The Royal Award for Islamic Finance 2022 (The Royal Award) was bestowed to Tan Sri Dr. Mohd Daud Bakar by the King of Malaysia, His Majesty the Yang di-Pertuan Agong at an award presentation ceremony held in Kuala Lumpur today.

Tan Sri Dr. Mohd Daud Bakar, an eminent Shariah scholar, is widely recognised for his contributions to the development of the global Islamic finance industry. Tan Sri Dr. Mohd Daud Bakar currently serves as Chairman of the Shariah Advisory Council for both Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC). He is also a Shariah board member of international financial institutions and organisations such as Amundi Asset Management (France), Bank of London and Middle East, Dow Jones Islamic Market Index (New York), Morgan Stanley (Dubai), and Sedco Capital (Saudi Arabia). He was also instrumental in developing the first Shariah standard on gold issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). His multi-disciplinary knowledge has helped bridge the application of Shariah principles in modern Islamic finance, leading to further advancement of the industry.

Apart from his active involvement globally, Tan Sri Dr. Mohd Daud Bakar was also a former President of International Islamic University Malaysia (IIUM). In addition, he has established a few Shariah advisory services and fintech companies contributing to Shariah-related framework and policies, product structuring, human capital development and technology solutions.

A prominent figure in Islamic finance thought leadership, Tan Sri Dr. Mohd Daud Bakar is also an award-winning author, with more than 40 books written in various genres. His books shed light on modern scholars’ interpretation of Shariah rulings and its practical application in the Islamic finance industry. He has published numerous articles in academic journals, some of which were presented at established international conferences.

Commenting on the recipient of The Royal Award, Jury Chairman Tun Musa Hitam said, “The Jury went through a stringent and rigorous selection process on the merits and achievements of each nominee before arriving at a final decision. As a respected Shariah scholar, author and entrepreneur, Tan Sri Dr. Mohd Daud Bakar has played a prominent role in shaping the global Islamic finance industry. He is widely recognised for his contributions in advancing Shariah thought leadership in Islamic finance.”

The Royal Award, established in 2010, is a biennial award[1] jointly organised by Bank Negara Malaysia and the Securities Commission Malaysia as part of the Malaysia International Islamic Financial Centre (MIFC) initiative to recognise and honour individuals who have excelled in advancing Islamic finance globally through their outstanding contributions and achievements.

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 Chief Executive Officer of International Islamic Liquidity Management Corporation (2016); Dato’ Dr. Abdul Halim Ismail, founding member of Malaysia’s first Islamic bank (2014); Dato’ Paduka Iqbal Khan, CEO of Fajr Capital (2012); and the late Shaikh Saleh Abdullah Kamel, founder of the Dallah al Baraka Group (2010).

NOTE TO THE EDITOR

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 marketplace capable of meeting the 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 a 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 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, which comprised 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 (BNM) is Malaysia’s central bank. Its principal objective is to promote monetary and financial stability conducive to the sustainable growth of the Malaysian economy. To this end, BNM has played a key role in developing both the conventional and Islamic financial systems with the view that a well-developed financial system contributes to the country’s resilience. Over the years, BNM has also led the promotion of Malaysia as an international Islamic financial centre.

For more information, log on to bnm.gov.my and follow us on Facebook (bnm.official), Twitter (@BNM_official), Instagram (@banknegaramalaysia), LinkedIn (Bank Negara Malaysia), Telegram (banknegaramalaysia), and Youtube (BNMOfficial).

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 regulating and developing 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.