JEDDAH, 16 April 2006 — Prince Mohamed Al Faisal has been declared the winner of the IDB Prize in Islamic Banking and Finance for the year 1426H (2005-06) in recognition of his services and pioneering efforts to develop and promote Islamic banking and finance for more than three decades, the Islamic Development Bank announced yesterday.
The prize comprises a certificate of merit and a medal carrying the IDB logo in addition to an amount of money. Prince Mohamed will receive the prize during the 31st annual meeting of the IDB Board of Governors, which is scheduled to be held in Kuwait on May 30-31.
IDB President Dr. Ahmad Mohamed Ali congratulated the prince on his notable accomplishment. He noted the valuable contributions made by Prince Mohamed to Islamic banking and finance and wished him greater success in all his endeavors.
IDB instituted the prize in 1408H in a bid to honor and encourage outstanding and innovative efforts in Islamic economics and Islamic banking and finance. During the last 20 years, 26 scholars, economists, bankers and institutions the world over have won the prize, which is awarded on alternate years in Islamic economics and Islamic banking and finance.
The selection committee, headed by Mahmoud Al-Nouri, a former minister of finance in Kuwait, comprised eminent personalities and experts from outside the bank.
The committee said it picked the name of Prince Mohamed in recognition of his valuable contributions in promoting research and training in Islamic banking and finance, giving ideas and leadership and developing talent for supporting Islamic banking and finance.
The panel said it had also taken into consideration the prince’s efforts in establishing a number of Islamic banks, insurance (takaful) companies and investment firms in Islamic and non-Islamic countries. “These contributions have made him unique and incomparable with any other entrepreneur in this field,” the panel added.
The award also comes in appreciation of Prince Mohamed’s pioneering efforts in launching the first multinational corporate entity, Dar Al-Mal Al-Islami which is devoted to Islamic finance, and for introducing the idea of Investment Accounts and Certificates of Investment.
