The Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics is a renewed version of the 32-year-old IsDB Prize in Islamic Economics, Banking & Finance. The Prize has been widened to reward outstanding achievements both in knowledge creation and in implementing innovative development solutions guided by the principles of Islamic Economics.
In its new form, the IsDB Prize has two category types, namely (i) Development Achievement and (ii) Knowledge Contribution, with each category offered in alternate year cycles and having 1st, 2nd and 3rd place awards.
In the Development Achievement category, the reward is USD100,000 for the first place, USD70,000 for the second place, and USD50,000 for the third place. This category will be offered for 2023 cycle.
In the Knowledge Contribution category, the first-place winner is awarded USD50,000, while the runner-up and third-place finishers receive USD30,000 and USD20,000 respectively. This category was offered for 2022 cycle.
| Year | Branch of the Prize | Laureate | Citizenship/Country |
|---|---|---|---|
| 1408H/ 1988 | Islamic Economics | Prof. Khurshid Ahmad | Pakistan |
| 1409H/ 1989 | Islamic Banking and Finance | Dr. Sami Hasan Ahmad Homoud | Jordan |
| Islamic Economics | Dr. Muhammad Umar Chapra | Saudi Arabia | |
| 1410H/ 1990 | Islamic Banking and Finance | Tabung Haji | Malaysia |
| Islamic Economics | Dr. Muhammad Anas Zarqa | Syria | |
| 1411H/ 1991 | Islamic Banking and Finance | Dr. Ziauddin Ahmad | Pakistan |
| Islamic Economics | Dr. Yousuf Abdullah Al-Qaradawi | Egypt | |
| 1412H/ 1992 | Islamic Banking and Finance | Dr. Sabahuddin Zaim | Turkey |
| 1413H/ 1993 | Islamic Economics | Centre for Research in Islamic Economics | Saudi Arabia |
| 1414H/ 1994 | Islamic Banking and Finance | Dr. Ahmad Mohammed Ali | Saudi Arabia |
| 1415H/ 1995 | Islamic Economics | Dr. Muhammad Omar Zubair | Saudi Arabia |
| 1416H/ 1996 | Islamic Banking and Finance | Cheikh Saleh Abdullah Kamel | Saudi Arabia |
| 1417H/ 1997 | Islamic Economics | Dr. Abdul Rahman Yousri | Egypt |
| Dr. Rafic Al-Misri | Syria | ||
| 1418H/ 1998 | Islamic Banking and Finance | Dr. Tanzilur Rahman | Pakistan |
| 1419H/ 1999 | Islamic Economics | Sheikh Dr. Mohammed Al Habib Ibn Al Khoja | Tunisia |
| 1420H/ 2000 | Islamic Banking and Finance | International Institute of Islamic Economics | Pakistan |
| 1421H/ 2001 | Islamic Economics | Dr. Monzer Kahf | USA |
| Dr. Syed Muhammad Hasanuzzaman | Pakistan | ||
| 1422H/ 2002 | Islamic Banking and Finance | Sheikh Saeed Ahmed Lootah | UAE |
| Prof. John Presley | UK | ||
| 1423H/ 2003 | Islamic Economics | Dr. Abbas Mirakhor | Iran |
| Dr. Mohsin Khan | Pakistan | ||
| 1424H/ 2004 | Islamic Banking and Finance | Dr. Mohammad Ali Al Qari | Saudi |
| 1425H/ 2005 | Islamic Economics | Dr. Shawqi Ahmed Dunya | Egypt |
| 1426H/ 2006 | Islamic Banking and Finance | Prince Mohamad Alfaisal Al Saud | Saudi Arabia |
| 1427H/ 2007 | Islamic Economics | Dr. Abdussalam Dawoud Al-Abbadi | Jordan |
| 1428H/ 2008 | Islamic Banking and Finance | Sheikh Mohammed Mukhtar Al Salami | Tunisia |
| Sheikh Abdullah Bin Sulaiman Al Manee’ | Saudi Arabia | ||
| 1429H/ | Withheld | ||
| 1430H/ 2009 | Islamic Economics | Dr. Zubair Hassan | India |
| 1431H/ 2010 | Islamic Banking and Finance | Prof Rifaat Ahmad Abdul Karim | Sudan |
| 1432H/ 2011 | Islamic Economics | Islamic Foundation | U.K. |
| 1433H/ 2012 | Islamic Banking and Finance | Tan Sri Dr. Zeti Akhtar Aziz | Malaysia |
| 1434H/ 2013 | Withheld | ||
| 1435H/ 2014 | Islamic Banking and Finance | Sheikh Taqi Usmani | Pakistan |
| Prof. Rodeny Wilson | UK | ||
| 1436H/ 2015 | Islamic Economics | Dr. Saif El din Ibrahim Taj El din | UK |
| 1437H/ 2016 | Islamic Banking and Finance | Prof. Mohammad Kabir Hassan | USA |
| 1438H/ 2017 | Withheld | ||
| 1439H/ 2018 | Islamic Banking and Finance | Dr. Ahmed Ali Abdullah | Sudan |
| 1440H/2019 | Islamic Economics, Banking and Finance | Dr. Mabid Ali al-Jarhi | Egypt |
| 1441H/2020 | Withheld | ||
| 1442H/ 2021 | IsDB Prize for Impactful Achievement in Islamic Economics | LaunchGood | USA |
| Seed Out | Pakistan | ||
| 1443H/ 2022 | IsDB Prize for Impactful Achievement in Islamic Economics | Prof. Habib Ahmed | UK |
| Prof. Mansur Masih | Malaysia | ||
| Prof. Tariqullah Khan | Canada | ||
Three renowned professors have been selected as winners of the 1443H (2022) Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics for their significant and influential contributions in the field of Islamic economics and finance.
The winners, Prof. Habib Ahmed (first prize), Prof. Mansur Masih (second prize), and Prof. Tariqullah Khan (third prize), are internationally recognized academics who produced pioneering and impactful scholarly works.
Prof. Habib Ahmed, the Sharjah Chair in Islamic Law and Finance at Durham University, Durham, U.K., was selected for the first prize in recognition of his pioneering and innovative work in Islamic economics and finance that pushed forward knowledge and influenced policymaking for the use of Islamic finance in socio-economic development.
Prof. Mansur Masih, a Senior Professor at Universiti Kuala Lumpur Business School, Malaysia, won the second prize for his original and pioneering contributions to econometric applications of Islamic finance.
Prof. Tariqullah Khan, a professor at the Faculty of Business and Management Sciences, Istanbul Zaim University, Turkey, won the third prize in recognition of his work to integrate Islamic economics and finance with sustainable development and circular economy.
This year’s prize cycle aims to recognize, reward and encourage significant knowledge contributions in Islamic economics with the potential to solve major development challenges of IsDB member countries. The prize comes with a US$ 50,000 award for the first prize winner, US$ 30,000 for the second prize, and US$ 20,000 for the third prize.
In his comments on the occasion, IsDB President, H.E. Dr. Muhammad Al Jasser, congratulated the three laureates for their impactful knowledge contributions and wished them success in their various endeavours.
The winners were selected by a committee of experts from outside the IsDB Group, whose work was coordinated by the Islamic Development Bank Institute (IsDBI). The winners will receive their prize awards during the IsDB Group Annual Meetings, scheduled for 1 – 4 June 2022 in Sharm al-Sheikh, Egypt.
Acting Director-General of IsDBI, Dr. Sami Al-Suwailem, also congratulated the winners and extended his appreciation to H.E. Dr. Al Jasser for guiding the Institute towards successful coordination of the prize.
Here are excerpts from the citations issued by the prize selection committee:
Prof. Habib Ahmed’s knowledge contributions emphasize how the Islamic financial sector can focus on economic development, the requisite legal and regulatory framework, and the potential impact of such efforts in infrastructure development which could also help in developing the Islamic social finance sector and engender financial inclusion. He also contributed to diverse areas in Islamic finance & economics, including Shariah governance, fiscal policy, and Shariah screening standards.
In addition to his numerous intellectual contributions, his pioneering work could also be seen in the policy-oriented research he conducted for leading multilateral and standard-setting institutions. Notable among these contributions are his work on Sustainable Development Goals and the Role of Islamic Finance, Infrastructure Financing through Islamic Finance in the Islamic Countries, and National and Global Islamic Financial Architecture: Problems and Possible Solutions for OIC Member Countries.
Prof. Mansur Masih has set the trend in bringing out ground-breaking works, particularly in the area of empirical Islamic economics and finance. His pioneering contributions in advanced econometric applications to Islamic finance manifested in a number of publications in high-ranking journals has a wide outreach among economics and finance researchers, especially for those who highly regard the empirical approach. Moreover, Prof. Masih has a measurable impact and contribution to higher education and graduate studies.
Prof. Tariqullah Khan was able to carve a niche through his works to revitalize the original value proposition of Islamic economics and finance. He successfully integrated the ideals of Islamic economics and finance, Maqāsid al-Sharīʿah, and the Sustainable Development Goals (SDGs). He also successfully introduced circular economy within Islamic economics and was able to infuse these insights into several Ph.D. programs in various universities in IsDB Member Countries.
List of IDB Prize Winners
IDB Prize Form English 1440