Sixth Royal Award for Islamic Finance to be conferred on October 4

KUALA LUMPUR: The sixth Royal Award for Islamic Finance will be conferred on Oct 4, 2022, in Kuala Lumpur.

This is to recognise visionary individuals with outstanding achievements and innovative ideas that contribute significantly to the growth of Islamic finance, the global economy, and the social progress of communities around the world.

In a statement, Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) said the Royal Award winner is selected by an independent seven-member international jury comprising eminent Shariah scholars, academicians, and finance practitioners.

It will be headed by former Deputy Prime Minister Tun Musa Hitam.

“The assessment process is based on a set of defined selection criteria, encompassing contributions towards driving policy development, developing and growing the Islamic finance market, advocating for Islamic finance, pioneering innovation, expanding the frontiers of knowledge, and exercising exceptional leadership and influence,” it said.

BNM and the SC said a global call for nominations was made in December 2021, following which 49 submissions were received for 37 nominees of renowned Islamic finance practitioners, Shariah scholars, and academicians from 14 countries.

In addition to the Royal Award, two new award categories have been introduced this year, namely, the Emerging Leader Prize and Impact Challenge Prize which will be presented at the Global Islamic Finance Forum on Oct 5, 2022, in Kuala Lumpur.

The Emerging Leader Prize recognises young international talent who have made outstanding contributions to advancing innovative ideas in the field of Islamic finance.

The Impact Challenge Prize recognises digital and innovative solutions based on Islamic finance principles or Islamic finance enablers, that seek to improve the economic and social resilience of financially impacted communities globally.

“This prize is a collaboration with the World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia and the Malaysia Digital Economy Corporation.

“The prize winners are evaluated based on four criteria, namely innovation, impact, commercial viability and scalability.

Those who met the criteria were shortlisted to join an accelerator programme,” it said.

At the end of the programme, they will present their innovative solutions to a panel of judges, comprising senior representatives from BNM and SC, Islamic Development Bank, World Bank Group and the venture capital industry.