IFAAS a finalist in world’s first Ethical Finance Innovation Challenge & Awards
New IFAAS product based on Mudaraba (profit sharing) qualifies to the final stage after strong competition for the ‘Islamic Finance Industry Development Challenge’ category
IFAAS product has become one of only three to reach the final stages of a new Ethical Finance Innovation Challenge & Awards. More than one hundred international entries were received for the award, which was created by Thomson Reuters and Abu Dhabi Islamic Bank (ADIB) to inspire and recognise fresh thinking around ethical finance.
IFAAS entered a new product, based on the Islamic principle of Mudaraba (profit-sharing), into the ‘Islamic Finance Industry Development Challenge’ category. This category honours the best-practice business model that addresses the challenges faced in the development of the Islamic financial services industry whilst inspiring integrity and an ethical way of thinking.
All entries to the award have been subject to a stringent and challenging selection process. The first stage saw the award committee shortlist just five products from more than one hundred entries. These five products were then presented to the award committee and ADIB’s Shariah Supervisory Board in Abu Dhabi. Following rigorous debates over the Shariah compliance and technical aspects of the products, only three became finalists. The third and final stage, where the three products will be presented at the Global Islamic Economy Summit, takes place in Dubai on 25th November. Following the live presentations, delegates will vote for the winner.
Shaher Abbas, Director, Shariah Compliance & Product Development, IFAAS, will present the company’s new product at this high profile event. He said, “The Ethical Finance Innovation Challenge & Awards is a major initiative to stimulate innovation in the Islamic finance industry and we are very proud to be one of the finalists. I’m really looking forward to presenting our new product and showcasing its innovative control features that effectively mitigate the inherent risks of Mudaraba, the most authentic Islamic financing principle. Put it simply, our product will enable Islamic banks to fulfill the genuine needs of their business clients in a straightforward, Shariah compliant and cost effective way, thanks to well managed risks.”
Product development is one of the key services that IFAAS offers to its international client base and to date has developed more than 100 Islamic financial products. Other services offered by IFAAS include Shariah compliance & audit, regulatory reviews, training and feasibility studies. As a key player in the Islamic financial industry, IFAAS has also published a number of ground-breaking market reports for several countries. The company operates from offices in the UK, France and Bahrain.