Dubai, United Arab Emirates, 23 October 2016: Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters have announced the 3 finalists for their Ethical Finance and Innovation Challenge and Awards (EFICA), with the shortlisted entries ranging from a sharia-compliant real estate crowd funding platform, to a microfinance initiative for villagers in Indonesia. The finalists were chosen following presentations in September to the EFICA advisory board, which included financial experts and Islamic scholars.

The 3 finalists will present their entries at the fourth edition of the awards ceremony that will take place on 26th of October, 2016 at The Marriott Marquis, Dubai, where the first Muslim female UK Minister, Baroness Sayeeda Warsi, will be the keynote speaker. The winner will be selected by a vote from the audience at the dinner.

EFICA awards, launched in 2013 with the aim to recognize and reward innovation in ethical finance,  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 awards drew interest from hundreds of individuals and institutions from 57 nations and 5 continents.

Tirad Al Mahmoud, Chief Executive Officer of ADIB, said: “The single most important reason for launching EFICA was our desire to do something tangible to recognize and to encourage those seeking for further development of the Islamic and ethical finance industry. The standard of our finalists is a testament to the change that is taking place globally when it comes to ethics in the financial sector. Banks, such as ADIB, have a key role to play in supporting the development of sustainable financial solutions that make a positive difference in the world.”

Nadim Najjar, Managing Director MENA, Thomson Reuters, said: “The EFICA Awards were launched three years ago with a clear purpose to recognize institutions that advance social development and create positive social impact on a wide scale within the financial industry. We aim to use their example to inspire the rest of the financial services industry to do their part to drive positive change.”

The Ethical Finance Initiative Award carries a $100,000 prize, and is for innovative solutions or initiatives that promote ethical practice in the financial services industry. The three finalists shortlisted are:

EthisCrowd is the world’s first Islamic Real Estate Crowdfunding platform where Ethical and Islamic investors can find investment opportunities in real estate in line with their values. In two years, EthisCrowd has raised 4 million SGD towards the funding of 5000 homes and already has over 10,000 members.

LaunchGood is the world’s leading crowdfunding site for Islamic Finance, having raised over $11 million for 1000+ campaigns across 63 countries.

Islamic Finance Institute of Southern Africa’s micro finance initiative in Indonesia provides investors with a purely ethical, high impact social initiative. The villagers in the co-operative are empowered with modern skills and provided with incentives for delivering high quality  of products  and share in the profits without the pressure of debt.

 The EFICA Lifetime Achievement Award will also be presented at the event to an individual judged to have made a notable contribution to ethical practices in the financial services sector.

For more information about EFICA please visit: http://efica.com/  

-Ends-

About ADIB
ADIB is one of the largest retail banks in the UAE. Its 750,000 customers benefit from a network of nearly 88 branches and more than 700 ATMs, as well as online, mobile and phone banking, providing them access to their accounts 24 hours a day. 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. The bank has continuously increased its asset base over the past five years and is continuing to build its presence internationally in countries such as Egypt, in which it has 70 branches, as well as the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar.

For media information, please visit www.adib.ae or 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 2 234 4604
Mobile: +971 56 174 8183
Email: ADIB@brunswickgroup.com

© Press Release 2016