The Ethical Finance Innovation Challenge and Awards (EFICA), sponsored by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, are now accepting entries for the fifth consecutive year.

The awards fall into two categories, the Ethical Finance Initiative Award, and the Lifetime achievement award. They are designed to recognize innovation in ethical finance and inspire real change in the financial services industry.

Entries for the Ethical Finance Initiative Award, which carries a $100,000 first prize, are welcomed from individuals and organisations that offer new practical innovations that promote sustainability and social benefit. Two runners-up will each receive $20,000 prizes.

A Lifetime Achievement Award, with a prize of $25,000, will also be awarded by the judging committee to an outstanding institution or individual that has significantly helped to shape the world of financial services, by applying ethical principles.

Entries should be submitted online at www.efica.com before the closing date of July 6, 2017.

The EFICA awards recognize the role that the finance industry can and must play in socio-economic development. ADIB’s aim from this award is to encourage the industry to place ethics and social benefit at the forefront of its thinking.

The selection process is managed by an advisory board that includes financial experts, ethical banking practitioners and Islamic scholars. The selection criteria is based on the initiatives’ ethical aspects, impact on society, innovation, and the practicality of the application.

Over the past four years, EFICA has become a leading finance award receiving over 500 applications from around the world. As in previous years, short-listed finalists will present their initiatives at the EFICA gala dinner. 

Last year, the Ethical Finance Initiative Award was won by LaunchGood, the world’s leading Islamic finance crowdfunding site, for its work in raising over $11 million for over 1,000 campaigns across 63 countries. 

Dr Zeti Akhtar Aziz, the former governor of Malaysia’s Central Bank, was presented with the EFICA Lifetime Achievement Award for her pivotal role in developing the Islamic banking industry and her distinguished contribution in driving ethical practices in the global financial industry.

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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