Latest news with #EFICA
Zawya
29-04-2025
- Business
- Zawya
ADIB champions innovation and ethical finance at EFICA awards Ceremony
Abu Dhabi, UAE: Abu Dhabi Islamic Bank (ADIB) in strategic partnership with the London Stock Exchange Group, successfully hosted the EFICA 2025 Awards ceremony, reinforcing its leadership in ethical finance, innovation and real-world social impact. The event brought together industry pioneers, thought leaders and bankers to celebrate forward looking initiatives in Islamic finance. Launched by ADIB in 2013, the Ethical Finance Innovation Challenge Award 'EFICA' Awards were created to celebrate initiatives that drive real-world impact, promote sustainability, and advance ethical banking practices. Over the past decade, EFICA has grown into one of the leading global platforms in the sector, advancing ethical finance innovation, attracting hundreds of submissions from around the world. Commenting on the EFICA Awards, Mohamed Abdelbary, ADIB's Group CEO, said: "As a bank founded on the principles of Sharia and ethical banking, ADIB is proud to champion innovations that create meaningful social and economic impact. Our heartfelt congratulations go to this year's winners, who embody the core values ADIB stands for financial inclusion, sustainability, and positive societal impact. At ADIB, we remain committed to fostering a global financial ecosystem where ethical principles drive real-world change. As EFICA enters its seventh edition, we are proud to see its size, scale, and global influence continue to grow. The exceptional entries we received this year reflect the sector's dedication to harnessing innovation for the benefit of communities worldwide.' This year, EFICA attracted over 150 global submissions. A distinguished advisory board featuring prominent Islamic scholars, financial innovators and banking practitioners, selected outstanding initiatives that reflect ethical aspects, impact on society and innovation. During the ceremony, the Bank honoured excellence in three key categories: • EFICA Main Award: MADCash (Malaysia) was awarded the EFICA 2025 Main Award for its innovative, Shariah-compliant, zero-profit Microfunding platform that empowers women entrepreneurs by providing Shariah Compliant micro finance and financial literacy training, driving financial inclusion and enhancing future bankability across Malaysia, Singapore, and Tajikistan. • Lifetime Achievement Award: Sheikh Mufti Muhammad Taqi Usmani received this prestigious recognition for his lifelong contributions and service to the Islamic finance industry globally. • Islamic Finance Initiative Award: Sukuk Al Waqf, an initiative by the Awqaf and Minors Affairs Authority (Dubai), in partnership with the Mohammed bin Rashid International Centre for Endowment and Endowment Consultation, which is managed by National Bonds, was honoured for advancing Islamic finance through innovative waqf-based investment structures. Other finalists that presented their ideas included Kestrl, a UK-based fintech helping over 1.2 million Muslims worldwide manage and grow their wealth in accordance with Islamic finance principles, and Kifiya Financial Technology, an Ethiopian company focused on developing digital platforms that facilitate secure, affordable, and accessible transactions to bridge the financial inclusion gap in Ethiopia. Through EFICA, ADIB not only celebrates the achievements of changemakers but also reinforces its mission to lead the financial industry toward a future where ethical principles and innovation go hand in hand. For more information about EFICA please visit: About ADIB: ADIB is a leading bank in the UAE with AED 244 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997, and its shares are traded on the Abu Dhabi Securities Exchange (ADX). ADIB has a strong presence in five strategic markets: Egypt, where it has 72 branches, the United Kingdom, Qatar, and Iraq. Named World's Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products. For media information, please visit or contact: ADIB Edelman Lamia Khaled Hariz Simon Hailes Head of Public Affairs Director of Financial Communications
Zawya
13-03-2025
- Business
- Zawya
ADIB selects three finalists for the 7th EFICA Awards from 150 global applicants
UAE, Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) in partnership with the London Stock Exchange Group has announced the three shortlisted finalists for the Ethical Finance Innovation Challenge and Awards (EFICA) 2025 edition, from over 150 submissions, reaffirming its commitment to advancing ethical finance and supporting groundbreaking initiatives that promote financial inclusion, sustainability, and innovation in Islamic finance. Among the shortlisted candidates are Kestrl, a UK-based fintech supporting over 1.2 million Muslims globally in managing and growing their wealth in line with Islamic finance principles; MADCash, a Malaysia-based fintech initiative focused on empowering unbanked and underbanked women entrepreneurs through microfinance and financial literacy programs across Malaysia, Singapore, and Tajikistan; and Kifiya Financial Technology, an Ethiopian company developing digital platforms that enable secure, affordable, and accessible transactions to bridge the financial inclusion gap in Ethiopia. The three finalists will exhibit their entries at the 7th edition of the awards ceremony, which will take place on April 24, 2025. The winner will be chosen based on the votes from the audience at the gala dinner. A monetary award will be given the winners. Each finalist was selected by EFICA's advisory board members, which includes prominent Islamic financial industry leaders, during the EFICA workshop which was held on the 26th of February 2025 in the ADIB headquarters in Abu Dhabi, the selection was based on the quality and significance of their proposition. Their projects were evaluated based on impact, scalability, and alignment with EFICA's core principles. Dr. Osaid Kilani, Global Head of Shari'a at ADIB, said: 'Our aim from EFICA is to create a platform to showcase the very best of the Islamic finance industry from the ethical perspective. By recognising and supporting groundbreaking initiatives, we aim to inspire innovation that drives social impact. This year's finalists exemplify the power of technology and goal-driven financial services in bridging financial gaps, empowering underbanked societies and creating meaningful impact around the world. The awards have grown every year and now represent a key date in the calendar for such organisations of all sizes. The quality of submissions received in 2025, and particularly the calibre of finalists, demonstrates the progress within the industry and the growing impact that ethical finance is having on lives around the world." Now in its seventh edition, EFICA continues to serve as a global platform for identifying forward-thinking solutions that align with Sharia-compliant financial principles while addressing pressing societal and economic challenges. This year's finalists bring diverse approaches to ethical finance, spanning digital financial inclusion, Sharia-compliant investment models, fintech solutions for underserved communities, and blockchain-based financial services. -Ends- About ADIB ADIB is a leading bank in the UAE with AED 226 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997, and its shares are traded on the Abu Dhabi Securities Exchange (ADX). ADIB has a strong presence in five strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, and Iraq. Named World's Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products. For media information, please visit or contact: ADIB Edelman Lamia Khaled Hariz Simon Hailes Head of Public Affairs Director of Financial Communications
