IslamicFinance.de

Winner of the 2016 Islamic Development Bank (IsDB) Prize in Islamic Banking Prof. M. Kabir Hassan has said that Islamic finance could play a bigger role on the global stage especially towards achieving the Sustainable Development Goals (SDGs). This can be achieved through profit-and-risk sharing entrepreneurship, home financing and Islamic social finance instruments of Zakat, Awqaf, and Sadaqah. According to Prof. Hassan, research has proven that the Islamic financial system operates more efficiently and with greater stability. However, he added that for Islamic finance to play its role successfully there is the need to maintain its original binding principles. Prof. Hassan urged regulators to monitor Islamic financial products to ensure that they meet the criteria of maintaining justice. He also urged the IsDB to make available comprehensive and credible Islamic finance data for the use of all industry stakeholders.

University of New Orleans finance professor M. Kabir Hassan has won the IDB Prize in Islamic Banking & Finance from the Islamic Development Bank.The prize is awarded for outstanding merit in the fields of Islamic economics, banking and finance. Hassan will receive an award of about $47,000. He will be presented with the prize at the IDB board of governors’ annual meeting May 15-19 in Jakarta, Indonesia, where he will also deliver a lecture on his research in Islamic finance.