RIYADH, July 31: Dr Mohsin Khan of Pakistan and Dr Abbas Mirakhor of Iran have been jointly declared winner of the Islamic Development Bank (IDB) Prize in Islamic Economics for the year 1423 Hijra.

The two were nominated as the joint winner of the prestigious prize in recognition of their outstanding contributions in their respective fields, the IBD Research and Training Institute announced here.

Dr Mohsin Khan and Dr Abbas are working for the IMF. The prize money of $40,000 would be equally shared between the two scholars.

They will receive their prize during the 28th annual meeting of the IDB Board of Governors to be held in Almaty from September 2-3.

Both the recipients have made pioneering efforts to promote Islamic economics, banking and finance in their respective fields. Dr Khan promoted the use of scientific approaches in Islamic economics, through his research papers and analyses, which exhibit meticulous scientific care.