The Jeddah-based Islamic Development Bank (IDB), the multilateral development bank of the Muslim world, has awarded its prestigious IDB Prize in Islamic Banking and Finance for 2012 to Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia. In a statement, the IDB mentioned that the Prize was in recognition of Dr Zeti's substantial contribution to the development of Islamic banking and finance. The Prize will be awarded to Dr Zeti during the 37th IDB Board of Governors Annual Meeting, to be held in Khartoum, Sudan on 3-4 April 2012. Dr Ahmad Mohamed Ali, President of the IDB Group, commended Governor Zeti for "her notable accomplishments and her valuable contribution to the development of the Islamic financial services industry". In its citation, the IDB Prize Selection Committee, which comprised eminent scholars and experts, highlighted Dr Zeti's "significant contribution, dedication and leadership in the development of the Islamic banking and finance industry, Takaful infrastructure and Shariah governance framework in and outside Malaysia; and her invaluable services in supporting the Islamic Financial Services Board (IFSB), the creation of International Centre of Education in Islamic Finance (INCEIF) and International Shari'ah Research Academy for Islamic Finance (ISRA), the establishment of the Malaysia International Islamic Financial Centre (MIFC) initiative, and lately the founding of the International Islamic Liquidity Management Corporation (IILM) in Kuala Lumpur". The IDB Prize is awarded alternatingly between Islamic Economics and Islamic Banking and Finance. It was established in 1988 to recognize, reward and encourage the activity of outstanding merit in promoting Islamic Economics, Banking and Finance. During the last 24 years, the Prize has been awarded to 33 regulators, researchers, bankers, economists, Shariah scholars and institutions. Press Release
