Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters have presented US$100,000 to the winner of the 2017 Ethical Finance and Innovation Challenge and Awards (EFICA), Kaah International Microfinance Services (KIMS).
KIMS is Somalia’s only dedicated privately owned microfinance institution which, since it launched in 2014, has provided more than US$6 million in Shariah-compliant financing to small businesses across Somalia, as well as offering micro-savings solutions to support refugees. KIMS was elected the winner based on votes from the audience at the annual EFICA gala dinner held in Dubai on November 15th, 2017
Other finalists included Arabesque, a specialist environment, social and governance quant fund, and Malaysia’s Employees Provident Fund, the largest Shariah-compliant retirement contribution scheme in the world. Each finalist was selected by EFICA’s advisory board, which includes prominent Islamic scholars and financial experts, from over 100 submissions, based on the quality and significance of their proposition.
In addition, the Ethical Lifetime Achievement Award was received by H.E. Dr. Ahmad Mohamed Ali Al-Madani, President of Islamic Development Bank and Islamic Development Bank Group. One of the most influential and respect academics from the Islamic finance industry, H.E. Dr. Al-Madani has led the Islamic Development Bank since 1975 and has published an extensive range of significant articles, speeches, lectures and working papers on Islamic economics, banking and education.
Khamis Buharoon, Acting CEO & Vice Chairman at ADIB, said: “KIMS is a worthy winner of the EFICA 2017 award for its commitment to providing financial solutions which make a real difference to local communities within Somalia. The company demonstrates the key role financial companies can play in providing advice and investment to support entrepreneurs and small businesses overcome start-up challenges, so that they can create employment opportunities which support the local economy.
“Now in its fifth year, the size and scale of the EFICA awards continue to grow, and we have been greatly encouraged to have received exceptional entries from around the globe. It shows that many people in the sector are working hard on harnessing finance to benefit communities worldwide. In addition, it is a great pleasure to acknowledge Dr. Ahmad Mohamed Ali Al-Madani’s significant contribution to the Islamic finance industry over the last five decades by presenting him with the Ethical Lifetime Achievement Award.”
In an acceptance speech on receiving the Lifetime Achievement Award, H.E. Dr. Ahmad Mohamed Ali Al-Madani said: “May I first take this opportunity to extend my sincere thanks to ADIB and Thomson Reuters for presenting me with this prestigious honour. EFICA has been a pioneering initiative which represents a significant step forward in Islamic finance’s global growth and its ability to resonate with a wider audience due to its underlying ethical principles. The UAE has been at the forefront of this growth and the country continues to act as an exemplar for many other nations around the world aspiring to become centres for Islamic finance. This is highlighted by the establishment of the Higher Sharia Board for Financial and Banking Activities, which is considered a reference for the Islamic banking business in the United Arab Emirates and I believe that the wider industry is in dire need of such guidance.
The gala dinner also saw the publication of a White Paper, ‘FinTech: a source of positive change’. The paper summarised the discussions of leading industry authorities at an EFICA roundtable event held in September 2017 on the increasing importance of fintech as a means of financial inclusion and empowerment. With contributions from a wide range of collaboration experts, the white paper examines key topics surrounding the rise of FinTech, including: FinTech’s role as a source of positive change, the importance of creating a robust FinTech ecosystem, and the role that Islamic banks can play in advancing the FinTech revolution.
The EFICA awards, launched in 2013 to recognise and reward innovation in ethical finance, aim to inspire real change in the banking and financial services industry by showcasing and developing practical innovations which promote sustainability and social benefit. During the past five years, EFICA has become a leading global finance award with more than 450 applications received from around the world.
For more information about EFICA please visit: http://efica.com.