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Published: Thursday September 20, 2012 MYT 7:49:00 PM

Islamic banker Iqbal Khan receives Royal Award for Islamic Finance

KUALA LUMPUR: Prominent Islamic banker Iqbal Khan has received the Royal Award for Islamic Finance for accelerating the global growth and accessibility of Islamic finance.

He received the award from the Yang di-Pertuan Agong on Wednesday night for his dedication, drive and extraordinary leadership in Islamic finance. He is the second recipient of the prestigious award.

The Securities Commission said Iqbal Khan was selected from among 32 nominations, comprising influential leaders with various backgrounds in the Islamic finance industry from the Middle East, Europe, Africa, North America and Asia Pacific.

It said the award selection criteria focused on both qualitative and quantitative aspects to honour an individual's exceptional contribution to the global development of Islamic finance, in the areas of financial innovation, exceptional leadership and vision, serving as an inspiration and influence towards future progress and development in this arena. The chairman of the jury panel, Tun Musa Hitam, in his comments, pointed out the jury went through a very stringent and rigorous selection process on the nominees' merits and achievements, which resulted in several rounds of deliberations, followed by a very robust discussion on the critical and objective assessment of the shortlisted candidates before arriving at a final decision.

"The award recognises Iqbal Khan's contribution towards the development of Islamic finance that serves as an inspiration for the next generation," he said. The SC statement said Iqbal Khan had a prominent role in facilitating, promoting and innovating Islamic finance on a global scale.

Iqbal Khan was instrumental in establishing a number of institutions and initiatives in the Islamic finance industry, including Citi Islamic Investment Bank, the Islamic Finance Project at Harvard University, Meezan Bank, HSBC Amanah and most recently Fajr Capital, of which he is Founding Board Member and Chief Executive Officer.

Apart from helming Fajr Capital Ltd, Iqbal Khan is also chairman of the executive committee and board member of Jadwa Investment in Saudi Arabia. In 2006, he received the Euromoney Award for Outstanding Contribution to Islamic Finance, and was nominated and voted by the Islamic Financial News as the Best Individual Islamic Banker for 2005. He was also recognised by the United States House of Representatives in 2000 for his contribution in the field of finance and economics. In the same year, he won the LARIBA Award for Excellence in Islamic Banking Practitioner's Division. The Royal Award was spearheaded by the Malaysia International Islamic Financial Centre initiative and supported by Bank Negara Malaysia and the Securities Commission. Dallah Albaraka Group founder Shaikh Saleh Abdullah Kamel of Saudi Arabia was the first recipient of The Royal Award for Islamic Finance in 2010.

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