The Islamic Development Bank (IDB), Jeddah has conferred the IDB Prize in Islamic Economics for the year 2011 on the Islamic Foundation, Leicester, UK, awarded in recognition of its distinguished services and contribution to Islamic Economics. The Prize was received by Dr M. Manazir Ahsan MBE, Director General of the Islamic Foundation at the 36th IDB Board of Governors Annual Meeting in Jeddah on the 29th June 2011. The award was presented by H.E. Dr Ibrahim al-Issaf, Saudi Finance Minister in the presence of over one thousand guests.
Dr Ahmad Muhammad Ali, President of the Islamic Development Bank Group, in his speech congratulated the Islamic Foundation on its notable accomplishments and hoped that it shall encourage more Muslim institutions and scholars in the UK to devote their intellectual resources and work tirelessly for the promotion of Islamic Economics, Banking and Finance. He also thanked the British diplomatic mission in Saudi Arabia for the achievement of this British Islamic institution in the service of Islamic Economics.
Dr Manazir Ahsan in his acceptance speech stated that the global financial crisis has provided a historic opportunity to Islamic Economists and Bankers to initiate a constructive and meaningful dialogue with the intellectuals, policy-makers and practitioners of the contemporary world to carefully examine an alternative approach to set the house of humanity in order.
The IDB Prize Selection Committee, chaired by Professor Hatem Karanshawy, Dean of the faculty of Islamic Studies at Qatar Foundation stated that the IDB Prize Selection Committee had unanimously decided to award the IDB Prize in Islamic Economics for 2011 to the Islamic Foundation, UK.
In the Award Citation, Dr Ahmad Muhammad Ali, President, IDB, outlined four reasons for this distinguished award to the Islamic Foundation:
1. Considering its pioneering efforts in rendering important services to Islamic economics;
2. Recognising and appreciating its contributions to the establishment of Islamic Economics as an independent field of inquiry through innovative research, teaching, training and publications;
3. Realising the significant impact of its publications in Islamic economics and frequent citation of such publications;
4. And in view of its sustained interest, intellectual support and continued commitment to the promotion of Islamic economics.
The IDB has established this Prize in 1988 with the aim to recognize, reward and encourage the activity of outstanding merit in promoting outstanding work in Islamic Economics, Banking and Finance. In the last 23 years, 32 researchers, bankers, economists and institutions have been awarded the IDB Prize annually, alternating between Islamic Economics and Islamic Banking and Finance. The first prestigious prize was awarded to Professor Khurshid Ahmad, the Chairman of the Islamic Foundation, for his seminal contribution to Islamic Economics