Abu Dhabi Islamic Bank co-hosts ethical finance innovation awards

Entries are now being accepted for the third edition of the 2015 Ethical Finance Innovation Challenge Awards (EFICA), sponsored by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters.

The focus this year is on innovations that will help make ethical finance appeal to more people and audiences around the world as well as rewarding ideas that have created measurable benefits to society.

“The EFICA awards are a positive force in finance, recognizing innovation that sets a strong example of ethical action, and can be replicated across the industry,” ADIB Chief Executive Officer Tirad Al Mahmoud said.

Prizes of up to $100,000 will be awarded in three categories: development of Islamic finance, ethical finance initiatives, and lifetime achievement. The winner of the Islamic Finance Industry Development Award -- the creator of an innovation that allows for the growth and ethical development of Islamic finance and banking -- will receive $100,000.

A $50,000 prize will be awarded to the recipient of the Ethical Finance Initiative Award. This award is given to the creator of innovative solutions and initiatives that promote ethical practices and positive changes in the finance industry.

The Lifetime Achievement Award's prize is $25,000. This recognizes an outstanding institution or individual that has changed the world of financial services by using a positive approach and ethical principles.

Entries can be submitted online at www.efica.com. Entries will be pared to a list of three nominees for each category, and final selection will be based on judging by an advisory board and public voting that will take place during the final ceremony on Oct. 4 at the Global Islamic Economy Summit in Dubai.

“The EFICA awards have been very popular in the industry, drawing increasingly strong competition each year," Thomson Reuters Managing Director for the Middle East and North Africa Nadim Najjar said.