Faisal Award for Research in Islamic Economics was launched here Sunday. It is aimed at finding solutions to overcome the economic crisis, Prince Amro Bin Mohammed Al- Faisal said at the ceremony to launch the award. The new program aims to raise awareness among Saudi society about the importance of the development of Islamic economic thought. The event was organized by the Prince Sultan College for Tourism and Business under the theme of “developing Islamic economic thought and finding solutions”. Prince Amro said the award is to encourage students to think about economic solutions based on Islamic culture. “The objective of the prize is to widen the research culture among students in universities and colleges and to spread awareness of the importance of Islamic economics in business transactions,” he added. The award's value is SR100,000. Research should focus on the conceptual framework underlying economic theory in the areas of production, consumption, distribution, savings and investment, and Zakat and ways of developing these factors in order to achieve goals beneficial to society, said Khalid Batarfi, member of the award board.
