Ethical Finance Innovation Challenge and Awards (EFICA) VNR.

Source News Feed: Video News Release

Location: Dubai, UAE

Sound: Mute and Natural with English speech

Duration: 8:51

Source: Ethical Finance Innovation Challenge and Awards (EFICA)

Restrictions on use: Free to air all media & platforms

Shotlist:

Cutaways Event Banners – 00:00 – 00:06

Cutaways Welcome By MC – 00:06 – 00:39

Opening Speech Tirad Mahmoud, CEO, Abu Dhabi Islamic Bank and Advisory Board member – 00:39 – 00:48

Opening Speech James Angus, Head of Growth Business, Thomson Reuters – 00:48 – 00:58

(SOUNDBITE) (ENGLISH) Tirad Mahmoud, CEO, Abu Dhabi Islamic Bank and Advisory Board member – 00:58 – 01:16

(SOUNDBITE) (ENGLISH) James Angus, Head of Growth Business, Thomson Reuters – 01:16 – 01:40

Cutaways Professor Muhammad Yunus, Nobel Peace Laureate – 01:40 – 02.02

(SOUNDBITE) (ENGLISH) Professor Muhammad Yunus, Nobel Peace Laureate – 02.02 – 02.26

Cutaways Audience Watching EFICA Film – 02.26 – 02.41

(SOUNDBITE) (ENGLISH) Dr. Abdurrahman Habil, Head of Islamic Finance Initiatives, Abu Dhabi Islamic Bank and Advisory Board member – 02.41 – 03.16

Cutaways Audience – 03.16 – 03.23

Candidate Assessment Workshop – 03.23 – 03.58

(SOUNDBITE) (ENGLISH) Tirad Mahmoud, CEO, Abu Dhabi Islamic Bank and Advisory Board member

Cutaways Audience – 03.58 – 04:31

Finalist Presentations – 04:31 – 04:49

(SOUNDBITE) (ENGLISH) Dr. Sayd Farook, Projects Advisor, Dubai Islamic Economy Development Center, Government of Dubai, and Advisory Board member – 04:49 – 05:57

Cutaways Finalist Presentations – 05:57 – 06:55

Cutaways Voting – 06:55 – 07:13

Cutaways Winner Announcements – 07:13 – 07:53

(SOUNDBITE) (ENGLISH) Winner Ethical Finance Initiative Challenge, Mohammad Raafi Hossain, Project Lead, Silatech – 07:53 – 08:10

(SOUNDBITE) (ENGLISH) Winners Chris Tait, Project Manager and Omar Shaikh, Executive Board Member, Islamic Finance Council – 08:10 – 08:46

Cutaways Trophies – 08:46 – 8:51

STORY:

The Ethical Finance Innovation Challenge and Awards (EFICA) gala dinner took place on Sunday (October 4) drawing a notable international crowd from the world of finance to Dubai.

Now in its third year, EFICA serves to inspire innovation in furthering ethics in the financial sector, whilst highlighting the shared values between the Islamic and broader ethical finance arenas.

Tirad Mahmoud, CEO, Abu Dhabi Islamic Bank and Advisory Board member, said;

“EFICA made a big difference. We’re trying to move the needle in the industry. We’re now repositioning the concept of Islamic banking as the biggest stakeholder and proponent of ethical finance globally. This is the true value proposition in Islamic banking; it’s all about ethics.”

James Angus, Head of Growth Business, Thomson Reuters, said;

“Ethics is something that every corporate has to embed in its culture. If we’re going to do this, it means being innovative, it means coming up with new ways of doing it, and that is what EFICA is all about.”

“Islamic finance and ethical finance have a great deal of commonality. Islamic finance is faith based and ethical finance is not, it’s principle based. But, really in essence they’re much the same thing. So, we see a great deal of flowing from one to the other.”

Professor Muhammad Yunus, Nobel Peace Laureate, said;

“Well, EFICA is a good initiative because it reminds banks that there is another dimension to their business. It’s not about just making money and let other people make lots of money. It’s also, there are other considerations that business has to be concerned about. So, this initiative kind of brings up, again and again, the role of the banks, what it should be, in terms of broader human community.”

The recent financial crisis had a global impact. It provoked criticism of conventional finance and a call for alternative systems. This gave prominence to Islamic finance widening the dialogue on the integration of responsible finance in business.

Dr. Abdurrahman Habil, Head of Islamic Finance Initiatives, Abu Dhabi Islamic Bank and Advisory Board member, said;

“Regulation is still needed to encourage organisations to be involved in ethical finance. We all remember what happened during the financial crisis – the over lending, the misleading rating and the securitisation of debt, and a variety of unethical practices, which called for regulation to intervene. I believe regulatory and legal framework is necessary to implement ethical finance.”

EFICA received close to 200 applications from competitors across 41 countries around the globe, including UAE, Canada, Cameroon, Australia and the UK.

The selected candidates were put through a rigourous assessment phase, and the best propositions shortlisted to six across the two categories of Islamic Finance Industry Development Challenge and the Ethical Finance Initiative Challenge.