ASBU International Center for Islamic Economics and Finance (ICIEF/ULIFAM)’s founder and researcher Professor Mabid Al Jarhi wins 2019 IsDB Prize in Islamic Banking and Finance The IsDB prize Selection Committee decides to award the IsDB Prize in Islamic Economics, Banking and Finance for the year 1440H (2019) to Professor Mabid Al Jarhi, as a recognition of the significant contributions he made to Islamic economics and banking at both theoretical and practical levels, throughout his career spanning over four decades.

Professor Mabid is currently working as professor at Social Sciences University of Ankara (ASBU), Faculty of Religious Studies and International Center for Islamic Economics and Finance (ULIFAM).

Dr. Bandar M. Hajjar, President of IsDB, congratulated the laureate on his notable achievements and praised him for his valuable contribution to the development of Islamic banking and finance. He also wished him continued success in all future endeavours. “His long standing association with the research ensures a lasting impact on the future generation of practitioners in Islamic finance”, said Prof Dr. Engku Rabiah Adawiah Bt Engku Ali, Chairman of IsDB Prize Selection Committee for 1440 H. “Dr. Al Jarhi made significant contributions to the theory of Islamic economics, particularly concerning the relationship between zero-rate of interest and optimal supply of money. In many works, he was able to demonstrate the viability of Islamic banking using the analytical methods of mainstream economics”, she added.

Prof. Engku Rabiah stresses “Dr. Al Jarhi successfully designed the first Islamic trade-finance program in 1976-1978 among OIC Member Countries. The program later became a dedicated department for trade at IsDB, unique among multi-lateral development institutions, and subsequently transformed into a standalone entity for financing trade among OIC Member Countries, the Islamic Trade Finance Corporation (ITFC)”.

He has a long time scholarly and practically experience in Islamic economics, banking and finance. He took part in amending laws to allow for Islamic finance and the preparation of regulation handbook in Kuwait, Kazakhstan and Egypt. He assisted in the establishment new Islamic Banks in the UAE, Algeria, Bosnia, and Kazakhstan.

Professor Al Jarhi held leading positions in key institutions in the Islamic financial industry throughout his extended career. In this capacity, he contributed to the establishment of key Islamic financial and infrastructure institutions of the industry, including: Bosnia Islamic Bank, British Islamic Bank, Islamic Financial Services Board and the International Islamic Financial Market.

Chairman of IsDB Prize Selection Committee acknowledges the excellent work carried out by the Screening Committee, the IsDB Prize Preparatory Committee and the Secretariat of the Prize to ensure the credibility of the process.

The prize will be awarded to Professor Mabid Al Jarhi during the 44th IsDB Board of Governors Annual Meeting in Marrakesh, the Kingdom of Morocco on 3- 6 April 2019.