ADIB Selects Three Finalists for the 7th EFICA Awards from 150 Global Applicants

ADIB Selects Three Finalists for the 7th EFICA Awards from 150 Global Applicants

UAE, Abu Dhabi, 13 March 2025: Abu Dhabi Islamic Bank (ADIB) in partnership with the London Stock Exchange Group has announced the three shortlisted finalists for the Ethical Finance Innovation Challenge and Awards (EFICA) 2025 edition, from over 150 submissions, reaffirming its commitment to advancing ethical finance and supporting groundbreaking initiatives that promote financial inclusion, sustainability, and innovation in Islamic finance.

Among the shortlisted candidates are Kestrl, a UK-based fintech helping over 1.2 million Muslims worldwide manage and grow their wealth in accordance with Islamic finance principles; MADCash, a Malaysian based fintech initiative dedicated to empowering unbanked and underbanked women entrepreneurs by providing microfinance and financial literacy support across Malaysia, Singapore, and Tajikistan. Kifiya Financial Technology, an Ethiopian company dedicated to developing digital platforms that facilitate secure, affordable, and accessible transactions, aiming to bridge the financial inclusion gap in Ethiopia.

The three finalists will exhibit their entries at the 7^th edition of the awards ceremony, which will take place on April 24, 2025. The winner will be chosen based on the votes from the audience at the gala dinner. A monetary award will be  given the winners. ,

Each finalist was selected by EFICA’s advisory board members, which includes prominent Islamic financial industry leaders, during the EFICA workshop which was held on the 26^th of February 2025 in the ADIB headquarters in Abu Dhabi, the selection was based on the quality and significance of their proposition. Their projects were evaluated based on impact, scalability, and alignment with EFICA’s core principles.

Dr. Osaid Kilani, Global Head of Shari’a at ADIB, said: “Our aim from EFICA is to create a platform to showcase the very best of the Islamic finance industry from the ethical perspective. By recognising and supporting groundbreaking initiatives, we aim to inspire innovation that drives social impact. This year’s finalists exemplify the power of technology and goal-driven financial services in bridging financial gaps, empowering underbanked societies and creating meaningful impact around the world.

The awards have grown every year and now represent a key date in the calendar for such organisations of all sizes. The quality of submissions received in 2025, and particularly the calibre of finalists, demonstrates the progress within the industry and the growing impact that ethical finance is having on lives around the world."

Now in its seventh edition, EFICA continues to serve as a global platform for identifying forward-thinking solutions that align with Sharia-compliant financial principles while addressing pressing societal and economic challenges. This year’s finalists bring diverse approaches to ethical finance, spanning digital financial inclusion, Sharia-compliant investment models, fintech solutions for underserved communities, and blockchain-based financial services.