Abu Dhabi Islamic Bank (ADIB), in partnership with Thomson Reuters, has launched global awards to recognise innovation in ethical and Islamic finance.

The awards will be presented in three categories, Islamic Finance Industry Development Award, Ethical Finance Initiative Award, and Lifetime achievement award.

Entries will be accepted from any institution, research centre, group of individuals or individual interested in shaping the financial industry within an ethical framework, with prizes of up to $100,000 offered, said a statement.

Nominees will be shortlisted by an advisory board, which includes financial experts and Islamic scholars and the short-listed nominees for the categories will then be announced in November.

“Financial innovation without ethics can lead to crises, as we saw in 2008, when trust in financial markets was destroyed by lack of transparency and evidence of the absence of ethical behaviour by many in the banking and financial business,” said ADIB chief executive officer Tirad Al-Mahmoud.

“These awards aim to promote greater awareness among banking and finance professionals around the world of the benefits of adopting ethical approaches as the best way for sustainable profitability,” said Al Mahmoud.

Russell Haworth, managing director Mena, Thomson Reuters, said: “This initiative aims to encourage innovation in the development of the financial services industry that is founded on universal principles of ethics. It will facilitate tangible and actionable outcomes that can be adapted by financial institutions globally.”

Submissions of entries for the awards will be open till September 31. - TradeArabia News Service