Jun 2005

The Islamic Development Bank has announced that Dr. Shawqi Ahmad Dunya, a professor at the Azhar University, Mansoura Branch of the Arab Republic of Egypt has won the 1425H IDB Prize for Islamic Economics in recognition of his great contribution to the discipline.

The prize is composed of thirty thousand Islamic Dinars i.e. over forty thousand United States dollars, a citation and a medal with an IDB logo inscription.
He will receive the prize at the 30th annual meeting of the IDB Board of Governors, which will take place in Putrajaya, Malaysia from 16 to 17 .5. 1426H (23 – 24 June 2005).

The President of the IDB, Dr. Ahmad Mohamed Ali, has congratulated the winner on his outstanding achievement and commended him for his significant contribution to Islamic
economics and wished him Godspeed and success.

It is note recalling that the Islamic Development Bank introduced the award in 1408H in a bid to honour, reward and encourage individuals or institutions that have excelled and innovated in Islamic economics and Islamic banking. Over the past eighteen years, twenty-six researchers, economists and bankers the world over have won the annual prize, which is alternately awarded between Islamic economics and Islamic banking.

The Prize Selection Committee, chaired by the Head of the Research and Studies Department of Ummul Qura University, Dr. Mohamed Ali Alaqla, met recently at the IDB headquarters in Jeddah and issued the following statement:

The 1425H IDB Prize Selection Committee, composed of eminent scholars and experts from various Muslim countries, met on Wednesday, 10 Rabi I 1426H (18 May 2005) to select the winner of the 1425H IDB Prize for Islamic Economics. The Committee considered and appreciated the final report of the Screening Committee. It noticed that all the nominees shortlisted by the Screening Committee are highly qualified for and worthy of the prize. After lengthy deliberations, the Committee unanimously awarded the 1425H IDB Prize for Islamic Economics to Professor Shawqi Ahmad Dunya.

One of the Committee’s considerations in awarding the prize was that Prof. Shawqi has conducted outstanding research and studies on Islamic economics, particularly his remarkable effort to link Islamic economic heritage with modern economics. Moreover, Prof. Shawqi has taught at several universities over a period spanning a quarter of a century. His excellent research on development finance in Islamic economics has had significant impact in the field of economics. He also outlined and refuted all arguments advocating banking interest in his book on the subject. Furthermore, he highlighted in his book on Ibn Khaldoun the contribution of Muslims to this significant branch of economics.

The Selection Committee has therefore unanimously decided to award the 1425H IDB Prize for Islamic Economics to Prof. Shawqi Ahmad Dunya in recognition of his outstanding contribution to Islamic economics.