A Taif University student has won the inaugural Prince Muhammad Al-Faisal Prize for Islamic Economic Research in Jeddah on Monday. Wafa bint Abdul Aziz bin Sharief was awarded the prize at a ceremony at the Jeddah Chamber of Commerce and Industry. The ceremony was attended by a large number of prominent personalities including JCCI President Saleh Kamil and Yasin Al-Jefri, principal of Prince Sultan College for Tourism and Management, and a member of the prize committee. In his welcome speech, Mazen Batterjee, vice chairman of JCCI, said Wafa won the prize for her research on the governance of Islamic banks. He congratulated Wafa on her victory and hoped the prize would encourage research work in Islamic economics. In his keynote speech, Prince Muhammad said the prize is open to all those who conduct intensive studies and research in the field of Islamic economics. “It will not be the monopoly of anyone,” he pointed out. Prince Amr bin Muhammad Al-Faisal, chairman of the prize’s supervising committee, expressed hope that the award would bring about a new spirit of thinking among Saudi students in Islamic economic departments and centers to find out new economic solutions for problems facing Muslim communities. Al-Jefri said the winner of the prize will receive a cash award of SR100,000, adding that the annual prize targets Saudis and expatriates pursuing bachelor’s and master’s degree courses in the Kingdom. The prize aims to promote Islamic economics and developing Shariah-based economic and financial products.