The EFICA awards, which offer prizes of up to US$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 commented, “Muhammad Yunus is recognised 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, Middle East and North Africa, Thomson Reuters said: “The EFICA awards are a positive force in finance, recognising 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. He is one of only seven people to have won the Nobel Peace Prize, the US Presidential Medal of Freedom and the Congressional Gold Medal, placing him alongside leaders and visionaries such as Nelson Mandela, Martin Luther King Jr, and Mother Teresa.
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.
The shortlisted applicants for the Ethical Finance Initiative award category and the Islamic Finance Industry award presented in front of a panel of judges in Abu Dhabi on 9 and 10 September, after which three finalists from each category were selected. The finalists will present in front of an audience at the Gala dinner of the Ethical Finance Innovation Challenge on the 4 of October 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.