The foundation presents an annual prize, King Faisal International Prize, to "dedicated men and women whose contributions make a positive difference". The foundation awards prizes in:
- Service to Islam
- Islamic studies
- Arabic Language and literature
- Science
- Medicine
Each of the five annual prizes consist of a certificate hand-written in Diwani calligraphy summarizing the laureate's work; a 24 carat 200 gram gold medal—uniquely cast for each winner; and a cash prize of SR 750,000 (USD $200,000). The prizes are awarded at a ceremony in Riyadh, Saudi Arabia, by the King of Saudi Arabia. The first King Faisal International Prize was awarded to Sayyid Abul A'ala Maududi in the year 1979 for his service to Islam. In 1986, it was awarded to Ahmed Deedat, also for service to Islam.
It is sometimes claimed that the first Jewish recipient of the prize was Ronald Levy, in 2009. In fact, Sydney Brenner was the first Jewish winner in 1992.
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