The Islamic Development Bank (IsDB) has awarded the IsDB Prize in Islamic Economics, Banking & Finance for the year 1440H (2019) to Dr. Mabid Al Jarhi, in recognition of the significant contributions he made to Islamic economics and banking at both theoretical and practical levels, throughout his career spanning over four decades.
Dr. Bandar M. 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. He also wished him continued success in all future endeavours.
The IsDB Prize Selection Committee for 1440 H said, "Dr. Al Jarhi made significant contributions to the theory of Islamic economics, particularly concerning the relationship between zero-rate of interest and optimal supply of money. In many works, he was able to demonstrate the viability of Islamic banking using the analytical methods of mainstream economics.
"Dr. Al Jarhi successfully designed the first Islamic trade-finance program in 1976-1978 among OIC Member Countries. The program later became a dedicated department for trade at IsDB, unique among multi-lateral development institutions, and subsequently transformed into a standalone entity for financing trade among OIC Member Countries, the Islamic Trade Finance Corporation (ITFC)".
Dr. Al Jarhi held leading positions in key institutions in the Islamic financial industry throughout his extended career. In this capacity, he contributed to the establishment of key Islamic financial and infrastructure institutions of the industry, including Bosnia Islamic Bank, British Islamic Bank, Islamic Financial Services Board and the International Islamic Financial Market.
Chairman of IsDB Prize Selection Committee acknowledges the excellent work carried out by the Screening Committee, the IsDB Prize Preparatory Committee and the Secretariat of the Prize to ensure the credibility of the process.