The award committee of Prince Mohammad Al-Faisal Prize for
Research in Islamic Economics at Effat University in Jeddah
announced the launch of nominations for the annual prize for the
The prize will be given to distinguished research work submitted
by a male or female student of any nationality studying at a Saudi
The student with the winning
research work will be granted a SR100,000 cash prize, a
certificate and a memorial plaque.
Prince Mohammad, who is the founder
of Faisal Islamic Bank of Egypt and Dar Al-Maal Al-Islami Trust in
Geneva, played a major role promoting Islamic economics. He is the
chairman of the board of directors of the Islamic Finance Group.
He hopes this prize will boost research in Islamic economics in
the Kingdom. “The award will help foster creativity and
competition among researchers in the Kingdom,” said Prince
Omar Almershidi, head of the award
committee and a faculty member at Prince Sultan College, expressed
the hope that the prize would encourage valuable research work
that in the long run would help serve society.
According to Almershidi, the
committee is looking forward to receiving a large number of
research papers that will be evaluated by professors from King
Abdulaziz University and Prince Sultan College.
The award, he said, is now limited
to students of Saudi universities but it will include students of
Gulf and Arab universities in the future.
“It will become an international
prize at a later stage,” he added.
Egyptian student Wafa Al-Sharif from
Taif University won the prize in 2011.