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Tirad Al Mahmoud, CEO of ADIB

Number of entries for ADIB & Thomson Reuters’ Ethical Finance Innovation Challenge and Awards (EFICA) exceeds last year

: Tuesday, July 22 - 2014 @ 13:39

Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters’ second Ethical Finance Innovation Challenge and Awards (EFICA) have already received high levels of take-up with over 200 potential entrants downloading the application form, to date.

The submission for the awards opened on 5th of July and will close on the 5th of August.

ADIB and Thomson Reuters are calling on institutions, research centres, and individuals to submit entries in the three categories of the Islamic Finance Industry Development Award, the Ethical Finance Initiative Award, and the Lifetime achievement award.

The first category of the awards, the Islamic Finance Industry Development Award, offers a prize of $100,000 and invites submissions that will encourage the sustainable development of the Islamic financial services industry underpinned by its ethical foundations. Three specific challenge areas are pre-defined by an advisory board and candidates will need to identify and propose actionable solutions to overcome these challenges.

The challenges are as follows:
1. Develop an Islamic credit card
2. Develop Finance solutions for start ups
3. Develop a case that shows why Islamic Finance is superior and more beneficial to customer and shareholders

The second award, the Ethical Finance Initiative Award, offers a prize of $50,000 and aims to recognise previously implemented initiatives that demonstrate how the ethical application of financial services can deliver a sustainable positive impact on society and the environment.

The final award is a Lifetime Achievement Award specifically for individuals who have made a significant contribution and impact in the ethical practice of financial services.

The awards are designed to inspire real change in the financial services industry by recognising and rewarding innovation that can be put into practice. Entrants should put forward their ideas for shaping the financial industry within an ethical framework to be in for a chance to win a prize of up to $100,000.

“The high levels of interest and submissions we have seen for these awards this year is a clear sign there is a wealth of expertise and desire to bring ethical practice into finance through innovative ideas,” said Tirad Al Mahmoud, CEO of ADIB. “Islamic Finance lends itself to an ethical way of banking. The challenges provide entrants with an opportunity to creatively think about sustainable solutions within the context of Islamic Finance.”

Nadim Najjar, Managing Director, Middle East & North Africa, Thomson Reuters added: “We are extremely pleased that the amount of people interested and downloading the application form has increased on last year. It is very encouraging that these awards are recognised as a way for individuals as well as corporations to put forward their ideas to improve the finance industry and make it more sustainable in today’s challenging economy.”

Lamia Hariz
Head of Corporate Communications & PR
+971 2 412 8093
+971 50 616 4191

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Tuesday, July 22- 2014 @ 13:39 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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