The list of nominees, comprising influential drivers of the Islamic finance industry with diverse backgrounds, come from various regions around the world namely the Middle East, Europe, Africa, North America and the Asia Pacific region, reflecting the global reach and acceptance of Islamic finance today. The nominations reflect the diversity of stakeholder groups in Islamic finance, including Shariah, academia, market practitioners, financial institutions, research institutions, Government agencies and NGOs.
An independent seven-member international jury, chaired by the former Malaysian Deputy Prime Minister and current Chairman of the World Islamic Economic Forum Foundation, Tun Musa Hitam, will select The Royal Award recipient.
The selection criteria of The Royal Award encompass both qualitative and quantitative aspects to assess the candidates’ exceptional contribution and reach in global Islamic finance. These include financial innovation and pioneering work, exceptional leadership, adoption and acknowledge of their contributions within the industry, and inspiration and influence towards future progress and development.
His Majesty the Yang di-Pertuan Agong of Malaysia will present the Royal Award to the 2012 recipient at the Royal Gala Dinner and award Presentation which will be held on 19 September in Kuala Lumpur, in conjunction with the third Global Islamic Finance Forum (GIFF), a premier high-level multi-track event which aims to create greater connectivity and cross-border transactions in Islamic finance.
The Royal Award which was inaugurated in 2010 as a biennial award, is spearheaded by Bank Negara Malaysia and Securities Commission Malaysia in support of the Malaysia International Islamic Financial Centre (MIFC) initiative. The Royal Award focuses on an individual’s record of achievement and outstanding contribution to the global development of Islamic finance.
The recipient of the inaugural Royal Award for Islamic Finance in 2010 was Shaikh Saleh Abdullah Kamel of Saudi Arabia whose work over four decades had contributed to the global adoption of Islamic finance and continues to have sustained financial, economic and social impact around the world.
The recipient of The Royal Award for Islamic Finance will serve as a role model to inspire others to contribute to the development of the industry.