NEW YORK (Mar. 4, 2003) — The first General Sheikh Mohammed bin Rashid Al Maktoum Award for Innovation in Islamic Finance has been awarded to the Dow Jones Islamic Market Index, for its contribution to the standardizing of Islamic equity investment criteria since its launch in 1998.

The prestigious award was presented Sunday night (February 23) at a Gala Dinner held in conjunction with the International Islamic Finance Forum, underway at the Crowne Plaza hotel, Dubai.

“The emergence of an index from such a heavyweight name as Dow Jones has had a tremendous impact in Islamic equity investment criteria,” said Chris Mullinger, Conference Director, IIR, organizer of the forum.

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“The Dow Jones Islamic Market Index has brought the blue-chip name of Dow Jones to Islamic equity investment with a lasting effect on the very concept of Shari`ah based finance. The standardization it has achieved is something very much sought after in other areas of Islamic finance.” With 35 Islamic Indexes and nearly US $1.8 billion managed against them, the Dow Jones Islamic Market Index is a worthy, global winner,” said Mullinger.

The winner was chosen from over 20 nominations by a panel of distinguished judges. They were Dr Mohammed El Gari, Islamic Scholar, Saudi Arabia; Dr Daud Baker, Islamic Scholar, Malaysia; Professor Mahmoud El-Gamal, Rice University, USA and Mushtak Parker, Publisher of Islamic Banker and a writer on Islamic finance.

In addition to Dow Jones, four other Islamic finance organizations were short listed for the award. They were Saudi Arabia’s National Commercial Bank and Bank Al-Jazirah;the Maybank banking group, Malaysia and Tabung Haji, the largest savings institutions in Malaysia.

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The three-day International Islamic Finance Forum, that is being attended by over 300 delegates from 25 countries, spanning the USA, Europe, Middle East and Far East, is addressing key challenges faced by the Islamic finance sector, that is worth US $230 billion and predicted to maintain double digit growth for the next 15-20 years.

These include the international regulatory environment and how it affects Islamic finance;Muslim country stock exchanges and Islamic financial centres;the pros and cons of Islamic hedge fund plans;wealth management post 9/11; new Islamic indexes, funds and sukuk market and international moves in the Islamic mortgage market.

The forum and its associated exhibition is being held under the patronage of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister. It has been organized in association with Dow Jones Indexes, the Saudi Economic and Development Company (SEDCO) and ihilal Services.

For further information: Chris Mullinger, Conference Director, IIR Holdings Ltd, Dubai, UAE. Tel: + 971 4 336 5161. Email: chris.m@iirgulf.com or visit the conference online at: http://www.iff.net