By ARAB NEWS

JEDDAH: The Islamic Development Bank (IDB) announced Wednesday that the Islamic Foundation, UK, is declared the winner of the IDB Prize in Islamic Economics for the year 2011 in recognition of its substantial contribution to the promotion of Islamic economics. The Prize will be awarded to the winner during the 36th IDB BOG Annual Meeting in Jeddah, to be held on June 29-30.

Ahmad Muhammad Ali, president of the Islamic Development Bank Group, in a statement congratulated the laureate on its notable accomplishment. He commended its officers in-charge for the valuable contribution to Islamic economics and wished them greater success in all their endeavors. He also congratulated the British diplomatic mission in Saudi Arabia for the achievement of this British Islamic institution in the service of Islamic economics.

The IDB Prize Selection Committee, chaired by Professor Hatem Karanshawy, dean of the faculty of Islamic studies at Qatar Foundation and composed of eminent scholars and experts from outside and inside the bank, met at the IDB headquarters on May 15 and decided unanimously to award the IDB Prize in Islamic Economics for the year 1432H to the Islamic Foundation, UK by issuing the following statement: The IDB Prize Selection Committee unanimously decides to award the IDB Prize in Islamic Economics for the year 1432H to The Islamic Foundation, UK.