IsDB Prize

IsDB Prize for Impactful Achievement in Islamic Economics

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 was offered for 2021 cycle.

In the Knowledge Contribution category, the first-place winner will be awarded USD50,000, while the runner-up and third-place finishers will receive USD30,000 and USD20,000 respectively. This category will be offered for 2022 cycle.

For further details on the IsDB Prize, nomination criteria, and submission deadlines for the current cycle of the Prize, please check the IsDB Prize Brochure and Call for Nominations document available for download below. To start a nomination please click ‘Registration’.


Contact for More Information
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IsDB Prize Brochure Call for Nominations

Registration Login to the IsDB Prize Site (please register first)*

If you have not created an account kindly register first. The register button will take you to the registration form.

*IsDBG staff do not need to register

List of Previous Laureates of the IsDB Prize

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 Islamic Economics 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 Islamic Economics 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

Winners 2021

The Islamic Development Bank (IsDB) has selected two crowdfunding platforms as winners of the IsDB Prize for Impactful Achievement in Islamic Economics for the year 1442H (2021), in recognition of their innovative and impactful roles in funding projects that advance the principles of Islamic Economics.

LaunchGood, a crowdfunding platform that harnesses technology to bring the Islamic tradition of charity into the contemporary and digital space, has won the first prize, while the second prize has gone to Seed Out, a micro-entrepreneurs crowdfunding platform that addresses economic problems with a focus on solving individual financial challenges. The prize for a third-place winner was withheld.

The prize will be awarded to the two winners during the IsDB Group Annual Meeting, scheduled to be held on 3 - 4 September 2021 in Tashkent, Republic of Uzbekistan.

In a statement on this occasion, IsDB President, Dr. Bandar Hajjar, congratulated the winners on their notable accomplishments, commended them for their contribution to the development of Islamic Economics, and wished them greater success in all their endeavors.

The two winners were selected by the IsDB Prize Selection Committee, comprising eminent experts and scholars from within and outside the IsDB Group, through the coordination of the Islamic Development Bank Institute (IsDBI).

In his comments, Acting Director General of IsDBI and IsDB Group Chief Economist, Dr. Sami Al-Suwailem, congratulated the winners and expressed appreciation to Dr. Bandar Hajjar for his invaluable support and guidance to the Institute in coordinating the prize award.

Below are excerpts from the citations for the two winners issued by the IsDB Prize Selection Committee:

LaunchGood is a very innovative crowdfunding platform which is harnessing technology to bring the 1,400-year-old Islamic tradition of charity into a contemporary and digital space. Operating at the intersection of faith and tech, it provides a decentralized and accessible way for nearly any Muslim in the world to raise money for important projects and have a direct and positive impact on their community. Since launching over seven years ago, LaunchGood has proven itself to be highly scalable, having supported over 28,000 campaigns and raised over $200 million. The platform goes beyond just charity: every campaign is itself a statement of all the good Muslims are doing and are capable of, taking control of the narrative of who Muslims are and their role in the contemporary world. These success stories are seeds of hope planted into the hearts and minds of people across the world who want to believe in and build an inspired future.

Seed Out
Seed Out is very different from many microfinancing businesses. It does not take the position that poverty is cured by making all the poor into entrepreneurs. Instead, it identifies prospective or existing entrepreneurs, and then selects them for support. Seed Out’s original innovation is to provide financing in kind. This gives Seed Out absolute control over the proceeds and allows for the buyer / beneficiary to focus on her or his business, which is better than most existing solutions which pay cash to the beneficiary. Like other crowdfunding platforms, Seed Out allows donors to select specific beneficiaries to support. These features of deeper involvement and in-kind assistance are very impactful, but difficult to manage in wider geographies to achieve wider global impact. However, given the technology, the Seed Out is expected to expand considerably fast globally in few years.

The IsDB Prize for Impactful Achievement in Islamic Economics is a reformulated version of the IsDB Prize in Islamic Economics, Banking and Finance that was first instituted in 1988.

In its new form, the IsDB Prize has an expanded scope to reward outstanding achievements in two categories, offered in alternate years, namely (i) Development Achievement and (ii) Knowledge Contribution. The 1442H (2021) prize cycle is for the Development Achievement category, which called for successful projects solving development challenges in IsDB member countries and Muslim communities worldwide.

Learn more about the winners by clicking on their weblinks below:

  • LaunchGood | USA | Crowdfunding platform—Building an Inspired Future.
  • Seed Out | Pakistan | Micro-entrepreneurs crowdfunding platform.

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