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IsDB Prize for Impactful Achievement in Islamic Economics 2022

IsDB Prize for Impactful Achievement in Islamic Economics 2022: The Islamic Research and Training Institute (IRTI) would like to announce the call for nominations for the Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics.

Application Deadline: 31st December 2021.

About the IsDB Prize for Impactful Achievement in Islamic Economics: First instituted in 1988 as the IsDB Prize in Islamic Economics, Banking and Finance, the Prize was reformulated in 2020 under the new name of ‘IsDB Prize for Impactful Achievement in Islamic Economics.’ This reformulation expanded the scope of the Prize to reward outstanding achievements in two categories, namely innovative (i) development solutions guided by the principles of Islamic economics and (ii) knowledge creation.

Under the new format, 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.

Each category will be awarded every other year alternating between the two categories for contributions made over the previous seven years.

The Prize aims to recognise, reward and encourage creative projects that successfully solve important development challenges in the IsDB Member Countries (MCs).

Type: Award

Eligibility: The nominated projects shall meet the following criteria:

▪ Successfully solve economic and financial challenges;
▪ Have positive and significant impact on people’s life;
▪ Be consistent with moral values as guided by the principles of Islamic economics; and
▪ Have been initiated within past seven years.

The Prize will be awarded only in one category each year, alternating between the category (a) Prize for Knowledge Contribution, and category (b) Prize for Development Solution Achievement. Self-nominations are not accepted for the prize category on knowledge contribution; whereas individuals or institutions can nominate themselves for the prize category on development solution achievement. The admissibility criteria are shown below for each category of the prize.

Selection Criteria: Winning knowledge contributions must be innovative, impactful, generalizable (cover several domains) and consistent with Islamic values. In addition, the nominated contributions should be made within the previous seven years to incentivise the younger generation to contribute and encourage new developments.

Eligible Countries: IsDB Member countries

Number of Awards: Not specified

Value of IsDB Prize for Impactful Achievement in Islamic Economics: Individuals and institutions can nominate other individuals and institutions for their contribution to the creation of new knowledge that has made or has the potential to make a substantial impact on economic development based on Islamic principles. The Prize comes with a USD 50,000 award for the first-place winner, USD 30,000 for second place, and USD 20,000 for third place.

How to Apply:

Nominators for IsDB Prize for Impactful Achievement in Islamic Economics who are non-IsDBG staff need to register first by clicking the ‘Registration’ button on the prize site.

Nominations can then be submitted online here by logging in using the registered account, maximum by 31 December 2021.

Additional information on the Prize and nomination procedure is available online here, where the information about the call for nominations and brochure can be downloaded.

  • It is important to go through all application requirements in the Award Webpage (see Link below) before applying.

Visit Award Webpage for Details