American CEO Wins Islamic Finance Contest at Ethica

Feb 14, 2016, 21:00 ET from Ethica Institute of Islamic Finance

DUBAI, UAE, February 15, 2016 /PRNewswire/ --

Few CEOs of American banks enter the fray when it comes to tests of financial acumen. Even fewer manage to win. But here is one CEO who not only won, but did so in an Islamic finance contest.

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David Loundy, Chairman and CEO of Devon Bank in the US, scored the highest mark on the Certified Islamic Finance Executive (CIFE) examination to win Ethica's "Weekend in Dubai" competition. Among the prizes are an internship at an Islamic bank, airfare to Dubai, accommodation, and meetings with Islamic finance scholars and bankers.

"I am glad I completed Ethica's CIFE program. The online modules were convenient to access wherever and whenever I could fit them into my schedule, and are presented in a learning format that is essentially the same as the Bank's existing compliance training - thus a familiar experience. Second, the level of knowledge imparted was excellent…I was able to take what I learned from the program and apply it directly to product creation," said David.

Ethica was not only pleased to have had an ambitious CEO as a winner, but one who would go on to practically apply the principles in the program to the real world. Ethica's spokesperson said, "Interest-free alternatives are the future of finance. And we are delighted that Ethica's CIFE helped David put the principles he learned to practice with the non-interest based financial institution he is now launching."

David commented that during Ethica's CIFE program, "I had one or two crucial 'so, that's how that works' moments which, as a result, have allowed me to put together a "proto-Islamic bank" upon completing the program that commenced formal operations January 1, 2016 as Abraham's River, a liquidity source and investment company for non-interest based finance."

Ethica and Devon Bank are now working together to help make Abraham's River an interest-free vehicle for the entire US. Ethica's prize also included a free internship at an Islamic bank which David generously donated to the second-highest scorer.

Contact: Sameer Hasan - Tel: +9714-455-8690 - Email:


SOURCE Ethica Institute of Islamic Finance