Global Award for Islamic Finance

Value the role of Islamic endowments in achieving the sustainable societal development and promoting principles of solidarity and synergy. The Track also aims to encourage entities and institutions to adopt a culture that supports management practices of Islamic endowments and integrate such culture into their financial operations and social responsibility for optimal resource utilization.

Institutions

Either through nomination by relevant government agencies or through application (third parties) after meeting the nomination conditions and criteria of the Track as follows:

• The endowment must comply with Sharia (Islamic law).
• The charitable endowment must be dedicated to a public benefit, without being limited to specific beneficiaries like family or private endowments.
• The Islamic endowment must adopt governance principles and rules to enhance transparency and independence, in addition to effective supervisory practices.
• The financial management must show qualitative innovation, e.g., developing endowment products (like establishing development/investment endowment funds).
• There must be a measurable effect or achieved/achievable goals.

Promoting the Islamic endowment sector locally and globally to contribute to economic and social development in Islamic finance.

Encourage institutions and individuals to explore innovative and creative solutions, enhance financial engineering and support the digitalization of the Islamic finance industry, thus contributing to the industry development. The Track also supports the use of technology by Islamic financial technology companies and Sharia-compliant digital services providers to deliver Islamic financial products and services. Through such support, the Track aims to raise Islamic finance competitiveness.

Institutions and individuals

Either through nomination by relevant government agencies or through application (third parties) after meeting the nomination conditions and criteria of the Track as follows:

• The Track accepts ideas, scientific and research papers, programs, services and initiatives that employ modern technologies and innovation to develop Islamic finance.
• Proof attesting compliance of the solution with the Sharia is required.
• Legislative and regulatory framing and governance is necessary, excluding for ideas, scientific contributions and the like.
• The solution must be innovative and new in terms of its idea (original).
• There must be a measurable effect or achieved/achievable goals.

Bolstering the role of financial technology in Islamic finance industry, increasing the use of financial technology, promoting access of all society segments to Islamic financial products and services, and supporting financial inclusion. Moreover, the expected impacts include developing other areas of Islamic finance, such as cooperative insurance, hence raising the competitiveness of Islamic finance industry in global markets.

Promote the role of Islamic finance in innovating and finding Islamic investment products that support sustainable projects, direct such investments toward combating climate change and reducing environmental damage, and encourage social responsibility of the private sector. This Track aims at promoting the importance of sustainable investment and honoring the best practices in the industry.

Institutions

Either through nomination by relevant government agencies or through application (third parties) after meeting the nomination conditions and criteria of the Track as follows:

• There must be a methodology for sustainable investment.
• Proof attesting compliance of the product with the Sharia is required.
• Legislative and regulatory framing and governance is necessary.
• The product must be innovative and new in terms of its idea (original).
• There must be a measurable effect or achieved/achievable goals.

Encouraging creativity in the development of sustainable Islamic investment structures, achieving balance between the benefits of the private sector, and supporting the environmental and developmental goals for society.

Underline the best distinguished experiences in the Islamic banking industry, with a view to sharing such experiences and leveraging them in streamlining legislative and supervisory aspects and developing and deepening the industry. The Track also aims to promote the role of Islamic finance in advancing societies and economies. Moreover, the Track is intended to incentivize proactive and creative ideas and contributions, enhance quality of consumer protection, raise financial inclusion and buttress Islamic finance growth locally and globally.

Institutions

Either through nomination by relevant government agencies or through application (third parties) after meeting the nomination conditions and criteria of the Track as follows:

• Ideas, programs, projects and strategies relevant to Islamic finance must be innovative, creative and excellent.
• Proof attesting compliance of the contribution with the Sharia is required.
• Legislative and regulatory framing and governance is necessary, excluding for ideas and the like.
• There must be a measurable effect or achieved/achievable goals.
• There must be a strategic direction within specific deliverables.

Fostering the growth of qualitative/quantitative indices in Islamic finance through promoting competitiveness in the context of developing products and services that would contribute to increasing the participation of Islamic finance assets in the global financial system.

Develop research capabilities, encourage researchers and promote the role of the research ecosystem that contributes to quantitative and qualitative advancement of the industry. The Track addresses challenges facing the industry and explores innovative products and services that would support the pillars of economic growth and consolidate the culture, literature and awareness of Islamic finance.

Individuals

Either through nomination by relevant government agencies or through application (third parties) after meeting the nomination conditions and criteria of the Track as follows:

• The contribution must be published and indexed.
• The contribution must be in Arabic or English.
• The contribution must have a measurable positive impact.
• Proof attesting compliance of the contribution with the Sharia is required.
• The contribution must be on a subject with relevance to the financial sector in terms of qualitative and quantitative growth.

Encouraging the research ecosystem to explore challenges facing the industry and finding solutions that would contribute to sustainable growth of the industry, given that the research ecosystem is considered a cornerstone that uplifts the Islamic finance industry at the local and global levels.