IsDB Prize for Impactful Achievement in Islamic Economics 2024

Deadline: 30-Nov-23

The Islamic Development Bank Institute (IsDBI) is inviting nominations for the IsDB Prize for Impactful Achievement in Islamic Economics for the year 2024.

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.

Scope of the Prize

• The Prize is in the following two categories:
  • Prize for Development Solution Achievement: This category will recognize and reward successful projects that solve important development challenges in IsDB Member Countries.
  • Prize for Knowledge Contribution: This category will recognize and reward significant contributions to knowledge in areas related to Islamic Economics that have the potential to solve major development challenges of IsDB Member Countries.
• Nominations for the Prize in each of the two categories are restricted to projects/knowledge contributions made in the last seven years, so as to promote new and innovative ideas and achievements.
• Each category will have a winner and two runners-up, with each awardee receiving a certificate and a monetary award.
  • Prize for Knowledge Contribution
    • First Prize $50,000
    • Second Prize $30,000
    • Third Prize $20,000
  • Prize for Development Solution Achievement
    • First Prize $100,000
    • Second Prize $70,000
    • Third Prize $30,000

Key Features

The reformed IsDB Prize has the following new key features:

• Expanded scope of the Prize to include major achievements in areas directly relevant to IsDB Group and its Member Countries towards achievement of the Sustainable Development Goals (SDGs).
• The contribution of younger generations will be easily recognized, by focusing on work contributed within past seven years. Also, this condition gives preference to new ideas and recent contributions.
• The higher value of the Prize and having a winner and two runnersup in each category make the Prize more attractive, thereby encouraging knowledge creation and impactful projects.
• The process of nomination, screening, and selection have new dimensions that ensure the selection of effective solutions to development challenges.

Criteria

• 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.
• Under each prize category, a winning nomination shall 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 IsDBI.