The Royal Award For Islamic Finance

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The Royal Award for Islamic Finance (RAIF)
Royal Award Logo-01.jpg
Awarded for Outstanding contributions towards the advancement of Islamic finance globally
Country Malaysia
First awarded October 2010
Website http://www.theroyalaward.com

The Royal Award for Islamic Finance (RAIF) is an international award that is held every 2 years to recognise one exceptional individual who has excelled in advancing Islamic finance globally through outstanding performance and contribution. The Royal Award provides further impetus to deepen the body of knowledge and cross-border application of Islamic finance.

Inspired by ethical principles that drive the industry, this recognition is unique and meant to highlight the individual’s outstanding contribution and its impact towards the advancement of Islamic finance globally, beyond commercial achievements.[1]

Established in 2010 under the Malaysia International Islamic Financial Centre (MIFC) initiative and supported by Bank Negara Malaysia and Securities Commission Malaysia, the first winner for The Royal Award is expected to be announced at The Royal Award Gala Dinner and Award Presentation ceremony to be held in Kuala Lumpur on 25 October 2010.

The Royal Award for Islamic Finance is headed by a special taskforce which is led by the Securities Commission Malaysia Chairman, Zarinah Anwar. Dr Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, also added that the award is timely to recognise individuals who have contributed towards shaping the global Islamic finance industry, which has become one of the fastest growing segments in international finance.

Other distinguished awards in Islamic finance include Islamic Development Bank Prize in Islamic Finance (commonly known as IDB Prize) and Global Leadership in Islamic Finance Award offered by Global Islamic Finance Awards.

[edit]

A diamond shape is commonly used in Arabic calligraphy, to form the main graphic element of the logo.

The five diamonds represent the five pillars of Islam as well as the principles of Islam as well as principles of Islamic finance: good governance, transparency, fairness, faith and risk-sharing.

The five diamonds are laid out to form a circle bringing forth the values of unity and symmetry of Islamic design, creating a balance between the modern and financial world and its ties to Islamic heritage.

Jury Members[edit]

The Royal Award winner is selected after a rigorous and robust evaluation and selection process conducted by an independent 8-member jury panel, comprising eminent individuals, Shariah scholars, academicians and Islamic finance practitioners from around the world.[2]

2012 Jury Members[edit]

Juror Career Background
Musa Hitam
  • Former Deputy Prime Minister of Malaysia
  • Chairman of the World Islamic Economic Forum (WIEF) Foundation
  • Chairman of Sime Darby Berhad
  • Member of International Advisory Council of Brookings Doha Center
Abdul Hamid Mohamad
  • Former Chief Justice of the Federal Court of Malaysia
  • Member of the Shariah Advisory Council of Bank Negara Malaysia and the Securities Commission Malaysia
  • Chairman of the Law Harmonisation Committee
  • Has presented and published various papers focusing on Common Law and Shariah
Professor Dr. Volker Nienhaus
  • Former President, University of Marburg, Germany
  • Member of the Governing Council of INCEIF
  • Consultant to the Islamic Financial Services Board (IFSB)
  • Published numerous books and articles on Islamic economics, banking and finance
Professor Dr. Abbas Mirakhor
  • Former IMF Executive Director
  • Received the IDB’s 2003 prize in Islamic economics
  • Has publications in the areas of Islamic finance, microeconomics theory and mathematical economics, amongst others
  • Holder of 1st INCEIF Chair in Islamic finance (2010)
Dr. Mohamed Ali Elgari
  • Professor of Islamic Economics at King Abdul Aziz University, Saudi Arabia
  • Former Director of Center for Research in Islamic Economics, King Abdul Aziz University
  • Expert in Islamic Jurisprudence – Academies of the Organization of Islamic Countries and the Islamic World League
Dr. Abdul Razaque
  • CEO and owner of M-learning platform inc. USA
  • Former Secretary General of Rania Welfare Trust for Pakistan to promote the education
  • Former Project Director for UNESCO in Information Technology for Pakistan
  • Scholar, Social worker and Novelist
A. Riawan Amin
  • Chairman of the Indonesian Association of Islamic Banks
  • Director of the General Council for Islamic Banks and Financial Institutions Indonesia
  • Former President of Bank Muamalat Indonesia
Dr. Yahia Abdul-Rahman
  • Founder, Chairman and CEO of LARIBA Bank of Whittier, USA
  • Former Chairman of the Islamic Shura Council of Southern California
  • Has lectured and presented papers at various Islamic finance forums across the world

2010 Jury Members[edit]

Juror Representing Country Career Background
Musa Hitam (Jury Chairman) Malaysia
  • Former Deputy Prime Minister of Malaysia
  • Chairman of the World Islamic Economic Forum (WIEF) Foundation
  • Chairman of Sime Darby Berhad
  • Member of International Advisory Council of Brookings Doha Center
Abdul Hamid Mohamad Malaysia
  • Former Chief Justice of the Federal Court of Malaysia
  • Member of the Shariah Advisory Council of Bank Negara Malaysia and Securities Commission Malaysia
  • Chairman of the Anti-Corruption Advisory Council of the Malaysia Anti-Corruption Commission (MACC)
Professor Dr. Volker Nienhaus Germany
  • Former President, University of Marburg, Germany
  • Member of the Governing Council of INCEIF
  • Consultant to the Islamic Financial Services Board (IFSB)
  • Published numerous books and articles on Islamic economics, banking and finance
Professor Dr. Abbas Mirakhor USA
  • Former IMF Executive Director
  • Received the IDB’s 2003 prize in Islamic economics
  • Has publications in a variety of areas, including Islamic finance, microeconomics theory and mathematical economics
  • Holder of 1st INCEIF Chair in Islamic finance (2010)
Dr. Mohamed Ali Elgari Saudi Arabia
  • Professor of Islamic Economics at King Abdul Aziz University, Saudi Arabia
  • Former Director of Center for Research in Islamic Economics, King Abdul Aziz University
  • Expert in Islamic Jurisprudence – Academies of the Organization of Islamic Countries and the Islamic World League
A. Riawan Amin Indonesia
  • Chairman of the Indonesian Association of Islamic Banks
  • Director of the General Council for Islamic Banks and Financial Institutions Indonesia
  • Former President of Bank Muamalat Indonesia
Dr. Yahia Abdul-Rahman USA
  • Founder, Chairman and CEO of LARIBA Bank of Whittier, USA
  • Former Chairperson of the Islamic Shura Council of Southern California
  • Has spoken, lectured and presented papers at various Islamic finance forums across the world

Award process[edit]

Nomination[edit]

Every 2 years, a global call for nominations is opened via the award website (mifc.com/award). The nominated candidate must fit the following criteria;[3]

  • Candidate is currently involved or has led, conducted and/or participated in pioneering work, which application has had a significant impact towards the advancement of Islamic finance in areas including human capital development and bridging the gap between Shariah transactional rules and mainstream legal structure.
  • Candidate is involved or has advocated and applied the principles of Shariah into the development of Islamic finance (e.g. widening Shariah application to practice);
  • Candidate is involved or has been active in advocating, advancing and promoting Islamic finance through non-profit organisations, industry associations, Shariah boards or academic institutions
  • Candidate can be of any nationality, gender or religion;
  • Candidate must be a living person;
  • Candidate can reside in any country;
  • The achievements of the candidate must be related to Islamic finance and may not solely be related to commercial projects (i.e. achievements should not solely be based on deals made)

Every nomination made must be attached with the following;

  1. Information on current achievements: qualification, memberships, publications, past recognition.
  2. A short write-up on the candidate’s contributions within any of the three arching categories:
  • Research & Development – Innovation and Pioneering work
  • Advocacy & Leadership – Establishment and/or development of IFIs, research organizations, standard-setting bodies; promotion/advocacy of industry.
  • Development of Human Capital & Capacity Building

Judging[edit]

Once the list of nominees is finalised, each nomination (nominated individual) is put through a rigorous evaluation by the jury panel.

  • 2010 :The nomination closed on 15 July 2012[2]
  • 2012: The nomination closed on 1 June 2012

2012 winner[edit]

Iqbal Khan, a prominent Islamic banker, has been announced as the second recipient of the Royal Award for Islamic Finance (RAIF) for his dedication, drive and extraordinary leadership in accelerating the global growth and accessibility. He was awarded during a Gala Dinner in conjunction with the Global Islamic Finance Forum 2012, from His Majesty the Yang di-Pertuan Agong Almu’tasimu Billahi Muhibbuddin Tuanku Alhaj Abdul Halim Mu’adzam Shah ibni AlMarhum Sultan Badlishah, the King of Malaysia.

2010 winner[edit]

The Royal Award for Islamic Finance 2010 has been awarded to Shaikh Saleh Abdullah Kamel for his visionary drive, extraordinary leadership and personal commitment. His deep and enduring passion has driven and continues to mark the advancement and international reach of Islamic finance.

Through the development of a comprehensive infrastructure in Islamic banking, research, education and thought leadership initiatives, the breadth and influence of his life's work continues to have sustained financial, economic and social impact in the world.

Shaikh Saleh Abdullah Kamel received a 916 gold Medallion, an inscribed Certificate of Recognition made entirely of pewter embellished in 24K gold and encased in a solid merbau wood box and a cash award of USD250,000.

The 2010 Royal Award also included a special category - a posthumous honourable mention to the late Dr. Ahmad El-Naggar, Father of Modern Islamic Banking. Dr. Ahmad El-Naggar's first modern experiment with Islamic banking took the form of a savings bank based on profit-sharing.

Dr. Ahmad El-Naggar was posthumously awarded an inscribed pewter certificate on solid merbau wood.

The selection criteria of The Royal Award for Islamic Finance assess both qualitative and quantitative aspects designed to honour the impact of exceptional contribution and reach in global Islamic finance. This includes financial innovation and pioneering work, exceptional leadership, adoption and acknowledgment within the industry, and inspiration and influence towards future progress and development.

About the MIFC Initiative[edit]

In August 2006, the Malaysia International Islamic Financial Centre (MIFC) initiative was launched to position Malaysia as a hub for international Islamic finance.

The MIFC initiative comprises a community network of the country’s financial and market regulators, including Bank Negara Malaysia (Central Bank of Malaysia), Securities Commission Malaysia, Labuan Financial Services Authority and Bursa Malaysia (Kuala Lumpur Stock Exchange), Government ministries and agencies together with industry participation from the banking, takaful, capital market institutions, human capital development institutions and professional services companies which are participating and working collaboratively in Islamic finance.

The MIFC initiative is supported by global legal, regulatory and Shariah best practices that enable industry practitioners to conduct international business in Islamic finance in Malaysia in the areas of Sukuk Origination, Islamic Fund and Wealth Management, International Islamic Banking, International Takaful and Human Capital Development, while enjoying attractive incentives.

The MIFC Executive Committee (ExCo) is chaired by Bank Negara Malaysia Governor, Dr. Zeti Akhtar Aziz, and comprises a high-level group of officials from key Government ministries, and agencies; financial and market regulators and financial institutions. It aims to review/provide policy direction towards ensuring the efficient coordination and effective implementation of the MIFC initiative.[4]

References[edit]

  1. ^ [1] MIFC–Award: About
  2. ^ a b [2] The Star: Global Search for outstanding individual in Islamic Finance
  3. ^ [3] MIFC-Award: Criteria
  4. ^ [4] MIFC: About MIFC

External links[edit]