Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) are pleased to announce that the Royal Award for Islamic Finance 2022 will be conferred at a ceremony on 4 October 2022 in Kuala Lumpur.

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. A global call for nominations was made in December 2021, following which 49 submissions were received for 37 nominees from 14 countries. These nominees include renowned Islamic finance practitioners, Shariah scholars, and academicians.

This year’s winner will be the sixth recipient of the prestigious Royal Award, which was  inaugurated in 2010 as a biennial award¹ in support of Malaysia as the global standard of a comprehensive and sophisticated Islamic finance marketplace.

The Royal Award winner is selected by an independent seven-member international jury headed by former Deputy Prime Minister Tun Musa Hitam. The jury comprises eminent Shariah scholars, academicians, and finance practitioners. 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.

In addition to the Royal Award, two new award categories have been introduced this year - the Emerging Leader Prize and Impact Challenge Prize which will be presented in a separate ceremony.

The Emerging Leader Prize recognises young international talent who have made outstanding contributions in advancing innovative ideas in the field of Islamic finance. For this award, the Secretariat has received a total of 18 submissions for 14 nominees from 8 countries. The prize winner is determined by an international panel of Selection Committee, comprising esteemed academicians and industry practitioners.

Meanwhile, 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 winner(s) are evaluated based on four criteria - innovation, impact, commercial viability and scalability.

The organisers have received 50 applications from 14 countries for the Impact Challenge Prize. Those who met the criteria were shortlisted to join an Accelerator Programme. At the end of the Programme, they presented 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.

The Emerging Leader and Impact Challenge Prizes will be presented at the Global Islamic Finance Forum (GIFF) on 5 October 2022 in Kuala Lumpur.

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¹ Due to the pandemic, the Royal Award was deferred in 2020.

NOTE TO THE EDITOR

The Royal Award for Islamic Finance Past Recipients

Past Royal Award recipients are Tan Sri Dr. Zeti Akhtar Aziz, former Governor of Bank Negara Malaysia (2018); Professor Datuk Dr Rifaat Ahmed Abdel Karim, former CEO of the International Islamic Liquidity Management Corporation (2016); Dato’ Dr Abdul Halim Ismail, founding member of Malaysia’s first Islamic bank (2014); Mr Iqbal Khan, CEO of Fajr Capital (2012); and Shaikh Saleh Abdullah Kamel, founder of the Dallah al Baraka Group (2010). The Royal Award in 2010 also recognised the late Dr Ahmad El-Naggar who was often referred to as 'Father of Modern Islamic Banking', with a posthumous honorable mention.

About Malaysia's Islamic Finance Marketplace

Since its origin nearly 40 years ago, Islamic finance in Malaysia has evolved into a well-developed and comprehensive Islamic finance marketplace, capable of meeting diverse needs of the economy and society. The marketplace is characterised by a robust regulatory, supervisory, Shariah and legal framework, deep and progressive Islamic financial markets, diverse set of players, multi-asset commodity and exchange platforms, efficient multi-channel payment gateways to facilitate financial intermediation as well as talent base with global capabilities and connectivity for business deals anywhere in the world.

Malaysia’s Islamic finance marketplace is open to global industry players and market participants to collaborate with and mutually benefit from a highly conducive business environment of innovation, expertise and deal flow. Our marketplace is a comprehensive Islamic finance ecosystem and business environment of infrastructure, innovation, expertise and deal flow, served by the Malaysia International Islamic Financial Centre (MIFC) Community, comprising the financial institutions, professional firms, regulators and government agencies.

For more information on Malaysia’s Islamic finance marketplace, please visit www.mifc.com and follow us on Twitter (@MalaysiaIF) / LinkedIn (@Malaysia World's Islamic Finance Marketplace).

About Bank Negara Malaysia

Bank Negara Malaysia is Malaysia’s central bank. Our principal objective is to promote monetary stability and financial stability conducive to the sustainable growth of the Malaysian economy. To this end, we played a key role in developing both the conventional and Islamic financial system with the view that a well-developed financial system contributes to the country’s resilience. Over the years, we have also taken the lead in promoting Malaysia as an International Islamic Financial Center.

Log on to www.bnm.gov.my for more information.

About Securities Commission Malaysia

The Securities Commission Malaysia (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Capital Markets and Services Act 2007. More information about the SC is available on its website at www.sc.com.my. Follow the SC on Twitter at @SecComMy for more updates.

About The World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia

The World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia is a partnership between Malaysia and the World Bank. The Hub works closely with counterparts in country and beyond by conducting analytical, advisory, and research work to support inclusive growth, promote sustainable finance and inclusive finance and to enhance good governance.

Log on to www.wbg.org/my or www.facebook.com/worldbankmalaysia for more information.