JEDDAH: Islamic Development Bank has declared Professor Seif el-Din Ibrahim Tag el-Din from Sudan as the winner of the IDB Prize in Islamic Economics for the year 2015 in recognition of the important role he played in advancing the cause of Islamic economics.

The prize will be awarded during the 40th IDB Board of governors annual meeting to be held from June 7 to 11in Maputo, Mozambique.

In a statement, chairman of the IDB Group Ahmad Mohamed Ali congratulated the laureate and commend him for the valuable contribution to the development of Islamic economics and wished him greater success.

The IDB Prize Selection Committee comprising eminent scholars and experts which met recently at the bank’s headquarters unanimously decided to award the prize to Tag el-Din in recognition of his original academic works in Islamic Economics, his book on “Maqasid Foundation of Market Economics” which is an important textbook at several universities and academic institutions.

The award also recognizes his advisory services to several governments and Islamic banks, as well as his significant role in developing curriculum in Islamic economics for selected British universities.

Tag el Din is also known for his efforts to address the long-standing challenge of how to bridge the gap between Maqasid Al-Shariah, and the dominant debt-oriented culture within the Islamic financial industry and his proposed recipe — the Istisnaa-hedged Musharakah.