Kuala Lumpur, 17 September 2012

King to confer The Royal Award for Islamic Finance on Sept 19

Key personalities in the global Islamic finance industry will gather in Kuala Lumpur next week to witness the recognition to a deserving individual who has contributed extensively to the development of Islamic finance globally.

The Royal Award for Islamic Finance (The Royal Award), now in its quest for the second recipient, aspires to be the benchmark award for global recognition in Islamic finance. The Royal Award will be presented by the King of Malaysia, His Majesty the Yang di-Pertuan Agong here on Wednesday.

A total of 32 nominations were received for The Royal Award. The recipient is selected by an independent international jury, chaired by Tun Musa Hitam, who is also Chairman of the World Islamic Economic Forum Foundation.

Tun Musa said, “The Royal Award recipient is selected by an independent seven-member jury that is made up of Shariah scholars, academicians and Islamic finance practitioners from Asia, Europe, the Middle East and the United States. With this framework, The Royal Award is increasingly being regarded as a global benchmark in identifying exceptional individuals who have shaped and facilitated the growth of the global Islamic financial marketplace.”

Commenting on the selection process, he said, “The jury assesses both the qualitative and quantitative aspects of the nominees’ contributions, reach and impact in global Islamic finance. These include financial innovation and pioneering work, exceptional leadership, adoption and acknowledgement of their contributions within the industry, and inspiration and influence towards future progress and development.”

“I am glad to say that a majority of the submissions are within the parameters that we have set. They are prominent individuals within the fields that they represent. The ones that not only fall within the objectives and criteria but are influential as well, obviously are the ones whom we have shortlisted. Our panel of jurors was highly impressed with the record of sterling achievements of the nominees. We are happy to have selected the individual who best epitomises the high ideals of The Royal Award, which will be announced on Wednesday,” he added.

The Royal Award will be presented during a Gala Dinner held in conjunction with the third Global Islamic Finance Forum (GIFF) 2012, a high-level event that brings together regulators, scholars and financial industry players who are key drivers in the global development of Islamic finance.

The global search for outstanding individuals in Islamic finance started in 2010 when The Royal Award for Islamic Finance was established by the Malaysia International Islamic Financial Centre (MIFC) initiative and supported by Bank Negara Malaysia and the Securities Commission Malaysia. The Dallah Albaraka Group founder Shaikh Saleh Abdullah Kamel of Saudi Arabia was the inaugural Award recipient in 2010.

The Royal Award focuses on an exceptional individual’s record of global achievements in Islamic finance. When nominations closed on 1 June 2012, 32 nominees were drawn from the Middle East, Europe, Africa, North America and the Asia Pacific, indicating the global reach and acceptance of Islamic finance.

Reflecting on the diversity of Islamic finance today, the nominees had come from various stakeholder groups, including Shariah, academia, market practitioners, financial institutions, research institutions, Government agencies and non-governmental organisations (NGOs). They cut across race, gender and religion.

The recipient of The Royal Award will serve as a role model to inspire others to contribute to the advancement of the industry. For more information on The Royal Award, please visit www.mifc.com/award.

On behalf of the Malaysia International Islamic Financial Centre (MIFC) Initiative