Azeez, managing director of Manchester-based New Asian Media Ltd and publisher of Asian Lite magazine, received the award on Tuesday at a function at the House of Commons in London.
IAB president Fabian Hamilton, MP, chaired the ceremony.
A 12-member judging panel, led by IAB chief executive Malcolm Trotter, short-listed the winners from hundreds of applicants.
Azeez launched Asian Lite last year after leaving an editorial post with Johnston Press, one of the largest regional newspaper groups in Britain.
Aimed at professional British-Asians and new immigrants from South Asia, the magazine has a circulation of 35,000 copies and introduced internet television on its website in November. Asian Lite was recently short-listed by How-Do Media Awards in the Best Magazine Category.
Before coming to Britain, Azeez worked with the Free Press Journal, Indian Express, and Lokmat Times in India, besides The Gulf Today in Sharjah and Khaleej Times in Dubai.