Abu Dhabi, 12 July 2021: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, and Refinitiv, a London Stock Exchange Group business, today announced the launch of the 6th edition of Ethical Finance Innovation Challenge and Awards (EFICA) to recognise companies and individuals who have developed ground-breaking solutions in Islamic finance industry.
The Award program is presented in two categories, the Ethical Finance Initiative Award and the Islamic Finance Challenge Award.
Entries for the Ethical Finance Initiative Award recognizes individuals and organisations that offer emerging and innovative ethical financial solutions or initiatives that have been successfully implemented and made a positive social impact for their stakeholders. Prize money of $120,000 will be distributed between the winner and the finalists of the award.
The Islamic Finance Challenge Award is focused on an innovative, technology enabled solution that aligns with the principles of Shariah. Abu Dhabi Islamic Bank will consider partnering with the winner to further enhance and roll out the solution.
Dr. Osaid Kilani, Global Head of Shari’a, ADIB, said: “The continuation of the EFICA initiative underlines ADIB’s commitment of developing the Islamic finance industry and placing ethics and social benefit at the forefront of our thinking. Over the years, we have been heartened to see marked growth in the number of innovative ideas that are focused on finding new ways to address many social issues in Islamic fiance industry.”
Mustafa Adil, Head of Islamic Finance at Refinitiv an LSEG Business said: “We are pleased to see how the award is now an industry standard for innovators in the Islamic finance world. After years of hard work and collaboration with ADIB, we are proud to acknowledge and celebrate innovative projects one more this year. Our commitment to EFICA comes in line with our long-term objectives to solve for social problems and address industry challenges in a continuous changing global economy.”
Applications will be evaluated by an advisory board that includes Islamic financial experts, ethical banking practitioners and Islamic scholars. The selection criteria are based on the initiatives’ ethical aspects, impact on society, innovation, and the practicality of the application in Islamic financial industry.
Finalists will make a formal presentation of their initiatives to the audience at the Gala Lunch on the 2nd November 2021 at the Global Islamic Economy Summit held at the Dubai Exhibition Centre in Expo 2020 Dubai. The audience vote will determine the winner of the EFICA award.
EFICA was launched in 2013 with more than 450 applications and past winners have included Islamic Finance UK, Launchgood and Kaah International Microfinance Services.
To apply for the award please visit www.efica.com to download the application form and submit your entry before the closing date of 22 July 2021.
ADIB is an active participant in the global conversation on ethics in finance. By placing a strong emphasis on simplicity and partnership, the bank aims to ensure that only appropriate products are offered, and that customers’ needs come before profit.
