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Nominations open for ADIB, Thomson Reuters awards

June 21, 2014

Following the success of the inaugural Ethical Finance Innovation Challenge and Awards, or Efica, in 2013, Abu Dhabi Islamic Bank, or ADIB, and Thomson Reuters have announced that the awards for the 2014 awards are now open for submission.

The awards fall into three categories the Islamic Finance Industry Development Award, the Ethical Finance Initiative Award and the Lifetime Achievement Award.

They are designed to inspire real change in the financial services industry by recognising and rewarding innovation that can be put into practice.

Entries are being accepted from any institution, research centre, or individual interested in shaping the finance industry within an ethical framework with prizes of up to $100,000 offered. The awards follow a rigorous and transparent selection process that features an advisory board, which includes scholars and financial experts.

Tirad Al Mahmoud, chief executive officer of ADIB, said: "There is a hunger for more ethical and straight-forward banking in diverse markets. Innovation will be a driving force to bring us closer to meeting this demand and develop sustainable financial solutions that make a positive difference in the world. The Efica aim to inspire this kind of innovation and honour people who are thinking creatively and working hard to improve current practices, and therefore to encourage progress across the industry."

Dr Sayed Farook, global head of Islamic Capital Markets at Thomson Reuters, added: "With more than $200 trillion of assets, the financial system has a disproportionate impact on the real economy. As such, influencing the ethical direction of the financial services industry can have a significant multiplier effect on the challenges facing the world."

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Khaleej Times (United Arab Emirates)

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