1. EFICA Awards 2014
Step Up To the Challenge and Inspire Ethics and Innovation in Financial Services
In 2013, Thomson Reuters and Abu Dhabi Islamic Bank
(ADIB) partnered to launch the world’s first Ethical Finance
Innovation Challenge and Awards (EFICA) to inspire and
recognise fresh ways of thinking and promote the most
dynamic actionable solutions that advance ethics in the
world’s financial services. Following the success of EFICA
2013 which was held in the Global Islamic Economy
Summit 2013 in Dubai with over 2000 delegates taking part
in voting for the award winners, we continue our partnership this year to present EFICA 2014.
Applications are open for the following categories:
1) Islamic Finance Industry Development Award offers a prize of $100,000. This award aims to
facilitate best practice business models that address challenges faced in the development of the
Islamic financial services industry whilst inspiring integrity and an ethical way of thinking.
The three challenges to select from are:
 Develop an Islamic credit card
 Develop Finance solutions for start ups
 Develop cases / pitches that explain why Islamic finance is a viable, ethical and
beneficial form of finance for customers and shareholders.
2) Ethical Finance Initiative Award offers a prize of $50,000. This award aims to recognize
existing ethical financial solutions that can be implemented within the financial sector.
3) Lifetime Achievement Award offers a prize of $25,000: This award will be conferred on an
individual who has made a significant contribution and impact in the ethical practice of financial
services.
For more information visit http://updates.thomsonreuters.com/events/efica/#

2. Winners: EFICA Awards 2013
EFICA 2013 attracted hundreds of entries from around the world. The eventual winners were
announced and awards presented by Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank (ADIB)
and Jim Smith, CEO of Thomson Reuters, at the Global Islamic Economy Summit 2013.
Islamic Finance Industry Development Challenge Winners
2013’s Islamic Finance Industry Development Challenge was to develop a sharia-compliant
alternative to tawarruq for working capital and short-term financing. The winner was Islamic
Finance Advisory & Assurance Services (IFAAS) for “Mudaraba financing: A New Approach”.
“Mudaraba financing: A New Approach” provides a new way of implementing a mudaraba that
allows for sharing of both profits and losses in a working capital facility for non-financial
businesses. This has been a difficult area for Islamic banks to offer profit-and-loss sharing
products because of the challenges in recordkeeping to determine profits in a short-term
financing product. The IFAAS product provides a way to minimise the costs associated with the
financing by making it a revolving line of credit but doing so in a way that does not subvert the
full sharing of both profits and losses. It has been adopted for use by the Islamic window of
Oman’s Bank Dhofar, Maisarah.
Winner of the Islamic Finance Industry Development Challenge:
Shaher Abbas accepting for IFAAS

3. Ethical Finance Initiative Award
The Ethical Finance Initiative Award promotes new or existing ethical financial solutions or
initiatives that can be implemented within the financial sector. 2013’s winner was Shekra
sharia-compliant crowdfunding: financial inclusion through investment inclusion.
Based in Egypt, Shekra works with entrepreneurs and startups on various areas depending on
their requirements at the pre-funding, funding and post-funding stages.
The Shekra Network is a closed network which takes in investors based on recommendations
from existing members. Shekra does not charge a fixed percentage of capital raised for startups
on its platform but earns its revenue through in-kind equity. This ensures profit and loss sharing
among all stakeholders. However, a minimum fee is charged to startups to provide services
such as business plan support, due diligence and monitoring.
Winner of the Ethical Finance Initiative Award:
Dr. Shehab Marzban accepting for Shekra Crowdfunding

4. Lifetime Achievement Award
2013’s Lifetime Achievement Award went to H.E. Haj Saeed Bin Ahmed Lootah. Haj Saeed
founded the world’s first Islamic commercial bank, Dubai Islamic Bank, in 1975, a significant
milestone in the history of the modern Islamic finance industry. He has also been responsible
for the development of the halal food industry in the UAE and the Middle East through Al Islami
Foods, which started life in the early 1980s as the Dubai Cooperative Society. Both Dubai
Islamic Bank and Al Islami continue to make a significant impact on the Islamic banking and
halal foods landscape. Haj Saeed has also been involved in other sectors. The Lootah Group of
Companies holds a diversified portfolio including construction, manufacturing, trading,
technology, real estate and hospitality. Haj Saeed’s life’s work is informed by the ethical
teachings and principles of the Qur’an that he believes are for the benefit of all humankind.
Winner of the Lifetime Achievement Award:
H.E. Haj Saeed Bin Ahmed Lootah son accepting the award on his behalf
Take part in EFICA. Support bringing ethics back into finance and make a global impact.
http://updates.thomsonreuters.com/events/efica/#