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.