- Awards recognize initiatives and achievements in ethical finance

- Two categories, Ethical Finance Initiative and Lifetime Achievement

UAE, 26 June 2016: The Ethical Finance Innovation Challenge and Awards (EFICA) is returning for its 4th year. An initiative launched by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, the awards aim to recognize and reward innovation in ethical finance, and are designed to inspire real change in the banking and financial services industry by showcasing and developing new practical innovations to promote sustainability and social benefit.

The EFICA awards are being given in two categories this year: the Ethical Finance Initiative Award, and the Lifetime Achievement Award.

The Ethical Finance Initiative Award carries a $100,000 prize, and is for innovative solutions or initiatives that promote ethical practice and inspire real change in the financial services industry.

The Lifetime Achievement Award, with a prize of $25,000, celebrates an outstanding institution or individual that has significantly helped to shape the world of financial services, by applying ethical principles.

"The aim of EFICA is to motivate all positive contributions of the finance industry and recognize existing innovations in the ethical finance space. The awards also aim to create more momentum in the market place so ultimately the society can benefit from ethical finance solutions." said ADIB Chief Executive Officer Tirad Al Mahmoud. "It is the responsibility of our sector to show we practice what we preach, and to do all we can to recognize and encourage ethical financial practices across the globe."

Entries for the awards are now being accepted from institutions, research centres and individuals and can be submitted online at [www.efica.com]. 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.

Last year, EFICA hosted more than 300 guests at its annual gala dinner. There, finalists presented their ideas to the audience who then selected the eventual winners through an electronic voting process. In the past 3 years, EFICA has received over 400 applications from around the world and has shortlisted 19 finalists who presented their initiatives at the EFICA gala dinner. The event hosted the Noble Laureate Professor Muhammad Younis as the keynote speaker.

Last year's ethical initiative award winners were Narwi.org, a nonprofit Islamic crowd funding platform giving micro-entrepreneurs in the MENA region a voice.

The Islamic Finance Council UK won The Islamic finance Industry Development award for pioneering the Ethical Finance Roundtable (EFRT) series, which brings together a broad section of stakeholders in the ethical finance industry sector over a systematic, structured and regular basis.

For more details on submission EFICA please visit www.EFICA.com

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About ADIB:
ADIB is a leading bank in the UAE with more than AED 110 billion in assets. Its 855,468 customers benefit from the third largest distribution network in the UAE with 88 branches and more than 757 ATMs. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX). 

In the UAE, the Bank has more than 2,300 employees and remains one of the leading banks in the recruitment, development and promotion of local talent in all the markets in which it operates. The bank has one of the highest Emiratisation ratios with more than 45% of the bank's workforce being UAE Nationals.

ADIB is a leading global advocate of Ethical Finance and in 2012, in partnership with Thomson Reuters, the bank launched the Ethical Finance Innovation and Challenge Awards (EFICA). In 2015, the awards received over 200 applications from all over the world.

ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar.

Named "Best Bank in the UAE" by The Financial Times' The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products.

About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to http://thomsonreuters.com

CONTACT
For media information, please contact:
ADIB                                                                                                              
Radwa Nasraldin Shehab                                                                            
Direct: +971 2 412 8093                                                                             
Mobile: +971 50 473 4482                                                                                       
Email: Radwa.Shehab@adib.com                 

Brunswick Group
Mouaffak Hajjar
Direct: +971 4 446 6277
Mobile: +971 56 174 8183
Email: ADIB@brunswickgroup.com

© Press Release 2016