An Indian scholar Prof. Zubair Hassan, presently teaching in the International Islamic University, Kuala Lumpur, Malaysia, was awarded the IDB prize for 1430H in Islamic economics in recognition of his great contribution in this field. The prize which carries a value of ID 30,000 (more than US$ 40,000), a citation and a badge with the Bank’s insignia, was presented to him on the occasion of the 34th annual meeting of the IDB Board of Governors held in Ashgabat, Turkmenistan, on 2-3 June 2009.

Speaking on this occasion, Dr. Ahmad Mohamed Ali, the President of the IDB Group, said the Bank created this prize in 1988 in order to encourage and reward all creative contributions in the field of Islamic finance and banking. He pointed out that so far 29 scholars, researchers and economists from various countries have won this prize, which is awarded each year alternately in Islamic economics and Islamic banking.

After much discussion and deliberation, the Selection Committee recommended Prof. Hassan of the International Islamic University Malaysia, out of several eminent nominees, for the IDB Prize in Islamic economics for 1430H. In its recommendation the Selection Committee cited Prof. Hassan’s great contribution to Islamic economics research and his numerous publications in this field. It also cited his contribution in developing PhD programmes and academic curriculums in the theory and application of Islamic economics and finance.