The Royal Award recognises and honours an Islamic finance visionary whose achievements and innovation contribute significantly to the growth of Islamic finance, global economy and social progress of communities around the world. A global call for nominations was made in January 2018, following which 53 submissions were received for 30 candidates, the highest ever since the biennial award was introduced in 2010.

Tun Musa Hitam, Chairman of the World Islamic Economic Forum (WIEF) Foundation, continues to head the seven-member jury which comprises outstanding Islamic finance scholars and industry leaders:

• Tan Sri Zarinah Anwar, Chairman of Malaysia Debt Ventures Berhad; 
• Dato’ Ahmad Tajudin bin Abdul Rahman, Member of Shariah Advisory Council of the Securities Commission Malaysia; 
• Mushtak Parker, Editor of Islamic Banker; 
• Dr. Mulya Effendi Siregar, President Commissioner of PT Bank Mandiri Syariah; 
• Dr. Hamed Hassan Merah, Chief Executive Officer of the Saudi Center for Commercial Arbitration; and 
• Emeritus Professor Rodney Wilson, Former Adjunct Professor, International Centre of Education in Islamic Finance (INCEIF) 

“This year sees a particularly exceptional pool of candidates for the Jury to consider. The pool of candidates is geographically diverse and covers a wide spectrum of stakeholder groups in Islamic finance, including Shariah, academia, market practitioners, research institutions, government agencies and multilateral organisations. It is this inspiring and exceptional leadership seen from all corners of the world that is key to further advancing the world of Islamic finance forward”, said Tun Musa Hitam.

The Jury applies a rigorous selection criteria to assess an individual’s exceptional contribution towards Islamic finance globally. These include driving policy development, developing and growing the market, advocating for Islamic finance, pioneering innovation, expanding the frontiers of knowledge, and exercising exceptional leadership and influence.

Past Royal Award recipients are 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 honourable mention.