Abu Dhabi, UAE: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has launched the 7th edition of its flagship Ethical Finance Innovation Challenge and Awards (EFICA). The globally recognised awards program celebrates groundbreaking solutions in the fields of Islamic and ethical finance, reinforcing ADIB’s commitment to fostering innovation and supporting socially responsible financial practices.

EFICA 2024, organized in partnership with London Stock Exchange Group – Data & Analytics (LSEG – Data & Analytics), invites individuals and organisations worldwide to showcase their contributions to advancing Islamic and ethical finance. Over the past six editions, EFICA has established itself as the premier global platform in this space, attracting more than 450 applications from around the world, shortlisting 24 finalists, and awarding up to14 ideas

Part of the ADIB Ventures initiative, the award was launched to recognise and reward ground-breaking solutions in the field of financial technology and ethical finance. It aims to promote solutions that prioritize ethical practices in Islamic finance while leveraging cutting- edge technology to transform the financial landscape. EFICA underscores ADIB’s commitment to advancing its leadership in ethical and innovative banking, while fostering deeper connections within the Islamic finance community and inspiring the next generation of socially conscious talent.

This year, EFICA will recognise exceptional contributions through two key categories. The Ethical Finance Initiative Award focuses on recognising individuals and organisations that have implemented innovative financial solutions or initiatives with a strong ethical foundation and significant social impact. Meanwhile, The Islamic Finance Challenge Award identifies and promotes technology-enabled solutions that align with Sharia principles.

Mohamed Abdelbary, ADIB Group Chief Executive Officer, commented: "EFICA represents ADIB’s commitment to empowering and celebrating innovators who are not only pushing the boundaries of technology but also creating meaningful and ethical solutions that have a social impact. By providing a platform for innovative ideas, we aim to inspire change and create tangible impact. Over the years, EFICA has showcased the ingenuity and dedication of individuals and organizations working to make a difference. We are excited to continue this legacy with the 7th edition and look forward to uncovering the next generation of transformative ideas in Islamic and ethical finance."

EFICA seeks to support and scale purpose-driven businesses that are tackling urgent challenges in Islamic banking and creating a social impact.  Awardees will receive prize money and be mentored by the bank’s senior management and other business leaders. The awards are open to social enterprises and small-and-medium enterprises (SMEs) that have tested their ideas. Applications from around the world are welcomed, and the application period is open from the 4th of December to the 10th of January 2024].

Previous EFICA winners have included IFIN, recognised for developing the first Sharia-compliant "Buy Now Pay Later" fintech platform, and LaunchGood, a leading crowdfunding site for Muslim initiatives that has raised over $11 million for more than 1,000 campaigns across 63 countries. Applications for EFICA 2024 will be evaluated by a distinguished advisory board comprising Islamic financial experts, ethical banking practitioners, and Sharia scholars. Selection criteria will include the ethical alignment, societal impact, innovation, and practical applicability of the solutions.

The award ceremony will take place at a Gala Dinner, where finalists will present their projects to an audience of global leaders and finance professionals.

About ADIB

ADIB is a leading bank in the UAE with AED 223 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day.

ADIB provides 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 a strong presence in five strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, and Iraq.

Named 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.

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