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

First instituted in 1988 as the IsDB Prize in Islamic Economics, Banking and Finance, the Prize was reformed earlier in the year under the new name of ‘IsDB Prize for Impactful Achievement in Islamic Economics.’ This reform expanded the scope of the Prize to reward outstanding achievements in two categories, namely knowledge creation and innovative development solutions guided by the principles of Islamic Economics.

Individuals and institutions engaged in economic development worldwide are invited to nominate projects eligible for the ‘Development Solutions Achievement’ category of the Prize.

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

Prize Information

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.

Criteria

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.

In addition, nominated projects are expected to be:

• Innovative: It shall be new, original, and better than existing solutions
• Impactful: It shall show evidence of significant positive impact on people’s life
• Replicable: It shall be replicable at other places and time
• Sustainable: It shall be financially and operationally sustainable
• Scalable: It shall show clear potential for scaling up with relative ease

For more information, visit IRTI.