The world's first and only Ethical Finance Innovation Challenge awards

Abu Dhabi, 05 July 2015:

The 2015 Ethical Finance Innovation Challenge Awards (EFICA) sponsored by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, is closing entry submissions this Wednesday July 8th. This year's focus is on ideas that will help broaden the appeal of ethical finance to a global audience and to reward initiatives that have created tangible benefits for society.

The EFICA awards, which offer prizes of up to $100,000, are given in three categories: development of Islamic finance, ethical finance initiatives, and lifetime achievement.

The Islamic Finance Industry Development Award, which carries a prize of $100,000, is awarded for innovation that furthers the growth and ethical development of Islamic finance and banking. This year's theme is how to promote the universal appeal of Islamic finance, and judges are particularly looking for initiatives that encourage the industry's global growth as a progressive and ethical alternative to conventional finance.

Meanwhile, the Ethical Finance Initiative Award, which carries a $50,000 prize, 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 shaped the world of financial services, using a positive approach and ethical principles.

Entries for the awards can be submitted online at www.efica.com by institutions, research centres or individuals. An advisory board of Islamic scholars and financial experts sit on the judging panel. Winners will be chosen from a shortlist of 3 candidates for each award at the Global Islamic Economy Summit held on the 4th of October this year in Dubai.

"This year we are looking for candidates who have established themselves as role models in their industries by bringing the principles of ethical finance to a global audience" said ADIB Chief Executive Officer Tirad Al Mahmoud. "It is up to the finance sector to offer solutions to a public increasingly seeking higher standards and more reliable business practices. Islamic finance is increasingly appealing to greater numbers of people of all backgrounds, both secular and religious. This year we will award those businesses, individuals, and institutions who have shown they are most capable of harnessing the appeal of ethical finance for distribution to a wider audience."

Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters said: "The EFICA awards have been very popular in the industry, drawing increasingly strong competition each year. It is extremely encouraging that there are more and more people working in finance who are looking for new ways of doing things, with societal progress acting as their overriding motive."

Started in 2013 the EFICA awards have attracted hundreds of submissions each year from all around the world. Last year's ethical finance prize was won by a creative rural microfinance project in Sudan, while the lifetime achievement award was won by Dr. Amjad Saqib for his work establishing Akhuwat, an organization that has helped over 600,000 families in Pakistan.  

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About ADIB:
Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Emiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan on 18th April 1999. ADIB's vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community. The Bank carries out all contracts, operations and transactions in accordance with Islamic sharia principles. ADIB's core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and sharia inspired. It brings to its customers banking as it should be. For more information, please visit www.adib.ae

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 thomsonreuters.com

Or contact:
Thomson Reuters
Tarek Fleihan
PR Manager, Middle East, Africa & Russia / CIS
Direct: +971 4 453 6527
Email: tarek.fleihan@thomsonreuters.com

ADIB
Radwa Shebab
Senior Manager Corporate Communications & PR
Direct: +971 2 412 8093
Email: Radwa.Shehab@adib.com

Brunswick Group
Mouaffak Hajjar
Executive
Direct: +971 2 234 4604
Email: ADIB@brunswickgroup.com

© Press Release 2015