The Funika Scholarship was established in 1998 by Nuri Sozkesen, a JAIMS JMP-11 and AMP-23 alumnus, and his wife, Ilknur, through the Funika Foundation, an agency of Funika Ltd. "Funika" is the name of Sozkesen's company that he established in Turkey after his JAIMS studies. The name is an acronym for his AMP internship and related companies.

Only students from developing countries with a GPA of 4.0 in all JAIMS graded courses prior to the field study in Japan or internship in the U.S. are eligible for consideration for the scholarship.

Funika Scholarship recipients are designated as JAIMS Funika Scholars, which appears on their graduation certificate. Also the recipient's name is engraved on a plaque which is displayed in perpetuity at JAIMS.

Kristine Largo was awarded the Funika Scholarship for ICMP 2006 Spring. Ms. Largo hails from the Philippines and was one of only two students to graduate with "Highest Distinction".