KUALA LUMPUR – The Royal Award for Islamic Finance 2022 is set to be conferred to the winner at an upcoming ceremony, which will be held here on Oct 4 this year.
A joint statement by Bank Negara Malaysia (BNM) and the Securities Commission (SC) Malaysia stated that the Royal Award recognises visionary individuals whose outstanding achievements and innovative ideas contribute significantly to the growth of Islamic finance, the global economy, and social progress of communities around the world.
In December 2021, a global call for nominations was made and since then, a total of 49 submissions were received for 37 nominees, hailing from different countries. Among the nominees include renowned Islamic finance practitioners, Shariah scholars, as well as academics.
The statement explained that the Royal Award winner is chosen by a seven-member international jury which is led by the former deputy prime minister, Tun Musa Hitam.
The jury panel consists of distinguished Shariah scholars, academics, and finance practitioners who will select the winner through an assessment process that is based on a set of clearly defined selection criteria.
It includes contributions to driving policy development, developing and expanding the Islamic finance market, advocating for Islamic finance, pioneering innovation, expanding the frontiers of knowledge, and demonstrating exceptional leadership and influence.
This year’s winner will be the sixth individual recipient of the coveted Royal Award, established in 2010 as a biennial award in support of Malaysia as the global benchmark of a comprehensive and sophisticated Islamic finance marketplace, the statement added. However, due to the pandemic, the award was deferred in the year 2020.
This year, aside from the Royal Award, the statement also announced two new award categories namely the Emerging Leader Prize and the Impact Challenge Prize, both of which will be presented in a separate ceremony on Oct 5.
For the Emerging Leader Prize, it stated that the prize will be awarded to young international talent who have made exceptional contributions to the advancement of innovative ideas in the field of Islamic finance.
The statement said that the secretariat has received 18 submissions for 14 nominees from eight countries and the winner of the prize is determined by an international Selection Committee, composed of eminent academics and industry professionals.
As for the Impact Challenge Prize, it recognises digital and innovative solutions that are based on Islamic finance principles or Islamic finance enablers, seeking to improve the economic and social resiliency of financially afflicted people worldwide.
The prize is a collaboration between the World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia and the Malaysia Digital Economy Corporation (MDEC).
Winner(s) of the prize are selected based on four criteria which are innovation, impact, commercial viability, and scalability.
The statement said that 50 applications from 14 countries were received for this prize and the applicants who fit the criteria were shortlisted to participate in an accelerator programme where they will have the chance to present their innovative solutions to a panel of judges, made up of senior representatives from BNM, the SC, Islamic Development Bank, World Bank Group, and the venture capital industry.
The Emerging Leader and Impact Challenge Prizes will be presented at the Global Islamic Finance Forum (GIFF) on Oct 5 this year, also in Kuala Lumpur.
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