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ADIB, Reuters select three finalists for ethical awards

ABU DHABI, October 16, 2014

Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters have selected the finalists for their annual Ethical and Islamic Finance Innovation Awards (EFICA).

The shortlist includes a rural development project in Sudan, a crowdsourcing website, and an ethics-focused asset management proposition.

In its second year, EFICA received over 200 entries.

The $50,000 Ethical Finance Initiative Award recognises initiatives that display how ethical delivery of financial services can produce a positive impact on society.

Tirad Al Mahmoud, chief executive officer, ADIB, said: “Society is hungry for ethical and innovative solutions to our development and environmental challenges, and the financial community needs to do its part. The EFICA awards are a way of rewarding good thinking and good practice. It’s particularly heartening that we had so many entries this year. More and more people are engaging with our vision to harness finance for the benefit of communities around the world.”

One of the finalists runs an initiative that aims to support poor families in rural areas of Sudan, providing a combination of agricultural expertise and Islamic micro-finance and assistance in marketing produce.

Another finalist is the operator of an Egypt-focused website that helps to provide “crowd source” funding to small businesses, often in low-tech and informal manufacturing. The website also channels ideas from students and recent graduates to the business owners, including in the areas of design, marketing and business development.

The third shortlisted entry is by a Sharia-compliant asset management company in Saudi Arabia that has signed up to the United Nations Principles of Responsible Investing, and is implementing them when managing public equity, private equity and real estate funds.

The three finalists for the ethical award were selected after presenting in September to an advisory board, which included financial experts and Islamic scholars. A winner will be selected by vote at the EFICA Gala Dinner on October 29 in Dubai.

The EFICA Lifetime Achievement Award will also be presented at the event to an individual who has made a significant contribution to ethical practices in the arena of financial services.

This year, just over 100 applications were received for the Islamic Finance Industry Development Award, which was also launched in 2013 with a $100,000 prize. However, the advisory board decided not to grant the award for 2014, as entrants failed to meet the award’s strict criteria. The prize will be offered again next year. – TradeArabia News Service




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