JEDDAH: Prince Mohammed Al-Faisal, who has investments in Islamic banks in Geneva, Egypt and Sudan, yesterday announced an annual award worth SR100,000 for the best research in Islamic economics.
He made this announcement while opening a seminar on Islamic economics at Prince Sultan College of Tourism and Hotel Management in Jeddah.
The first research for the prize should focus on how to tackle price hike in the light of Islamic economics, said the announcement. Prince Sultan College will manage the prize.
Prince Mohammed delivered a lecture on the principles of Islamic economics. He highlighted the success achieved by Islamic banking within a short span, adding that it is based on justice, protection of rights and transparency. Prince Mohammed stressed the importance of Zakah system in Islam.