The Royal Award for Islamic Finance 2022 (The Royal Award) was bestowed to Tan Sri Dr. Mohd Daud Bakar by the King of Malaysia, His Majesty the Yang di-Pertuan Agong at an award presentation ceremony held in Kuala Lumpur today.
Tan Sri Dr. Mohd Daud Bakar, an eminent Shariah scholar, is widely recognised for his contributions to the development of the global Islamic finance industry. Tan Sri Dr. Mohd Daud Bakar currently serves as Chairman of the Shariah Advisory Council for both Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC). He is also a Shariah board member of international financial institutions and organisations such as Amundi Asset Management (France), Bank of London and Middle East, Dow Jones Islamic Market Index (New York), Morgan Stanley (Dubai), and Sedco Capital (Saudi Arabia). He was also instrumental in developing the first Shariah standard on gold issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). His multi-disciplinary knowledge has helped bridge the application of Shariah principles in modern Islamic finance, leading to further advancement of the industry.
Apart from his active involvement globally, Tan Sri Dr. Mohd Daud Bakar was also a former President of International Islamic University Malaysia (IIUM). In addition, he has established a few Shariah advisory services and fintech companies contributing to Shariah-related framework and policies, product structuring, human capital development and technology solutions.
A prominent figure in Islamic finance thought leadership, Tan Sri Dr. Mohd Daud Bakar is also an award-winning author, with more than 40 books written in various genres. His books shed light on modern scholars’ interpretation of Shariah rulings and its practical application in the Islamic finance industry. He has published numerous articles in academic journals, some of which were presented at established international conferences.
Commenting on the recipient of The Royal Award, Jury Chairman Tun Musa Hitam said, “The Jury went through a stringent and rigorous selection process on the merits and achievements of each nominee before arriving at a final decision. As a respected Shariah scholar, author and entrepreneur, Tan Sri Dr. Mohd Daud Bakar has played a prominent role in shaping the global Islamic finance industry. He is widely recognised for his contributions in advancing Shariah thought leadership in Islamic finance.”
The Royal Award, established in 2010, is a biennial award1 jointly organised by Bank Negara Malaysia and the Securities Commission Malaysia as part of the Malaysia International Islamic Financial Centre (MIFC) initiative to recognise and honour individuals who have excelled in advancing Islamic finance globally through their outstanding contributions and achievements.
Past Royal Award recipients are Tan Sri Dr. Zeti Akhtar Aziz, former Governor of Bank Negara Malaysia (2018); Professor Datuk Dr. Rifaat Ahmed Abdel Karim, former Chief Executive Officer of International Islamic Liquidity Management Corporation (2016); Dato’ Dr. Abdul Halim Ismail, founding member of Malaysia’s first Islamic bank (2014); Dato’ Paduka Iqbal Khan, CEO of Fajr Capital (2012); and the late Shaikh Saleh Abdullah Kamel, founder of the Dallah al Baraka Group (2010).