The Islamic Corporation for the development of the private sector (ICD), the private arm of the Islamic Development Bank Group (IsDBG), has unveiled the ‘ICD Finnovation Award 2020’, to recognise, showcase and encourage financial institutions that provide outstanding solutions for the financial industry.
According to ICD, the special initiative is aimed at exploring more the role of technology and innovation in providing sustainable solutions to current challenges, including those posed by COVID-19.
‘Finnovation’ is an online platform, ‘www.InnovativeFIs.net’, which ICD utilises to list and highlight successful innovations of financial institutions (FIs) and fintech start-ups at a global level.
Ayman Sejiny, CEO, ICD, said: “The world is currently experiencing the devastating effects of the Coronavirus (COVID-19) pandemic. Majority of forecasters now expect the world GDP to shrink in the coming years and we believe that part of the solution to overcome the related challenges is through development and design of innovative solutions for businesses and economies, as well as other advanced solutions which can be adopted in banking and other finance services. As a multilateral institution, we need to encourage such innovations.”
The ICD Finnovation Award 2020 invites Financial Institutions in ICD’s FIs network in its 55-member countries to submit their proven innovations that may fall in one of the following innovation types:
- Innovative financial products and services
- Innovative marketing strategies that helped reach new beneficiaries
- Innovations that improved the deployment of Islamic financial principles
- Innovative financial technologies (Fintech) that attracted more beneficiaries
- Innovative internal policies and procedures that improved the financial inclusion
- Innovative internal operational process that made operations more efficient and towards better net income.
The winners will be awarded in a very special ceremony to be organised during the Annual Meetings of IsDBG to be held in June 2021.
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