The Prize will be awarded to the winner during the 32nd Annual Meeting of the IDB Board of Governors which will be held, inshAllah, in Dakar, Senegal, from 12-13 Jumad Awwal 1428H (29-30 May 2007).
The President of the IDB Group conveyed his congratulation to the winner for this great achievement and, especially, for his meritorious services in the cause of Islamic Economics.
IDB has established this Prize in the year 1408H (1988) with the aim to recognize, reward and encourage the activity of outstanding merit in promoting outstanding work in Islamic Economics, Banking and Finance. Along the past 20 years, 28 (researchers, bankers, economists and institutions) have been awarded the IDB Prize annually, alternating between Islamic Economics and Islamic Banking & Finance.
It is worth noting that the Prize Selection Committee, which was composed of many prominent personalities from different parts of the world outside IDB, conducted its meeting on Monday 7th Rabi' Awwal 1428H (26th March 2007), chaired by Prof. Abdul Rahman Yousri of Alexandria University, and selected the IDB Prize winner for 1427H (2006) in Islamic Economics. The Committee has taken into consideration the final report of the Screening Committee and appreciated all the names which were short-listed. After a thorough discussion, the Committee decided unanimously to recommend the award of the IDB Prize for 1427H ( 2006 ) in Islamic Economics to Prof. Abdus Salam al Abadi.
It was mentioned in citation made by the Committee that Prof. Abdus Salam al Abadi exerted distinctive and continuous efforts in promoting Islamic Economics besides his efforts in Islamic Da'wah and public services. His research output in the field of Islamic Economics is impressive and diversified in addition to his academic contribution, especially, his book on the Ownership in Islamic Shari'ah which is considered, until now, one of the best sources on the subject. He had a pioneer role in the development of Waqf Fund and investment,His vital contribution in the development of national and international institutions of Zakah, Orphans’ social Security.
Having recognized his distinguished work in serving his country, his nation, faith and humanity and in view of his sustained interest, intellectual support and significant academic and practical impact in Islamic Economics the IDB Prize Selection Committee unanimously decides to award the IDB Prize in Islamic Economics for the year 1427H (2006) to Prof. Abdus Salam Al Abadi.