ABU DHABI – Abu Dhabi Islamic Bank (ADIB), in partnership with Thomson Reuters, announced Monday the launch of global awards to recognize and reward innovation in ethical and Islamic finance. Presented in three categories – Islamic Finance Industry Development Award, Ethical Finance Initiative Award, and Lifetime achievement award – these awards are designed to inspire real change in the financial services industry by recognizing and rewarding innovation that can be put into practice. Entries will be accepted from any institution, research center, individual or group of individuals interested in shaping the financial industry within an ethical framework, with prizes of up to $100,000 offered. Nominees will be shortlisted by an advisory board, which includes financial experts and Islamic scholars. A short-list of nominees for three award categories will then be announced in November this year. “Financial innovation without ethics can lead to crises, as we saw in 2008, when trust in financial markets was destroyed by lack of transparency and evidence of the absence of ethical behavior by many in the banking and financial business, “said ADIB Chief Executive Officer Tirad Al-Mahmoud. “These awards aim to promote greater awareness among banking and finance professionals around the world of the benefits of adopting ethical approaches as the best way for sustainable profitability,” added Tirad Al Mahmoud. Commenting on the awards, Russell Haworth, Managing Director, Middle East and North Africa, Thomson Reuters, said: “This initiative aims to encourage innovation in the development of the financial services industry that is founded on universal principles of ethics. It will facilitate tangible and actionable outcomes that can be adapted by financial institutions globally.” Sayd Farook, Global Head, Islamic Finance, Thomson Reuters, added: “We are proud to be a facilitator of this initiative with Abu Dhabi Islamic Bank. Promoting ethical and Islamic applications of finance can help facilitate trustworthiness between consumers and providers, critical for the sustainable development of the financial services industry.” The first category: The Islamic Finance Industry Development Award offers a prize of $100,000 and aims to facilitate a tangible change in the development of the Islamic financial services industry that remains true to its ethical foundations. Three specific challenge areas are pre-defined by an advisory board and candidates will need to identify and propose actionable solutions to overcome these challenges. — SG
