ADIB Unveils 7th EFICA Edition Driving Innovation in Ethical and Islamic Finance

Abu Dhabi, UAE: The Ethical Finance Innovation Challenge and Awards (EFICA), an initiative by Abu Dhabi Islamic Bank (ADIB), returns for its 7th edition with a renewed focus on redefining the financial industry through innovation and social impact. Since its launch, EFICA has been a trailblazing platform that highlights the transformative potential of ethical and Islamic finance in addressing global financial challenges. This year, EFICA invites changemakers from around the world to showcase solutions that combine cutting-edge technology with ethical principles, reflecting the growing demand for sustainable and inclusive financial systems.

Organized in collaboration with the London Stock Exchange Group – Data & Analytics (LSEG – Data & Analytics), EFICA 2024 promises to push the boundaries of innovation while strengthening the alignment of financial solutions with Islamic principles. With a history of empowering impactful ideas, EFICA serves as a global hub for visionaries who aim to revolutionize the financial sector.

EFICA

EFICA was conceived as part of ADIB’s mission to inspire change in the financial world. Over the years, it has become a globally recognized program for identifying and nurturing ethical and technology-driven solutions that align with Sharia principles. EFICA has attracted more than 450 applications from 63 countries, awarded 14 transformative ideas, and provided a platform for innovators to make a lasting impact.

1. Ethical Finance: EFICA promotes financial practices that emphasize transparency, fairness, and social responsibility.
2. Technology: The program highlights the role of fintech in advancing Islamic finance and addressing modern financial challenges.
3. Purpose-Driven Ventures: Through funding, mentorship, and networking opportunities, EFICA supports SMEs and social enterprises that demonstrate measurable societal benefits.

By fostering collaboration and innovation, EFICA has created a thriving ecosystem of forward-thinking professionals committed to reshaping finance.

EFICA 2024 features two award categories, each designed to spotlight groundbreaking contributions to ethical and Islamic finance:

• The Ethical Finance Initiative Award: This award recognizes projects and organizations that implement financial solutions with a strong ethical foundation and significant social impact. Examples include programs that expand access to finance in underserved communities or promote financial literacy to empower vulnerable populations.

• The Islamic Finance Challenge Award: This category focuses on technology-driven solutions that align with Sharia principles. Projects leveraging blockchain, AI, or other emerging technologies to innovate within the Islamic finance framework are especially encouraged.

Benefits for Participants

1. Financial Support: Winners will receive funding to scale their projects and bring their ideas to life.
2. Mentorship: Awardees will gain access to ADIB’s senior management and a network of industry experts for personalized guidance.
3. Global Recognition: Finalists will present their solutions at EFICA’s prestigious Gala Dinner, attended by finance leaders and innovators.

EFICA’s dual focus ensures that both traditional ethical initiatives and tech-driven innovations are recognized, creating a comprehensive impact on the global financial ecosystem.

As the world faces mounting economic, social, and environmental challenges, the principles of ethical finance and Islamic banking offer a roadmap for creating sustainable and inclusive financial systems. By emphasizing fairness, risk-sharing, and social responsibility, ethical and Islamic finance provides an alternative to conventional financial practices.

• ESG Integration:
  Islamic finance’s alignment with Environmental, Social, and Governance (ESG) goals has led to the rise of green Sukuk, renewable energy projects, and sustainable real estate developments. These initiatives underscore its commitment to environmental stewardship and ethical investment.

• Financial Inclusion:
  By offering microfinance and Sharia-compliant crowdfunding platforms, Islamic finance empowers underserved populations, providing them with access to essential financial services.

• Economic Inequality:
  The profit-and-loss-sharing mechanisms inherent in Islamic finance ensure a more equitable distribution of wealth, fostering economic stability and reducing disparities.

• Fostering Resilience:
  Ethical finance frameworks promote stability by avoiding speculative activities and prioritizing real economic value, making them well-suited to address global financial volatility.

EFICA’s emphasis on these principles positions it as a key driver of progress in the ethical and Islamic finance industry.

As a global leader in Islamic banking, ADIB has long been at the forefront of advancing ethical financial practices. With operations spanning five key markets—UAE, Egypt, Saudi Arabia, the UK, and Qatar—the bank is committed to innovation, sustainability, and customer-centric solutions.

ADIB’s Vision for EFICA

“EFICA embodies our commitment to inspiring change through ethical principles and innovation. By supporting transformative ideas, we aim to redefine the future of Islamic finance and create a meaningful social impact,” says Mohamed Abdelbary, ADIB Group CEO.

1. Ghina Savings Account: An award-winning product offering competitive returns with full compliance with Sharia principles.
2. Digital Leadership: ADIB’s state-of-the-art mobile and online banking platforms have set new standards for accessibility and customer experience.
3. Co-Branded Cards: Partnerships with brands like Emirates Airlines and Etisalat provide tailored financial solutions while maintaining Islamic compliance.

Through initiatives like EFICA, ADIB continues to lead the way in demonstrating the transformative potential of ethical and Islamic finance.

Success Stories

The success of EFICA lies in the real-world impact of its past winners, who have pioneered solutions that combine innovation with ethical values. Some notable examples include:

• IFIN:
  IFIN’s Sharia-compliant “Buy Now, Pay Later” platform transformed access to financing by offering a responsible and inclusive alternative to conventional credit models.

• LaunchGood:
  A crowdfunding platform focused on Muslim initiatives, LaunchGood has raised over $11 million for more than 1,000 campaigns across 63 countries, demonstrating the far-reaching potential of ethical finance.

• Eco-Friendly Housing Finance:
  Past winners have also included projects promoting sustainable housing solutions, and integrating green technologies to reduce environmental impact while addressing the housing crisis.

These stories underscore EFICA’s role in driving meaningful change through innovation and collaboration.

Related: ADIB Wins Best SME Bank in UAE Award

EFICA 2024

EFICA 2024 invites innovators, SMEs, and social enterprises from around the globe to submit their ideas between December 4, 2023, and January 10, 2024. The program is open to projects that have been tested and validated, ensuring practical applicability and scalability.

1. Ethical Alignment: Solutions must reflect core values of transparency, fairness, and social responsibility.
2. Societal Impact: Applicants should demonstrate measurable outcomes that address pressing social challenges.
3. Innovation: Projects must utilize technology or novel approaches to enhance the Islamic finance framework.
4. Scalability: Ideas should have the potential for growth and widespread adoption.

A distinguished panel of Sharia scholars, ethical banking practitioners, and Islamic finance experts will evaluate submissions, ensuring alignment with EFICA’s mission and values.

The Gala Dinner

EFICA 2024 will culminate in a grand Gala Dinner, where finalists will present their projects to an audience of global leaders, innovators, and financial experts. This prestigious event serves as both a celebration of innovation and a networking platform for stakeholders across the ethical and Islamic finance ecosystem.

• Recognition: Winners will receive global recognition, enhancing their visibility and credibility.
• Collaboration: The event fosters partnerships between innovators, investors, and industry leaders.
• Inspiration: By spotlighting transformative ideas, the Gala Dinner inspires future participants and stakeholders to contribute to the industry’s growth.

The Global Context

The global Islamic finance industry is projected to reach $4 trillion by 2025, driven by increasing consumer demand for ethical practices and Sharia-compliant solutions. EFICA is uniquely positioned to contribute to this growth by championing innovation and fostering global collaboration.

1. Green Financing: Initiatives like green Sukuk and renewable energy investments reflect the industry’s commitment to sustainability.
2. Technological Integration: Blockchain, AI, and machine learning are being adopted to enhance transparency, efficiency, and compliance in Islamic banking.
3. Youth Empowerment: Programs targeting young innovators are ensuring that the next generation is equipped to lead the ethical finance movement.

EFICA’s focus on these trends ensures its relevance as a catalyst for progress in the financial world.

ADIB’s Broader Impact

As one of the world’s most respected Islamic banks, ADIB has consistently demonstrated its leadership through innovation, customer-focused solutions, and a commitment to ethical values. With AED 223 billion in assets, the bank plays a pivotal role in shaping the future of ethical and Islamic finance.

• Recognized as the World’s Best Islamic Bank by The Banker publication.
• Operates 70 branches in Egypt and maintains a strong presence in key markets such as Saudi Arabia, Qatar, and the UK.
• Introduced award-winning products like the Ghina savings account and co-branded financial solutions.

By combining tradition with innovation, ADIB ensures the continued growth and relevance of Islamic finance in the modern era.

EFICA 2024 is more than just an awards program—it is a global movement that champions the principles of ethical and Islamic finance while inspiring transformative innovation. As the financial world grapples with challenges of inclusivity, sustainability, and resilience, EFICA provides a platform for visionary thinkers to lead the way.

Whether you’re an entrepreneur with a groundbreaking idea, an established SME looking to scale, or a financial professional passionate about creating impact, EFICA offers the tools, resources, and recognition to help you succeed.