Jeddah, Kingdom of Saudi Arabia, 14 April,2016 - The Islamic Development Bank (IDB) has announced Professor Mohammad Kabir Hassan of the University of New Orleans as the winner of the IDB Prize in Islamic Banking and Finance for the year 2016.

Dr. Ahmad Mohamed Ali, President of IDB Group, congratulated Professor Hassan for his achievements, and commended his valuable contribution to the development of Islamic Banking and Finance, and wished him greater success in all his endeavors.

The IDB Prize Selection Committee comprising eminent scholars and experts from outside and inside the IDB reached a unanimous decision on Professor Kabir Hassan during a meeting at the IDB headquarters on Thursday 24.03.2016. The Committee noted the quality of the intellectual contribution of Professor Hassan, and the impact of his research in the field of Islamic Banking and Finance. The scholars also took into consideration the services rendered by Professor Hassan to various Multilateral
Development Banks, as well as his role in introducing law for Islamic banks to operate with a clear legal code in his home country of Bangladesh.

The IDB has established this Prize since the year 1408H (1988) with the aim of recognizing, rewarding and encouraging outstanding contributions in promoting Islamic Economics and Islamic Banking and Finance. In the past 28 years, 29 researchers, bankers, economists, Shari’a scholars and institutions have been awarded the IDB Prize.

The Prize will be awarded to Professor Kabir Ahmad during the 41st IDB Board of Governors Annual Meeting, to be held in Jakarta, Indonesia from 15-19 May, 2016.