• 5 applicants shortlisted for the Islamic Finance Challenge Award category

Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, and Refinitiv, a London Stock Exchange Group business, have received 200 applications from across the world for their 6th edition of Ethical Finance Innovation Challenge and Awards (EFICA) which recognises companies and individuals that successfully develop ground-breaking solutions for the Islamic finance industry.

The Award program, which is presented in two categories, shortlisted 23 applicants for the Ethical Finance Initiative Award, and 5 applicants for the Islamic Finance Challenge Award. Prize money of $120,000 will be distributed across the winner and the finalists of the 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 that have made a positive social impact for their stakeholders.

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 Internal Shari’a Control, ADIB, said: Since the launch of EFICA, our ambition has always been to create a platform that would showcase the very best of the Islamic and ethical finance industry. We are proud to have attracted 200 applications for these awards – a testament to the entrepreneurial spirit and innovative minds in the region a. The volume and ingenuity of applications reflect the growing and positive impact that Islamic and ethical finance is having on lives around the world.  We look forward to showcasing all these exceptional finalists during our awards ceremony.”

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.

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.  

For more information on the award, please visit www.efica.com

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About ADIB

ADIB is a leading bank in the UAE with more than AED 127 billion in assets. The bank also offers world-class online, mobile and phone Islamic banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides Islamic 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).

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

Named the no. 1 UAE bank on the Forbes list of World's Best Banks 2021 and the World’s Best Islamic Bank 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 Emirates airlines, Etihad and Etisalat and a wide range of financing products.

About Refinitiv

Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With $6.25 billion in revenue, over 40,000 customers and 400,000 end users across 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners. For more information visit: www.refinitiv.com 

For media information, please visit www.adib.ae  or contact:

Radwa Shehab
Head of External Communications
Direct: +971 2 6910169
Brunswick Group

Layla Kurdieh
Account Director
Direct: +971 2 234 4600

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

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