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Royal Award for Islamic Finance calls for global nominations

03/12/2021 05:50 PM

KUALA LUMPUR, Dec 3 -- The Royal Award for Islamic Finance (RAIF) is calling for global nominations for the prestigious award, said Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC).

In a joint statement today, BNM and SC said the award recognises an outstanding and inspiring individual who has made significant contributions to the advancement of the Islamic financial services industry. 

The Royal Award initiative is jointly led by BNM and the SC.

According to the statement, an independent international seven-member jury, chaired by the World Islamic Economic Forum Foundation former chairman Tun Musa Hitam, will select a deserving individual to be the sixth recipient of The Royal Award. 

“One of the main criteria in the selection of The Royal Award is the individual’s innovative and pioneering work in Islamic finance,” it said, adding that the nominee should also possess exceptional leadership attributes and be widely acknowledged within the Islamic financial services industry.

In conjunction with The Royal Award, the organising committee announced the addition of two new prizes: the Emerging Leader Prize and the Impact Challenge Prize.

“The Emerging Leader Prize recognises and celebrates young international talent who have made outstanding contributions to the advancement of innovative ideas in Islamic finance, and is open to individuals aged 40 and below, who have served in their area of expertise in Islamic finance for at least five years,” it said.

As for the Impact Challenge Prize, the statement said it aims to bring greater recognition to digital and innovative solutions based on Islamic finance principles or Islamic finance enablers, which can improve the economic and social resilience of financially impacted communities globally.

“The inaugural Impact Challenge Prize is organised in collaboration with The World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia as a technical partner, and supported by the Malaysia Digital Economy Corporation,” it said.

Further information on all categories, including global nominations and challenge applications, can be found online at

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