable accomplishment. He commended him for the valuable contribution to Islamic Banking & Finance and wished him greater success in all his endeavors.

The President, IDB observed that the Bank instituted the prize in 1408H in a bid to honor, reward and encourage outstanding and innovative efforts in Islamic Economics and Islamic Banking & Finance. He further stated that, during the last 20 years, 26 scholars, economists, bankers and institutions the world over have won this prize which is awarded on alternate years in Islamic Economics and Islamic Banking & Finance.

The Selection Committee, headed by H.E. Br. Mahmoud Al-Nouri, a former minister of Finance in Kuwait, was composed of eminent personalities and experts from outside the Bank. It met recently at the IDB headquarters and issued the following statement:

Considering the outstanding and meritorious services of HRH Prince Mohamed Al-Faisal Al-Saud to the development of the concept and business of Islamic Banking & Finance for more than three decades. Recognizing his very valuable contribution in promoting research and training in Islamic banking and finance, giving thought leadership and developing talent for supporting Islamic banking and finance. Taking into account his action to invest and establish a number of Islamic banks, insurance (Takaful) companies and investment companies in Islamic and non-Islamic world which makes him unique and incomparable with any other entrepreneur in this field. Appreciating his pioneering efforts of launching the first multinational corporate entity devoted to Islamic finance: Dar al-Mal al-Islami and introducing the idea of Investment Accounts and Certificates of Investment, which could be sold and purchased on other than their nominal or original price depending on performance of the ventures financed. Taking into consideration his scholarly and inspiring lectures and his sincere devotion for the promotion of Islamic banking and finance. Recognizing his sustained interest, intellectual support and significant leadership efforts to increase the reach and richness in the field of Islamic Banking & Finance;

The IDB Prize Selection Committee unanimously decides to award the IDB Prize in Islamic Banking & Finance for the year 1426H to HRH Prince Mohamed Al-Faisal Al-Saud