Scholarships

IsDB Prize for Impactful Achievement in Islamic Economics 2021

Good news! IsDB Prize for Impactful Achievement in Islamic Economics is currently open. IRTI -Islamic Research and Training Institute calls for nominations for the freshly reformed Islamic Development Bank (IsDB) Prize for Impactful Accomplishment in Islamic Economics for the year 1442H (2021G).

Application Deadline: 30th November 2020.

IsDB Prize for Impactful Achievement in Islamic Economics is a renewed version of the 32-year-old IsDB Prize in Islamic Economics, Banking & Finance. The Reward has been expanded to reward exceptional accomplishments both in knowledge creation and in implementing innovative development solutions guided by the values of Islamic Economics.

Beneath the new setup, the Prize has two classifications. The first category will give noteworthy contributions to knowledge in fields with the prospects to find solution major growth challenges of IsDB Member Nations; while the second category will reward successful projects that solve grave growth encounters in IsDB Member Countries.

In the knowledge contribution stage, the winner will be granted USD70,000, while the runner-up and third-place finisher will get USD30,000 and USD20,000 correspondingly. In the development solutions category, the prize is USD100,000 for the first position, USD70,000 for the second position, and USD50,000 for the third position.

The Prize purposes to identify incentive and encourage creative projects that successfully solve significant development encounters in the IsDB Member Countries (MCs).

Type: Award

Eligibility IsDB Prize for Impactful Achievement in Islamic Economics

The nominated projects shall meet the following criteria:
▪ Successfully solve economic and financial challenges;
▪ Hold positive and noteworthy influence on people’s life;
▪ Be reliable with moral values as directed by the principles of Islamic
economics; and
▪ Have been initiated within past seven years.

The Prize will be granted just in one category yearly, interchanging
within the classification (a) Prize for Knowledge Contribution, and category
(b) Prize for Development Solution Achievement. Self-nominations are
not acknowledged for the prize category on knowledge contribution; although
individuals or institutions can recommend themselves for the prize category
on development solution accomplishment. The admissibility criteria are
shown below for each category of the prize.

Selection Criteria IsDB Prize for Impactful Achievement in Islamic Economics

The Projects shall be:

  1. Groundbreaking: It should be novel, original, and better than existing solutions
  1. Impactful: It shall show evidence of significant positive impact on people’s life
  2. Replicable: It shall be replicable at other places and time
  3. Sustainable: It shall be financially and operationally sustainable
  4. Scalable: It shall show clear potential for scaling up with relative ease

Every category will be granted every further year, alternating between the two categories for contributions made over the previous seven years. The 7-year length of time is intended to incentivise the younger generation to contribute to development in MCs.

Eligible Countries: IsDB Member countries

Number of Awards: Not specified

Benefits of IsDB Prize for Impactful Achievement in Islamic Economics

Persons and establishments engaged in economic growth globally are summoned to recommend projects eligible for the ‘Development Solutions Achievement’ category of the Prize, which comes with a US$ 100,000 prize for the first-position winner, US$ 70,000 for second position, and US$ 50,000 for third place. Winning projects must be groundbreaking, worthy, viable, and stable with Islamic values.

How to Apply for IsDB Prize for Impactful Achievement in Islamic Economics

Submissions can be done on the IsDB Prize Portal from 1st July 2020 to 30th November 2020.

Further information on the nomination process is obtainable on IRTI website and on the dedicated IsDB Prize Portal, where the information about the call for nominations and brochure can be downloaded from the ‘Announcement’ tab.

  • It is vital to go through all application prerequisite in the Award Webpage (see Link below) before applying.
  • GOODLUCK as you apply for IsDB Prize for Impactful Achievement in Islamic Economics.

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