The Islamic Development Bank (IDB) has announced that renowned Shari’ah experts Sheikh Mohammed Mukhtar Al Salami of the Republic of Tunisia and Sheikh Abdullah Bin Sulaiman Al Manee’ of the Kingdom of Saudi Arabia have been jointly awarded the IDB Prize for the year 2007 (1428H) in recognition of their contributions to Islamic banking and finance.

Congratulating the laureates, H.E. Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank, commended their achievements and wished them continuing success in their endeavors.

The Selection Committee, chaired by H.E. Sheikh Saleh Abdullah Kamel, Chairman of The Islamic Chambers of Commerce and one of the pioneers in Islamic banking and finance, was composed of eminent personalities and experts from outside the Bank.

Sheikh Salami is the recipient of a number of medals and awards from Tunisia along with prestigious international awards that are testament to his high academic achievements. He is recognized as a distinguished figure at economic conferences and seminars all over the world and has published a number of works, of which the best known are “The Financial System in Islam’ and ‘Scientific Miracles in the Qur’an’. Sheikh Salami’s vast experience enables him to make invaluable contributions to the field of Islamic finance through his position as a university professor and his leadership and membership of a large number of organizations, companies and institutions.

Sheikh Manee’, a distinguished figure in Islamic economics and a recognized authority on the subject of Islamic Figh and its origin, currently holds the position of President of the Court of Cassation in the Western Region, is a member of the Senior Scientists, and has held other important positions in the area of Ifta, judiciary and Islamic economics. He is well-known for his rulings and published articles in these fields, especially his ‘Paper Cash: its Truth, History, Value and Wisdom’.

In their capacity as members of the Shari'ah Supervisory Commission to Islamic banks and financial institutions, the two Sheikhs’ contributions to Islamic banking and finance include their participation in the development of Shari’ah compliant financial products and their intellectual support in addressing the challenges facing the Islamic banking industry and providing solutions.

The IDB Prize was established in 1988 (1408H) to recognize, reward and encourage activities of outstanding merit in the promotion of Islamic economics, banking and finance. Over the past twenty-one years, a total of 29 researchers, bankers, economists and institutions have been awarded the IDB Prize, alternating annually between the categories of Islamic Economics and Islamic Banking & Finance. This year’s two winners will receive their awards during the IDB Governors Annual Meeting which will take place in Jeddah from June 3–4, 2008.