Indonesian Finance Ministry Receives IsDB Prize Award for its Novel Financing Mechanism

14 May, 2023

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Chairman of the Islamic Development Bank Group, H.E. Dr. Muhammad Al Jasser, presented the IsDB Prize for Impactful Achievement in Islamic Economics to a representative of the Indonesian Ministry of Finance as the winner of this year’s prize.

Mrs. Dwi Irianti Hadiningdyah, Director of Islamic Financing at the ministry, received the prestigious award during a Gala Dinner held on 12 May 2023 on the side lines of the IsDB Group Annual Meetings in Jeddah, Kingdom of Saudi Arabia.

She is the team leader of the novel financing mechanism called ‘Cash Waqf-linked Sukuk’, which was selected as the winner of the prize for this year.

Cash Waqf Linked Sukuk is the first large-scale program to finance social projects via non-profit instruments supervised by the government. This form of financing enhances the diversity of the Islamic capital markets and supports the integration between commercial and social Islamic finance.

This year’s prize is awarded under the ‘Development Achievement’ category that recognizes, rewards, and encourages impactful and innovative projects to solve major development challenges of IsDB member countries. The prize award consists of a cash prize of US$100,000 and a certificate.

A committee of experts selected the winner, under the coordination of the IsDB Institute.

In a video message sent to the prize selection committee, Mrs. Hadiningdyah explained how the mechanism was developed and its impact on financing development initiatives. The Cash Waqf Linked Sukuk model can be enhanced in many ways to make a stronger and more lasting impact.

More on the IsDB Prize website here.

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