The Islamic Economy Award was launched in 2013 under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and directed by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.
Now in its fifth year, the annual award recognises innovative world-class business initiatives and ideas that have contributed to the social and economic welfare of the Muslim population. These initiatives and ideas must prove to enhance bilateral trade and investment relations between Islamic nations and forge closer economic ties with the rest of the world towards fostering prosperity, harmony and well-being for all. In addition, a ‘Lifetime Achievement Award’ recognises an outstanding and influential business leader who demonstrates inspired leadership and who has made a significant impact on the Islamic economy.
The integrity and credibility of the Award is managed independently by Thomson Reuters, the world’s leading information provider, and is adjudicated by an esteemed judges’ panel based on formal, established criteria.
The Award is divided into eight key Islamic economy categories in addition to the prestigious 'Lifetime Achievement Award'.
Money and Finance:
Islamic banking and finance, takaful, emerging sectors and sukuk
Food and Health:
Agriculture, ingredients and manufacturing, retail, logistics, research and product development and food services, cosmetics, personal care, and pharmaceuticals
Entertainment shows, publications, social media, and mobile apps
Hospitality and Tourism:
Family friendly travel, meetings, incentives, conferences and exhibitions (MICE), medical tourism, and Hajj/Ummrah
Waqf and Endowments:
Innovative solutions, government managed and private awqaf/waqf management services, and cross-border waqf
Technology, incubation, training, infrastructure and SME ecosystem development
Islamic Economy Knowledge Infrastructure:
Research and educational institutions or initiatives, compliance and standardization, thought leaders and authors
Fine Arts, Visual Arts, Performing Arts and design
2017 Lifetime Achievement Award
Global Islamic Economy
The judging criteria have been established by Thomson Reuters. The Thomson Reuters team is a specialist group that facilitates the clarity, transparency and accessibility of the Award to an audience of focused professionals, businesses and governments.
A Panel of eleven Judges has been setup to adjudicate the award.
The judges evaluate all nominations based on the judging criteria.
No Thomson Reuters employee will be part of the judging panel.
Nominations for award categories are open to organizations and institutions (not individuals) active in any of the eight categories. Self-nominations are accepted for all eight categories and organizations and institutions are welcome to nominate their own members for the 'Lifetime Achievement Award'.
An initial shortlist of top three nominees per category will be determined based on the judges’ aggregate scores. The judges will then review these top three nominations per category and vote for the winner in each.
The organizing team will then provide the judges with detailed information shortlisted nominees (by soliciting additional details from the nominees) so that the judges may vote on the winner for each category.
'Lifetime Achievement Award' Nominations:
Nominations for the Lifetime Achievement Award are open to any individual who have played a strong role in any of the eight Award categories AND has had a career spanning at least 20 years.
Evaluation Criteria for All Award Categories
Nominees will be evaluated on the criteria below. Judges will be provided with a scorecard that details scoring guidelines for each of the criteria. They will score each nominee on each of the criteria on a scale from 0-10.
The nominee will have led the execution of a true innovation in their category (business process, customer experience, product, business model, or marketing) in one or more of the Islamic economy categories.
To demonstrate true innovation, the nominee will have delivered:
- A completely new product or solution, or
- A completely new business process, business-model, or marketing strategy, or
- An update to an existing solution or a new application of existing solution, or
- The implementation of outside innovation to a local or regional market
The nominee's work should demonstrate significant social impact. This could include job creation, bottom-of-pyramid business model, human development impact, stakeholder relations, etc. This criterion recognizes nominees for applying the underlying ethos of an Islamic economic system.
To demonstrate success in this category, the nominee will have delivered:
- Social impact with an actual product or service offering, or
- Social impact through charitable giving or philanthropy
Because the journey is often as important as the destination, the inspirational quality of the nominee's story – their struggles, triumphs and even their failures – will be considered in the judging process.
Geographic scope of impact:
The nominee will have demonstrated impact in multiple geographies. This criterion acknowledges nominees for the reach of their work. The nominee should be able to demonstrate impact beyond the local level, either regionally or globally.
The nominee would have demonstrated the highest quantifiable impact in terms of either creating wealth for its shareholders and the industry or groups that it serves or has enhanced cross border trade in a significant manner.
Submissions are now closed
Islamic Economy Award Winners
The winners were announced and awards presented by HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai at the Global Islamic Economy Summit 2016 in Madinat Jumeirah, Dubai. The award winners are as follows: