The award comes in recognition of the professional and academic role they have played in advancing Islamic finance and banking regionally and globally.
The prize will be awarded to the winners during the upcoming 39th annual meeting of the IDB's board of governors slated for
The IDB prize selection committee, comprising eminent scholars and experts from outside and inside the bank, unanimously decided to award the prize to Usmani and Wilson during a meeting held at the IDB headquarters on
The selection committee conferred the prize on Usmani "in recognition of the significant work he has undertaken for the implementation of Islamic finance."
Usmani had also taken part in an important ruling on usury during his career as a judge in the Shari'ah
Usmani was also chairman of the Shari'ah
The statement took note of "the impact of Usmani's writings in encouraging many to understand how to implement usury-free lives and his instrumental role in introducing Islamic finance within the curriculum of traditional religious institutions."
The selection committee recognized the role Wilson has played in the promotion of Islamic finance and in introducing modern management teaching techniques to Islamic finance, which have provided a neutral and objective perspective.
"His sustained and continuous teaching, research, supervision and consultancy works on Islamic finance, including with the IFSB (Islamic Financial Services Board), is to be lauded," they said.
"His immense role in mainstreaming Islamic finance and ensuring that Islamic economics, banking and finance courses and programs are taught at Western universities has resulted in offering such programs and courses at several universities in the
The prize was first launched by the IDB in 1988 to honor efforts and reward outstanding achievements in the Islamic banking and finance fields.
A total of 33 outstanding researchers and professionals have won the prize over the past 24 years.
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