The Ethical Finance Innovation Challenge and Awards (EFICA) is returning for its 4th year. An initiative launched by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, the awards aim to recognise and reward innovation in ethical finance, and are designed to inspire real change in the banking and financial services industry by showcasing and developing new practical innovations to promote sustainability and social benefit.
The EFICA awards are being given in two categories this year: the Ethical Finance Initiative Award, and the Lifetime Achievement Award. The Ethical Finance Initiative Award carries a US$100,000 prize, and is for innovative solutions or initiatives that promote ethical practice and inspire real change in the financial services industry.
The Lifetime Achievement Award, with a prize of US$25,000, celebrates an outstanding institution or individual that has significantly helped to shape the world of financial services by applying ethical principles. "The aim of EFICA is to motivate all positive contributions of the finance industry and recognise existing innovations in the ethical finance space. The awards also aim to create more momentum in the market place so ultimately the society can benefit from ethical finance solutions," said ADIB Chief Executive Officer Tirad Al Mahmoud. "It is the responsibility of our sector to show we practice what we preach, and to do all we can to recognise and encourage ethical financial practices across the globe."
Entries for the awards are now being accepted from institutions, research centres and individuals and can be submitted online. The selection process is managed by an advisory board that includes financial experts, ethical banking practitioners and Islamic scholars. The selection criteria is based on the initiatives' ethical aspects, impact on society, innovation, and the practicality of the application.
Last year, EFICA hosted more than 300 guests at its annual gala dinner. There, finalists presented their ideas to the audience who then selected the eventual winners through an electronic voting process. In the past three years, EFICA has received over 400 applications from around the world and has shortlisted 19 finalists who presented their initiatives at the EFICA gala dinner.
Last year's ethical initiative award winners were Narwi.org, a nonprofit Islamic crowd funding platform giving micro-entrepreneurs in the MENA region a voice.
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