Jeddah, Kingdom of Saudi Arabia 20 March 2018: The Islamic Development Bank (IsDB) is pleased to announce that Dr. Ahmad Ali Abdullah is the winner of the IsDB's prestigious Prize in Islamic Banking and Finance for the year 1439H (2018).
This award recognizes the important role that Dr. Abdullah has played in advancing Islamic banking and finance across sectors through new regulation and instruments. The prize will be awarded to Dr. Abdullah during the 43rd IDB Board of Governors Annual Meeting in Tunis, the Republic of Tunisia on 15- 19 Rajab 1439H (1- 5 April 2018).
In a statement marking the occasion, Dr. Bandar M. H. Hajjar, President of IsDB, congratulated the laureate on his notable achievements and praised him for his valuable contribution to the development of Islamic banking and finance for development. He also wished him continued success in all future endeavours.
The IsDB Prize Selection Committee is composed of eminent scholars and experts from within and outside the Bank. During a meeting at IsDB Headquarters on 29 Jumad Al-Awal 1439H (15 February 2018), the Selection Committee decided to award the IsDB Prize in Islamic Banking and Finance for the year 1439H to Dr Ahmad Ali Abdullah, and issued the following supporting statement:
"We recognize the influential role he has played in the implementation of the concepts of Islamic finance, whether in banking, insurance or capital markets, and his strong stance for the correct applications of Islamic financial contracts in line with Maqasid Al Shariah.
"We commend the important role he played, along with the late Professor Al-Seddiq Mohammad Al-Amin Al-Darir, in setting the rules of the Islamic finance industry with the first Islamic Central Bank in the world—the Bank of Sudan. Notable too is the crucial part he played in introducing financial certificates, which engendered various Sukūk and certificates, notably the Government of Sudan's Musharaka Certificates (Shahama), the Central Bank of Sudan's Musharaka Certificates (Shamam), the Central Bank of Sudan's Ijarah Certificates (Shihab) and the Government of Sudan's Musharaka Sukūk (Sarh). These new instruments, which have contributed to the development of an Islamic Capital market and are used for liquidity management in the Islamic economic system, have received commendation, at both the academic and practical levels.
"We recognize his role as a member of the Sharia Board of the Accounting and Auditing Organization for Islamic financial institutions, and as a contributor to the Islamic Fiqh Academy, as well as his participation in conferences, symposiums inside and outside Sudan that enhance awareness about Islamic banking and finance."