The Islamic Research and Training Institute (IRTI) has extended the deadline for nominations for the Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics for the year 1442H (2021G). The new deadline for accepting nominations and supporting material is 20 December 2020.

The Prize aims to recognise, reward and encourage creative projects that successfully solve important development challenges in the IsDB Member Countries.

Individuals and institutions engaged in economic development worldwide are invited to nominate projects eligible for the ‘Development Solutions Achievement’ category of the Prize, which comes with a US$ 100,000 award for the first-place winner, US$ 70,000 for second place, and US$ 50,000 for third place. Winning projects must be innovative, impactful, sustainable, and consistent with Islamic values.

Nominations are open for submission on the IsDB Prize Portal from 1 July 2020 to 20 December 2020.

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

First instituted in 1988 as the IsDB Prize in Islamic Economics, Banking and Finance, the Prize was reformulated earlier in the year under the new name of ‘IsDB Prize for Impactful Achievement in Islamic Economics.’ The change led to the expansion of the scope of the Prize to reward outstanding achievements in two categories, namely knowledge creation and innovative development solutions guided by the principles of Islamic Economics.

Each category will be awarded every other year, alternating between the two categories for contributions made over the previous seven years. The seven-year period is intended to incentivise the younger generation to contribute to development in IsDB Member Countries.