Islamic Development Bank (IDB) has Invited individuals and institutions including universities and others throughout the world to nominate persons for an IDB award for the year 1416 Hijri (1996), reports BSS.

The 1996 award will be in the field of "Islamic banking.' a brochure of the bank said

The Jeddah-based IDB has established one prize to be awarded on an annual basis alternating between "Islamic economics" and "Islamic banking."

The prize consists of a citation carrying the bank's emblem and a cash award of 30.000 Islamic dinar (equivalent to 46,691 US dollars). the brochure said.

The objectives of the prize are to recognise, reward and encourage creative efforts of

outstanding merit In Islamic banking for 1996.

Self-nominations and posthumous nominations are not acceptable and the deadline for receiving nominations is December 31. 1995.

The nominations have to be sent to the chairman, the IDB prize preparatory committee Islamic Research and Training Institute (IRTI) P O Box 9201. Jeddah 21413 Kingdom of Saudi Arabia.

Established in 1975. IDB is an international financial institution with an authorised capital of six billion Islamic dinar. Its present membership is 48 countries. It aims at fostering economic development and social progress of member states and Muslim communities in accordance with the principles of shariah, the brochure added.