22 Apr, 2020
The Islamic Research and Training Institute (IRTI) has announced a reform and expansion of scope of the Islamic Development Bank (IsDB) Prize in Islamic Economics, Banking and Finance. The 32-year-old Prize will now be widened to reward outstanding achievements both in knowledge creation and in implementing innovative development solutions guided by the principles of Islamic Economics. It will now be called ‘IsDB Prize for Impactful Achievement in Islamic Economics.’
The evolution of challenges facing IsDB member countries has led to this reform of the Prize, giving rise to more concerted efforts that are required to address major developmental needs in line with the principles of Islamic Economics. The new format of the Prize will also target the younger generation by encouraging recognition of new innovative achievements.
In its new form, the Prize has two categories. The first category will reward significant contributions to knowledge in areas with the potential to solve major development challenges of IsDB member countries; while the second category will reward successful projects that solve critical development challenges in IsDB member countries.
Open to individuals and institutions, the Prize of each category will be awarded every other year, alternating between the two categories for contributions made over the previous seven years. The seven-year period is intended to incentivize the younger generation to contribute to development in member countries.
In the knowledge contribution category, the first-place winner will be awarded USD70,000, while the runner-up and third-place finisher will receive USD30,000 and USD20,000 respectively. In the development solutions category, the reward is USD100,000 for the first place, USD70,000 for the second place, and USD50,000 for the third place.
Winning projects or contributions should be innovative, impactful, sustainable, and consistent with Islamic values. Nominations will open in the second quarter of each year and the award ceremony usually takes place during the IsDB Group Annual Meetings in the same period.
Further information on the Prize, including the nomination criteria, will be made available in June 2020 when the nomination opens.
