Islamic crowdfunding platforms shine at ethical finance challenge

Photo: DUBAI, UAE - Oct 26, 2016: (L-R) Baroness Sayeeda Warsi, who gave the keynote address; Tirad al Mahmoud, CEO of Abu Dhabi Islamic Bank; Chris Blauvelt, CEO of LaunchGood; and Dr. Zeti Akhtar Aziz, winner of the EFICA Lifetime Achievement Award, at the Ethical Finance Innovation Challenge and Awards (EFICA)

DUBAI - “We don’t want to be merely fundraisers. We aim to create an entire ecosystem that helps Muslims realise their dreams and passions,” said LaunchGood CEO Chris Abdur-Rahman Blauvelt at the Ethical Finance Innovation Challenge and Awards (EFICA) last night.

The U.S.-based Islamic crowdfunding platform beat Singapore-headquartered EthisCrowd and Islamic Finance Institute of Southern Africa's initiative in Indonesia for the $100,000 prize. 

EFICA was launched in 2013 by Abu Dhabi Islamic Bank and Thomson Reuters to recognise innovative solutions that promote ethical practice in the financial services industry. At last night’s event, ADIB CEO Tirad al Mahmoud said submissions to EFICA are “better by the year”.