Novel financing mechanism wins 2023 IsDB Prize for Impactful Achievement in Islamic Economics

Novel financing mechanism wins 2023 IsDB Prize for Impactful Achievement in Islamic Economics

Jeddah, Kingdom of Saudi Arabia - A novel financing mechanism, “Cash Waqf Linked Sukuk,” has been selected as the first-place winner of the prestigious Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics for the year 1444H (2023).

Cash Waqf Linked Sukuk, an initiative of the Ministry of Finance of the Republic of Indonesia, is the first large-scale program to finance social projects via non-profit instruments supervised by the government. This form of financing enhances the diversity of the Islamic capital markets and supports the integration between commercial and social Islamic finance.

The IsDB Prize for Impactful Achievement in Islamic Economics is awarded to outstanding achievements alternating every year between two branches: Development Achievement and Knowledge Contribution.

This year the award is dedicated to Development Achievement and aims to recognize, reward, and encourage the implementation of impactful and innovative projects to solve major development challenges of IsDB member countries. The prize comes with a US$100,000 award for the first prize winner, US$70,000 for the second prize, and US$30,000 for the third prize. However, the second and third-position prizes are withheld this year.

Every year the winners of the IsDB Prize are selected by a different committee of experts from outside the IsDB