US bank CEO wins Islamic finance contest at Ethica


Dubai—An American bank’s chief executive officer scored the highest mark on the Certified Islamic Finance Executive (CIFE) examination to win Ethica’s ‘Weekend in Dubai’ competition. David Loundy, chairman and CEO of Devon Bank, said: “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.”
Among the prizes are an internship at an Islamic bank, airfare to Dubai, accommodation, and meetings with Islamic finance scholars and bankers. “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,” said an Ethica spokesperson. Ethica and Devon Bank are now working together to help make Abraham’s River an interest-free vehicle for the entire US, said a statement. Loundy donated the free internship at an Islamic bank to the second-highest scorer.—Agencies