In another step aimed at strengthening the talent and excellence in the training institutions of science and technology and research and development in the Member States decided that the Islamic Development Bank since the 1422 launch of the initiative under the name of the Islamic Bank Award for the Development of Science and Technology.
In addition to directing the efforts and funding for capacity-building, and the purchase of equipment, provision of infrastructure in the area of science and technology, the bank is aware that it is necessary to find a selection of leading scientific institutions of science and technology, through the relentless pursuit for excellence and distinction, and that the elite or the leadership required to support the momentum the growing of the achievements of scientific centers, which achieved the prestigious science and technology in Member States.
   It is expected that the awards encourage the World Bank in science and technology institutions that deserve the awards and promote fair competition among them, and Jawaizateks commitment to the Islamic Development Bank, the implementation of policies, forward looking and aimed at the integration of space science and advanced technology in all programs of comprehensive development in Member States and the World Bank aimed prizes in science and technology to the following:
  Promotion of fair competition between the productive and educational and research institutions in the fields of science and technology in the Member States to achieve excellence.
To encourage and support institutions that highlight the successful outcome of this competition.
Raise awareness among decision makers and thinkers, on the contributions of science and technology of present and potential to achieve sustainable development.
Reaffirmed the bank's policies and his contribution to science and technology