The Islamic Development Bank (IsDB), a multilateral development finance institution based in Saudi Arabia, recently partnered with the Saudi-Spanish Center for Islamic Economics and Finance (SCIEF), which is based in Spain, to launch the Islamic Finance Changemakers Competition.
Applications are open to participants in Islamic fintech (financial technology), microfinance or the “creative economy.”
Islamic finance employs mechanisms such as the sharing of profit and loss in lieu of conventional interest payments, which are inconsistent with Shariah law.
The top three participants will win the following awards: USD 15,000 and one year of mentorship via the Instituto de Empresa (IE), a graduate business school in Spain; USD 10,000 for second place; and USD 5,000 for third place. Applications are due September 30.
Launched in 1975, IsDB has 57 member countries and seeks “to improve the lives of those we serve by promoting social and economic development in member countries and Muslim communities worldwide.” As of December 2019, the organization had total assets of USD 23.6 billion.
SCIEF, which began operations in 2009, seeks to serve as “a hub for research, teaching, applying and promoting Islamic economics and finance amongst [the] Spanish, Saudis and international businesses, governments and future leaders.” Financial data on the organization are unavailable.