Jeddah, KSA, 03.02.2015 - The Islamic Development Bank (IDB), SABIC Chair of Islamic Financial Markets Studies, and Islamic Financial Engineering Lab at Mohamed V University, Morocco, have joined hands to present the first Award for Best Application of Agent-based Simulation (ABS) in Islamic Finance.

The Award is aimed at inspiring student researchers across the world to use and apply Agent-based Simulation (ABS) to various aspects of Islamic economics and finance. ABS is a valuable tool for studying complex phenomena and developing practical solutions. Platforms such as ABS can prove to be effective in understanding multi-agent behavior in complex systems. Over the past 25 years, ABS has been increasingly applied in a variety of fields of knowledge such as science, finance among others.

The Award offers three prizes to the best three winners: first place: $8,000; second place: $6,000; third place: $4,000. Deadline for submission is 30 September 2015.

The Award is in line with the mandate of IDB of promoting Islamic finance by developing innovative Islamic financial products and instruments that support economic growth and development of Member Countries and Islamic financial institutions.

Click here for a detailed Brochure of the Award.