IDB refuses to award prize for development of Islamic Economics for 2013

The Islamic Development Bank has decided to withhold the award of the IDB Prize in Islamic Economics for 2013. According to the Bank, the decision made in the light of the recommendation of the Selection Committee was unanimous after examination of 24 nominations. The IDB established the Prize in 1988 to recognize, reward and encourage activities of outstanding merit to promote Islamic Economics, Banking and Finance. In the last 25 years, 34 researchers, bankers, economists, Shariah scholars and institutions have been awarded the IDB Prize, which alternates annually between Islamic Economics and Islamic Banking & Finance.