Deadline: 30-Nov-20
The Islamic Research and Training Institute (IRTI) has announced the call for nominations for the newly reformed Islamic Development Bank Prize for Impactful Achievement in Islamic Economics for the year 1442H (2021G).
First instituted in 1988 as the Islamic Development Bank 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 Islamic Development Bank Prize aims to recognize, 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 for Islamic Development Bank Prize shall meet the following criteria:
- Successfully solve economic and financial challenges;
- Have a 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 the 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 a 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.
About Islamic Development Bank
- The Islamic Development Bank is a multilateral development bank (MDB), working to improve the lives by promoting social and economic development in Member countries and Muslim communities worldwide, delivering impact at scale.
- They provide the infrastructure to enable people to lead better lives and achieve their full potential.
Mission
- They believe all people have the right to live in dignity and prosperity, and that nurturing economic growth is the best route out of poverty.
- They equip people to drive their own economic and social progress at scale, putting the infrastructure in place to enable them to fulfill their potential.
- They build collaborative partnerships between communities and nations, across the public and private sectors.
- They foster innovative and sustainable solutions to the world’s greatest development challenges, as they work towards the UN Sustainable Development Goals.
For more information, visit https://www.isdb.org/news/nominations-open-for-isdb-prize-for-impactful-achievement-in-islamic-economics