It has been indeed an occasion of extreme joy and pride that the Institute’s contributions to the development of Islamic Economics and Banking have been accordingly recognized. The Islamic Development Bank has, in recognition of Institute’s significant contributions, awarded the 1420H Award in Banking to the Institute. The award comprised of a sum of US $ 40,000/-, which will further help in diversifying Institute’s potentials in research, training and teaching. It is envisaged and hoped that the award will serve as a resource of great strength and shall go a long way in achieving the national objectives of Islamization of the economy and the banking system in Pakistan. The award, which is indeed an honour for the Institute, the university and Pakistan, is a reflection of very prudent and objective utilization of the public funds which have been entrusted to the Institute by the generous benevolence of the Government of Pakistan under the patronage of the International Islamic University.
While conferring the prize, The IDB President Dr. Ahmad Muhammad Ali enlightened the criteria for the award as under:
The Selection committee for the Annual Prize for the Year 2000, which consisted of eminent scholars from around the world, decided to award the IDB Prize (in Islamic Banking) for the Year 2000 to International Institute of Islamic Economics of the International Islamic University, Islamabad.
The Selection of the IIIE for the Award is:
  • In recognition of the leading efforts that the IIIE made towards the application of basic concepts of Islamic financing.
  • In appreciation of the contribution of the IIIE towards developing the subject on scientific basis.
  • In appreciation of the Institute’s leadership role for developing the areas of Islamic Banking, Islamic Economics and Islamic Finance through teaching, research and training programmes.
  • In recognition of the valuable services rendered by the Institute for the reform of interest-based banking in Pakistan in accordance with the principles and Ahkam of the Shari’ah, especially training of bank employees for using Islamic financial instruments.
  • In appreciation of the Institute’s role in preparing various technical and academic reports on Islamic banking, which have facilitated the way for Islamic banking in Pakistan.
  • In appreciation of the services extended by the Institute to the Government of Pakistan, the Council of Islamic Ideology and the Federal Shariat Court of Pakistan for the elimination of Riba from the economy.
  The IDB Prize in
  Islamic Banking
  Awarded to
  International Institute of Islamic Economics