Abu Dhabi Islamic Bank PJSC : The world’s first and only Ethical Finance Innovation Challenge awards

The world's first and only Ethical Finance Innovation Challenge awards

Abu Dhabi, 05 July 2015:

The 2015 Ethical Finance Innovation Challenge Awards (EFICA) sponsored by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, is closing entry submissions this Wednesday July 8th. This year's focus is on ideas that will help broaden the appeal of ethical finance to a global audience and to reward initiatives that have created tangible benefits for society.

The EFICA awards, which offer prizes of up to $100,000, are given in three categories: development of Islamic finance, ethical finance initiatives, and lifetime achievement.

The Islamic Finance Industry Development Award, which carries a prize of $100,000, is awarded for innovation that furthers the growth and ethical development of Islamic finance and banking. This year's theme is how to promote the universal appeal of Islamic finance, and judges are particularly looking for initiatives that encourage the industry's global growth as a progressive and ethical alternative to conventional finance.

Meanwhile, the Ethical Finance Initiative Award, which carries a $50,000 prize, is for innovative solutions or initiatives that promote ethical practice and inspire real change in the financial services industry. The Lifetime Achievement Award, with a prize of $25,000, celebrates an outstanding institution or individual that has shaped the world of financial services, using a positive approach and ethical principles.

Entries for the awards can be submitted online at www.efica.com by institutions, research centres or individuals. An advisory board of Islamic scholars and financial experts sit on the judging panel. Winners will be chosen from a shortlist of 3 candidates for each award at the Global Islamic Economy Summit held on the 4th of October this year in Dubai.

"This year we are looking for candidates who have established themselves as role models in their industries by bringing the principles of ethical finance to a global audience" said ADIB Chief Executive Officer Tirad Al Mahmoud. "It is up to the finance sector to offer solutions to a public increasingly seeking higher standards and more reliable business practices. Islamic finance is increasingly appealing to greater numbers of people of all backgrounds, both secular and religious. This year we will award those businesses, individuals, and institutions who have shown they are most capable of harnessing the appeal of ethical finance for distribution to a wider audience."

Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters said: "The EFICA awards have been very popular in the industry, drawing increasingly strong competition each year. It is extremely encouraging that there are more and more people working in finance who are looking for new ways of doing things, with societal progress acting as their overriding motive."

Started in 2013 the EFICA awards have attracted hundreds of submissions each year from all around the world. Last year's ethical finance prize was won by a creative rural microfinance project in Sudan, while the lifetime achievement award was won by Dr. Amjad Saqib for his work establishing Akhuwat, an organization that has helped over 600,000 families in Pakistan.