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Ethical Finance Innovation Challenge and Awards (EFICA)
Presented by : Dr. Sayd Farook
Date: 30 July 2013
To join IFG and get the session summary: http://online.thomsonreuters.com/ifg/
For any questions or comments please click
PURPOSE & MOTIVATION FOR THE AWARD
• Modern finance facing a loss of confidence.
• Lack of linkage between ideals and reality of
Islamic finance.
• Consistent reports suggest people are losing faith
in the contradictory practices of Islamic banks,
turning away customers.
• Failure to capture the imagination and passion of
the young and encourage their creativity.
AWARDS FOCUSING INSIDE OUT AND OUTSIDE IN
Islamic finance industry development challenge -
develop a more robust ethically oriented structure that
serves the development needs of the Islamic finance
industry
Ethical Finance initiative - encourage and reward true
financial innovation based on ethical principles no matter
where the source
Lifetime achievement - recognise those who have lived
ethics in finance
Inside out
Outside in
THE CHALLENGES AND AWARDS ARE
Islamic Finance
Industry Development
Challenge
Ethical Finance
Initiative Award
Lifetime Achievement
Award
ISLAMIC FINANCE INDUSTRY DEVELOPMENT
CHALLENGE
Working capital
finance
solutions
without the use
of tawaruq or
purchase and
lease back.
Profit and loss
Sharing
investment and
financing
products
(standardised
structures for
execution).
Liquidity
management
options without
the use of
international
commodities/
Murabaha.
ETHICAL FINANCE INITIATIVE AWARD
Aims to recognize already implemented
or new and innovative ethical product
development/concepts in the Islamic
finance industry.
LIFETIME ACHIEVEMENT AWARD
Aims to recognize an individual or
institution that has made a significant
ethical impact in the practice of Islamic
Financial services.
PROCESS AND TIMELINE
3rd July–25th Sept
Applications are
accepted. Review
and short listing on
going.
15th Oct
Shortlisted
candidates
announced.
Mentoring
initiated.
5th – 7th Nov
Sharia
Workshop.
25th -26th Nov
GIES summit
and the final
candidates
present their
solutions to the
delegates for
voting.
THANK YOU FOR ATTENDING
IF YOU HAVE ANY QUESTIONS OR COMMENTS
PLEASE CONTACT US ON
ISLAMIC.FINANCE@THOMSONREUTERS.COM

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Efica presentation

  • 1. Ethical Finance Innovation Challenge and Awards (EFICA) Presented by : Dr. Sayd Farook Date: 30 July 2013 To join IFG and get the session summary: http://online.thomsonreuters.com/ifg/ For any questions or comments please click
  • 2. PURPOSE & MOTIVATION FOR THE AWARD • Modern finance facing a loss of confidence. • Lack of linkage between ideals and reality of Islamic finance. • Consistent reports suggest people are losing faith in the contradictory practices of Islamic banks, turning away customers. • Failure to capture the imagination and passion of the young and encourage their creativity.
  • 3. AWARDS FOCUSING INSIDE OUT AND OUTSIDE IN Islamic finance industry development challenge - develop a more robust ethically oriented structure that serves the development needs of the Islamic finance industry Ethical Finance initiative - encourage and reward true financial innovation based on ethical principles no matter where the source Lifetime achievement - recognise those who have lived ethics in finance Inside out Outside in
  • 4. THE CHALLENGES AND AWARDS ARE Islamic Finance Industry Development Challenge Ethical Finance Initiative Award Lifetime Achievement Award
  • 5. ISLAMIC FINANCE INDUSTRY DEVELOPMENT CHALLENGE Working capital finance solutions without the use of tawaruq or purchase and lease back. Profit and loss Sharing investment and financing products (standardised structures for execution). Liquidity management options without the use of international commodities/ Murabaha.
  • 6. ETHICAL FINANCE INITIATIVE AWARD Aims to recognize already implemented or new and innovative ethical product development/concepts in the Islamic finance industry.
  • 7. LIFETIME ACHIEVEMENT AWARD Aims to recognize an individual or institution that has made a significant ethical impact in the practice of Islamic Financial services.
  • 8. PROCESS AND TIMELINE 3rd July–25th Sept Applications are accepted. Review and short listing on going. 15th Oct Shortlisted candidates announced. Mentoring initiated. 5th – 7th Nov Sharia Workshop. 25th -26th Nov GIES summit and the final candidates present their solutions to the delegates for voting.
  • 9. THANK YOU FOR ATTENDING IF YOU HAVE ANY QUESTIONS OR COMMENTS PLEASE CONTACT US ON ISLAMIC.FINANCE@THOMSONREUTERS.COM