The Ethical Finance Innovation Challenge Awards (EFICA) has confirmed Nobel Peace Prize winner Muhammad Yunus as the keynote speaker at the upcoming third annual awards in Dubai, UAE.

Supported by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, the awards will be held on October 4 at the Westin Dubai Mina Seyahi Beach Resort.

The EFICA awards, which offer prizes of up to $175,000, are given in three categories: development of Islamic finance, ethical finance initiatives, and lifetime achievement. 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.

Tirad Al Mahmoud, chief executive officer of ADIB said: “Muhammad Yunus is recognized globally as a pioneer in the ethical finance space and has been leading the way particularly in terms of financial inclusion across the financial services sector for many years.”

“He is rightly credited as the one individual who brought microfinance to a level where it became a viable business enabler in his native Bangladesh and in many other developing countries. We can learn a great deal from his inspirational approach in our own attempts to develop innovative ethical finance initiatives to make a broader social impact.”

Nadim Najjar, managing director, Mena, Thomson Reuters said: “The EFICA awards are a positive force in finance, recognizing innovation that sets a strong example of ethical action, and can be replicated across the industry. Muhammad Yunus will share his experiences with those attending and explain the importance of promoting ethical finance and the significance that innovation plays in developing a more equitable financial system for future generations.”

Muhammad Yunus, who is also known as "the world's banker to the poor" has dedicated his life’s work to proving that a lack of wealth is no barrier to credit-worthiness.

His revolutionary microcredit system is estimated to have extended credit to more than seven million of the world's poor, many of them in Bangladesh.

In its third year, EFICA received over 200 entries from across the globe. This year, entrants were asked to submit projects that have helped broaden the appeal of ethical finance to a global audience and initiatives that have created tangible benefits for society.

A panel of judges in Abu Dhabi recently selected three finalists from the categories of Ethical Finance Initiative and the Islamic Finance Industry.

The finalists will present in front of an audience at the Gala dinner of the Ethical Finance Innovation Challenge on October 4 which is being held on the sidelines of the Global Islamic Economy Summit in Dubai. The audience will choose the winners through a public vote. – TradeArabia News Service