The document discusses the Ethical Finance Innovation Challenge and Awards (EFICA) which aims to address issues facing Islamic finance such as a loss of confidence and failure to capture imagination. It outlines three main awards: 1) The Islamic Finance Industry Development Challenge which aims to develop a more robust ethical structure; 2) The Ethical Finance Initiative Award which encourages true financial innovation based on ethics; 3) The Lifetime Achievement Award which recognizes those who have lived ethics in finance. A process is outlined where applications are accepted until September, shortlisted candidates are mentored and present solutions in November for voting.

1. Ethical Finance Innovation Challenge and Awards (EFICA)
Presented by : Dr. Sayd Farook
Date: 30 July 2013
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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