University of New Orleans finance professor M. Kabir Hassan is the winner of the prestigious IDB Prize in Islamic Banking & Finance from the Islamic Development Bank, the development bank of the Muslim world. The prize is awarded for outstanding merit in the fields of Islamic economics, banking and finance. Hassan will receive a cash award of approximately $47,000. He will be presented with the prize at the Board of Governors Annual Meeting, held May 15-19 in Jakarta, Indonesia, where he will also deliver a lecture on his current research in Islamic finance.
Hassan is the Hibernia Professor of Economics and Finance and Bank One Professor in Business in the Department of Economics and Finance at UNO.
He focuses on the increasing need for empirical tests of the effectiveness of the Islamic finance and economic model on an international scale. The Islamic economic and finance model provides a framework for how economic transactions should be conducted. Islamic economic transactions strive to promote growth similarly to conventional or Western models while also aiming to adhere to religious and ethical standards, with the intention of benefiting society as a whole. According to Hassan, it is important to develop an understanding of whether the Islamic economic system hinders access to economic growth and prosperity or if it advances a long-run model of economic growth and fairness.
“The IDB Prize is well-deserved,” said John Williams, dean of the College of Business Administration. “Dr. Hassan has enriched the College of Business Administration through his exceptional determination in teaching and advising UNO finance students and graduates.”
Hassan earned his Ph.D. in finance from the University of Nebraska-Lincoln. He has supervised more than 45 doctoral theses, presented more than 300 research papers at professional conferences around the globe and published more than 180 papers in academic journals. He serves as the editor or co-editor of several leading international financial journals. Hassan is deeply involved in both the finance and Islamic finance industry, providing consulting services to banks, governments, private organizations and universities around the world.