IFIN (“Islamic Finance Initiation Network”) the first of its kind fintech, stands out with its state-of-the-art solutions for the Islamic finance industry and wins the Ethical Finance Initiative Award at the annual EFICA Awards 2021 held on Wednesday 24 November at JW Marriot Marquis, Dubai and organized by Abu Dhabi Islamic Bank (“ADIB”), a leading Arab financial institution, and Refinitiv, a London Stock Exchange Group business.
Founded in 2014 by two industry pioneers IFAAS and Path Solutions, IFIN offers next-generation fintech solutions that link Islamic financial institutions with retailers, MSMEs, corporates and regulators, originating Sharia-compliant instant financing for retail and MSME segments. Through digitalizing the entire financing process, IFIN is revolutionizing the Islamic financial services industry, taking it to the next level.
Manar Abbas, IFIN Chief Operating Officer said, “It is tremendously exciting for us to have won the industry’s most coveted and prestigious award in the face of rising competition. This prize constitutes a very gratifying recognition of our continued perseverance towards reinventing Islamic finance and will make a genuine difference to what IFIN is able to achieve”.
The Ethical Finance Initiative Award recognizes individuals and organisations that offer emerging and innovative ethical financial solutions and initiatives that have been successfully implemented and made a positive social impact for their stakeholders. IFIN was carefully selected among 200 applications for the $80,000 prize for being the first of its kind Sharia-compliant, next-generation Buy-Now-Pay-Later fintech that connects all types of Islamic financial institutions, including banks, windows, finance companies, microfinance, and crowdfunding platforms, with retailers – both online and offline – allowing customers to submit their finance applications to their preferred institution and get it approved instantly.
“This is an incredible honor”, commented Mohammed Kateeb, Path Solutions’ Group Chairman & CEO and IFIN Co-founder & Board Member. “This has been an amazing year of innovation and growth for IFIN in an exciting new era of digitalization, and today we are proud to receive one of the highest awards that can be bestowed annually, which again confirms the success of our project and increase our motivation to building innovative solutions that continue to shape the overall fintech and financial services ecosystem”.
EFICA was launched in 2013 by ADIB and Thomson Reuters – now Refinitiv – with the aim of inspiring and recognising thought leaders and forward-thinking firms which offer the most dynamic, ground-breaking solutions that advance ethics in the world’s financial services.
The other prize winners on the evening were Manzil – Canada’s first Islamic Neobank and Islamicly App.