The Scottish-based Islamic Finance Council UK has won a $100,000 award after seeing off competition from over 200 organisations from across the globe.

The third Ethical Finance Challenge and Innovation Award, created by Abu Dhabi Islamic Bank and Thomson Reuters, was presented by Nobel peace prize winner Dr Mohammed Yunus at an event in Dubai.

The IFC said the award recognised its work in creating the UK’s leading discussion platform seeking to promote a fairer and more socially responsible financial system.

IFC advisory board member and co-founder Graham Burnside, a consultant with Shepherd and Wedderburn, commented: "It is tremendously exciting for us to have won this major award in the face of competition from much larger organisations based in the heartlands of Islamic finance, and a very gratifying recognition of our work in bringing together the diverse strands of the ethical finance arena. The prize will make a genuine difference to what the IFC is able to achieve."