Abu Dhabi Islamic Bank (ADIB), a leading financial institution, and Refinitiv, a London Stock Exchange Group business, has received over 100 applications for their 6th edition of Ethical Finance Innovation Challenge and Awards (EFICA) which recognises companies and individuals who have developed ground-breaking solutions in Islamic finance industry.

With such high demand, EFICA has decided to extend the application process by two more weeks until 31 August 2021. 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: “We are overwhelmed by just how many entries are coming through. We are over the 100-application mark and welcome the opportunity to add more. We have extended the deadline by a further two weeks now until 31 August. It just shows how much demand there is to be recognised within the Islamic community for creating next generation solutions, and also the need for funding. We look forward to finding out who wins.”

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.

To apply for the award please visit www.efica.com to download the application form and submit your entry before the closing date of 31 August 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.  

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