Nominations for the 2022 IsDB Prize for Impactful Achievement in Islamic Economics will now close on 31 December 2021, instead of the initially announced deadline of 1 December, giving prospective nominators more time to finalize and submit their nominations.
The Islamic Development Bank Institute (IsDBI) had announced the call for nominations back in August, and the Institute has now extended the nomination period.
The 2022 cycle of the Prize aims to recognize, reward, and encourage significant knowledge contributions in areas related to Islamic economics that have the potential to solve major development challenges of IsDB Member Countries.
Individuals and institutions can nominate other individuals and institutions for their contribution to the creation of new knowledge that has made or has the potential to make a substantial impact on economic development based on Islamic principles. The Prize comes with a USD 50,000 award for the first-place winner, USD 30,000 for second place, and USD 20,000 for third place.
Winning knowledge contributions must be innovative, impactful, generalizable (cover several domains) and consistent with Islamic values. In addition, the nominated contributions should be made within the previous seven years to incentivise the younger generation to contribute and encourage new developments.
Nominations can be submitted online here by 31 December 2021. Additional information on the Prize and nomination procedure is available online here, where the information about the call for nominations and brochure can be downloaded.
First instituted in 1988 as the IsDB Prize in Islamic Economics, Banking and Finance, the Prize was reformulated in 2020 under the new name of ‘IsDB Prize for Impactful Achievement in Islamic Economics.’ This reformulation expanded the scope of the Prize to reward outstanding achievements in two categories, namely innovative (i) development solutions guided by the principles of Islamic economics and (ii) knowledge creation.
Each category will be awarded every other year alternating between the two categories for contributions made over the previous seven years.
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