A Bangladeshi academic has been chosen for this year's Islamic Development Bank (IsDB) prize for impactful achievement in Islamic economics for significant and influential contributions to the field.
Economist Prof Habib Ahmed, who is the Sharjah Chair of Islamic Law and Finance at Durham University in the UK, was selected for the first prize in recognition of his pioneering and innovative work in Islamic economics and finance, according to an IsDB announcement issued on Saturday.
Two other academics were also chosen for pushing forward knowledge and influencing policymaking for Islamic finance in socio-economic development.
The winners will receive the awards at the IsDB Group Annual Meetings scheduled for June 1 in Sharm el-Sheikh in Egypt.
Prof Habib's contributions emphasize how the Islamic financial sector can focus on economic development and requisite legal and regulatory framework.
His research also examines the possible impact of such efforts on infrastructure development, which could help develop the Islamic social finance sector and enhance financial inclusion.
The professor also contributed to diverse fields of Islamic finance and economics, including Shariah governance, fiscal policy and Shariah screening standards.
In addition to his numerous intellectual contributions, his pioneering work could also be seen in the policy-oriented research he conducted for leading multilateral and standard-setting institutions.
The most notable of these contributions are his works on Sustainable Development Goals and the Role of Islamic Finance, Infrastructure Financing through Islamic Finance in Islamic Countries, and National and Global Islamic Financial Architecture: Problems and Possible Solutions for OIC Member Countries.
The two other winners are Prof Mansur Masih, a senior professor at Universiti Kuala Lumpur Business School, Malaysia, and Prof Tariqullah Khan of the Faculty of Business and Management Sciences, Istanbul Zaim University, Turkey.
Prof Mansur won the second prize for his original and pioneering contributions to econometric applications of Islamic finance, while Prof Tariqullah won the third prize in recognition of his work to integrate Islamic economics and finance with sustainable development and circular economy.
This year’s prize cycle aims to recognize, reward and encourage significant knowledge contributions in Islamic economics with the potential to solve major development challenges of IsDB member countries.
The prize comes with a $50,000 award for first place, $30,000 for second and $20,000 for third.
IsDB President Dr Muhammad Al Jasser congratulated the three laureates for their impactful contributions and wished them success in their endeavours.
The winners were selected by a committee of experts from outside the IsDB Group, whose work was coordinated by the Islamic Development Bank Institute (IsDBI).
IsDBI acting director general Dr Sami Al-Suwailem also congratulated the winners and extended his appreciation to Dr Al Jasser for guiding the institute towards successful coordination of the prize.
