IsDB Prize for Impactful Achievement in Islamic Economics 2021

Published by
Ifeoma Chime

The Islamic Research and Training Institute (IRTI) would like to announce the call for nominations for the newly reformed Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics for the year 1442H (2021G).

Application Deadline: 30th November 2020.

About the Award: 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.

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.

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.

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: The Projects shall be:

1. Innovative: It shall be new, original, and better than existing solutions

  1. Impactful: It shall show evidence of significant positive impact on people’s life
  2. Replicable: It shall be replicable at other places and time
  3. Sustainable: It shall be financially and operationally sustainable
  4. Scalable: It shall show clear potential for scaling up with relative ease

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 incentivise the younger generation to contribute to development in MCs.

Eligible Countries: IsDB Member countries

Number of Awards: Not specified

Value of Award: Individuals and institutions engaged in economic development worldwide are invited to nominate projects eligible for the ‘Development Solutions Achievement’ category of the Prize, which comes with a US$ 100,000 award for the first-place winner, US$ 70,000 for second place, and US$ 50,000 for third place. Winning projects must be innovative, impactful, sustainable, and consistent with Islamic values.

How to Apply:

Nominations can be submitted on the IsDB Prize Portal from 1st July 2020 to 30th November 2020.

More details on the nomination procedure is available on IRTI website and on the dedicated IsDB Prize Portal, where the information about the call for nominations and brochure can be downloaded from the ‘Announcement’ tab.

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

Visit Award Webpage for Details

This post was last modified on November 16, 2020 4:12 pm