Jeddah,25.5.2009,
The Islamic Research & Training Institute (IRTI) announced on Wednesday that Prof. Zubair Hassan, an Indian national, and who currently lectures at the International Islamic University in Kuala Lumpur, Malaysia, was awarded the IDB prize for 1430H in Islamic economics in recognition of his great contribution in this field.
The prize which carries a value of ID 30,000 (more than US$ 40,000), a citation and a badge with the Bank’s insignia, will be presented to Prof. Hassan on the occasion of the 34th annual meeting of the IDB Board of Governors to be held in Ashgabat, Turkmenistan, on 9-10 Jumad II 1430H (2-3 June 2009).
Speaking on this occasion, Dr. Ahmad Mohamed Ali, the President of the IDB Group, congratulated Prof. Hassan and commended his contribution to Islamic economics and finance and wished him more success in future.
He added that the Bank created this prize in 1408H (1988) in order to encourage and reward all creative contributions in the field of Islamic finance and banking. He pointed out that so far 29 scholars, researchers and economists from various countries have won this prize which is awarded each year alternately in Islamic economics and Islamic banking.
The Prize Selection Committee, which consists of prominent scholars and experts from outside the Bank under the chairmanship of Dr. Abdel Salam Al Ibadi, Secretary General of the Fiqh Academy and former Minister of Awqaf in the Hashemite Kingdom of Jordan, had met at the Bank’s Headquarters in Jeddah and issued the following statement:

The Selection Committee for the IDB Prize for this year met on Sunday 15th Jumad I 1430H (10th May 2009) to select the winner in Islamic economics. The Selection Committee took into consideration the Screening Committee’s final report and expressed its satisfaction that all the nominees recommended by the Screening Committee were highly qualified and eligible for the prize. After much discussion and deliberation, the Selection Committee recommended Prof. Hassan of the International Islamic University Malaysia, for the IDB Prize in Islamic economics for 1430H. In its recommendation the Selection Committee cited Prof. Hassan’s great contribution to Islamic economics research and his numerous publications in this field. It also cited his contribution in developing PhD programs and academic curriculums in the theory and application of Islamic economics and finance. The Committee’s decision to award the prize to Prof. Hassan was unanimous.