Abu Dhabi, UAE; 22 November 2021: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, and Refinitiv, a London Stock Exchange Group business, have shortlisted the top three finalists for their 6th edition of Ethical Finance Innovation Challenge and Awards (EFICA). The finalists were selected from more than 200 applications, from all over the world, for the EFICA award which recognises companies and individuals that successfully develop ground-breaking solutions for the Islamic finance industry. The winners for the award program, which is presented in two categories, will be declared at the gala dinner on 24 November, with a prize money of $120,000 to be distributed between the winner and the finalists.
Below are the top three finalists and what led to their selection:
- The Islamic Finance Initiation Network (IFIN), for being the first of its kind Shariah-compliant, cloud-based, buy-now-pay-later Fintech solution that connects different types of Islamic Financial Institutions (IFIs), including banks, windows, finance companies, microfinance, and crowdfunding platforms, with retailers – both online and offline – allowing customers to submit their finance applications to their preferred IFI and get it approved instantly.
- The Islamicly App (and its web version), for making accessible the most accurate and well-researched real-time information on Shariah compliance of globally listed stocks and opening up the global equities market and financial inclusions to Shariah-sensitive retail investors.
- Manzil, for offering Shariah-compliant alternative financial products in line with the obligations of the Islamic faith, specialising in Islamic Finance, Financing, Investments, and Insurance. It is introducing innovative unprecedented financing products for the first time in Canada by launching Canada’s first Islamic Neobank and offering what is dubbed as ‘Halal mortgages’ in Canada.
Dr. Osaid Kilani, Global Head of Internal Shari’a Control, ADIB, said: “Our dream with EFICA was to recognise and appreciate innovative Islamic and ethical financial solutions and initiatives that have made a difference in the lives of their stakeholders. We are proud of each and every application we received, as they are truly inspiring and go on to reflect the growing and positive impact that Islamic and ethical finance is having on lives around the world. We are eager to showcase and learn from these exceptional finalists during our awards ceremony.”
The finalists will make a formal presentation of their initiatives to the audience at the gala dinner on 24 November, and the winner of the EFICA award will be determined by audience vote.
ADIB is an active participant in the global conversation on ethics in finance. By placing a strong emphasis on simplicity and partnership, the bank aims to ensure that only appropriate products are offered, and that customers’ needs come before profit.