Ethical Finance Innovation Challenge And Awards In Dubai Seeks Social Innovations The challenge aims to discover "the most dynamic actionable solutions," that advance ethics and the tenets of Islamic finance in the financial services world.

Abu Dhabi Islamic Bank and Thomson Reuters are back for the fifth time with the annual Ethical Finance Innovation Challenge and Awards (EFICA) 2017 in Dubai, as part of its partnership in 2013 to recognize innovation that promote ethics in global financial services. Aiming to discover "the most dynamic actionable solutions," that advance ethics and the tenets of Islamic finance in the financial services world, EFICA is now accepting nominations for its two flagship awards- The Ethical Finance Initiative Award, and The Lifetime Achievement Award.

EFICA's advisory board (whose members will also act as mentors to the shortlisted finalists) shortlist entries in these two categories from applications received globally, and post a workshop session, the finalists get an opportunity to present their ideas at a EFICA gala dinner, where the audience votes will decide the winner.

While the Ethical Finance Initiative Award recognizes talent (individual or institution) providing ethical financial solutions by awarding a cash prize of US$100,000 to the winner and $20,000 each to the two runners-up, the Lifetime Achievement Award celebrates an individual or institution who stands out in the finance world by implementing ethical principles, with $25,000.

For instance, the winner of the 2016 Ethical Finance Initiative Award was LaunchGood, a crowdfunding platform that uses coaches to train people, who want to raise funds for charitable causes and community initiatives. Like Launchgood and others, if you think your innovation too has the potential to be a social game changer in the financial services industry, register your nomination at the official website before the closing date of July 6, 2017.

Related: The Islamic Economy Needs To Find Routes To Connect Innovation With Financing