Each year the list gets longer: the biggest banks admitting guilt in LIBOR rigging, FX rigging, money laundering and other misbehavior that leads them to multi-billion settlements with regulators. It is no wonder people are looking at different models for how finance can better serve the people around the world who rely on the banks for financial intermediation, rather than just the banks and their employees.
For the third year in a row, Thomson Reuters and Abu Dhabi Islamic Bank find and recognize individuals and institutions that are leading the way towards a more ethical future for the financial services industry. The EFICA award in the past two years have recognized bankers and new banking products that share risk and reward between the banks and their clients, as well as several innovative methods of microfinance.
Last year, the Lifetime Achievement Award recognized Dr. Amjad Saqib who developed a unique microfinance institution, Akhuwat, based on the principle that by empowering the poor through small, interest-free loans and involving centers of community activities like the mosque in the process, the overall costs can be reduced. In addition, by giving small loans without expecting to receive interest, it can more quickly benefit the client and their business, make them self-sustaining and eventually allow them to donate to support future clients.
The EFICA Awards are looking to benefit the ethical finance and Islamic finance industry with three tracks:
- Ethical Finance Initiative Award to recognize a new or existing ethical financial solutions or initiatives that can be implemented within the financial sector
- Islamic Finance Industry Development Award to recognize the best practice business model initiated by an institution or an individual that have successfully implemented initiatives that have made a significant impact on promoting Islamic finance to the global community.
- Lifetime Achievement Award to recognize an individual that has made a significant ethical impact in the practice of ethical and/or Islamic finance.
Applications for the 2015 Ethical Finance Innovation Challenge and Awards (EFICA) are now open at www.efica.com