Tuesday September 18, 2012
Key global Islamic finance figures to be in town for The Royal Award
KUALA LUMPUR: Key personalities in the global Islamic finance industry are expected to gather in Kuala Lumpur this week to witness the recognition of a deserving individual who has contributed extensively to the development of Islamic finance globally.
The Royal Award for Islamic Finance (The Royal Award), now in its quest for the second recipient, aspires to be the benchmark award for global recognition in Islamic finance.
The Royal Award will be presented by the King of Malaysia, His Majesty the Yang di-Pertuan Agong here tomorrow.
A total of 32 nominations were received for The Royal Award. The recipient is selected by an independent international jury, chaired by Tun Musa Hitam, who is also chairman of the World Islamic Economic Forum Foundation.
Tun Musa said the Royal Award recipient was selected by an independent seven-member jury that was made up of syariah scholars, academicians and Islamic finance practitioners from Asia, Europe, the Middle East and the United States.
“With this framework, The Royal Award is increasingly being regarded as a global benchmark in identifying exceptional individuals who have shaped and facilitated the growth of the global Islamic financial marketplace,” he said in a statement issued by Securities Commission Malaysia on behalf of the Malaysia International Islamic Financial Centre (MIFC) Initiative.
On the selection process, he said the jury assessed both the qualitative and quantitative aspects of the nominees’ contributions, reach and impact in global Islamic finance.
“These include financial innovation and pioneering work, exceptional leadership, adoption and acknowledgement of their contributions within the industry, and inspiration and influence towards future progress and development.
“I am glad to say that a majority of the submissions are within the parameters that we have set. They are prominent individuals within the fields that they represent,” he said.
Musa added that the ones who not only fell within the objectives and criteria but were influential as well, were obviously the ones whom they have shortlisted.
“Our panel of jurors was highly impressed with the record of sterling achievements of the nominees. We are happy to have selected the individual who best epitomises the high ideals of The Royal Award, which will be announced next week,” he said.
The Royal Award will be presented during a Gala Dinner held in conjunction with the third Global Islamic Finance Forum (GIFF) 2012, a high-level event that brings together regulators, scholars and financial industry players who are key drivers in the global development of Islamic finance.
The third GIFF is held from today to Thursday and will be hosted by Bank Negara.
The global search for outstanding individuals in Islamic finance started in 2010 when The Royal Award for Islamic Finance was established by the MIFC) initiative and supported by Bank Negara and the Securities Commission Malaysia.
The Royal Award focuses on an exceptional individual’s record of global achievements in Islamic finance. Nominees for the The Royal Award were drawn from the Middle East, Europe, Africa, North America and the Asia Pacific, indicating the global reach and acceptance of Islamic finance.
Reflecting on the diversity of Islamic finance today, the nominees had come from various stakeholder groups, including Shariah, academia, market practitioners, financial institutions, research institutions, Government agencies and non-governmental organisations (NGOs), cutting across race, gender and religion barriers.
The recipient of The Royal Award will serve as a role model to inspire others to contribute to the advancement of the industry.