Islamic Finance

ADIB receives 200 applications for the Ethical Finance Innovation Challenge and Awards (EFICA)

  • 23 applicants shortlisted for the Ethical Finance Initiative Award category
  • 5 applicants shortlisted for the Islamic Finance Challenge Award category

Abu Dhabi, UAE; 26 September 2021: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, and Refinitiv, a London Stock Exchange Group business, have received 200 applications from across the world for their 6th edition of Ethical Finance Innovation Challenge and Awards (EFICA) which recognises companies and individuals that successfully develop ground-breaking solutions for the Islamic finance industry.

The Award program, which is presented in two categories, shortlisted 23 applicants for the Ethical Finance Initiative Award, and 5 applicants for the Islamic Finance Challenge Award. Prize money of $120,000 will be distributed across the winner and the finalists of the 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 that have made a positive social impact for their stakeholders.

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 Internal Shari’a Control, ADIB, said: “Since the launch of EFICA, our ambition has always been to create a platform that would showcase the very best of the Islamic and ethical finance industry. We are proud to have attracted 200 applications for these awards – a testament to the entrepreneurial spirit and innovative minds in the region a. The volume and ingenuity of applications reflect the growing and positive impact that Islamic and ethical finance is having on lives around the world. We look forward to showcasing all these exceptional finalists during our awards ceremony.”

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.

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.  

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