IFAAS founding members have taken the expertise developed in these two projects to many corners of the world. We gradually evolved into becoming the specialists toiling the ground in new markets for Islamic finance helping the authorities and the market players in developing Islamic finance infrastructure. We never intended for this, but we ended up being the Ibn-e-Batutas of Islamic finance, exploring new horizons and charting waters for others to sail safely. Recently, we had the honour of developing the Masterplan for a major OIC country aiming to significantly develop and grow its already established local Islamic financial industry.

Having developed Islamic finance regulations for 10 countries and a portfolio of over 100 Islamic financial products under our belt, we felt that we needed to do more for Islamic finance, driving it towards its true spirit and the great moral values that it upholds. The opportunity came in 2013 when Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters launched the first Ethical Finance Innovation Challenge & Award (EFICA).

Our EFICA-winning innovation

We pitched our Mudaraba-based product for working capital finance for EFICA. Following a long and rigorous selection process, our product was selected as the best in the final contest at the inaugural Global Islamic Economy Summit in Dubai in October 2013, giving us a trophy and a cash prize of US$100,000.

For us, the award was a recognition of IFAAS’ knowledge and expertise in product development. We deployed the sizeable prize money in the development of more innovative Islamic finance solutions.

However, the biggest satisfaction for us was the fact that we had managed to make the impact that we always dreamt of; offering a truly Islamic, workable and practical solution that was flexible, competitive and innovative in its approach towards traditional risk management in Islamic finance. We felt proud of having finally broken the vicious circle of commodity Murabaha or Tawarruq that was loathed by many but accepted being ‘indispensable’. It was no more, as Islamic finance had a new way forward.

Winning the inaugural prestigious EFICA award was a great accomplishment but not the end of our journey. It was actually the dawn of a new era of a higher level of responsibilities, bigger challenges and pursuit of our dream of seeing Islamic finance flourish in the world and the humanity reaping the rewards of its inherent moral and economic values. Our journey continues with a stronger commitment, higher spirit and hard work by the entire IFAAS team.