Announcement of the Malaysia International Islamic Financial Centre (MIFC) Global Impact Challenge 2025 Winners

Bank Negara Malaysia (BNM) and the Malaysia International Islamic Financial Centre (MIFC) Leadership Council (MLC) today announced the winners of the MIFC Global Impact Challenge 2025 (MIFC GIC 2025):

Social Resilience Track:

Recipient 1: e-Wakalah
Recipient 2: Gobarakah
Recipient 3: Koha Islamic Digital

Climate Resilience Track:
Recipient 1: Bagh-e

The awards were presented by the Prime Minister of Malaysia, YAB Dato’ Seri Anwar Ibrahim at the Global Islamic Finance Forum 2025.

The winners will receive cash prizes and comprehensive post-programme support for up to 12 months to help them develop and scale their solutions. The support will be provided by Asia School of Business’ Innovation & Entrepreneurship Center (ASBhive), in collaboration with other global partners.

Themed ‘Accelerating Innovation. Empowering Change’, MIFC GIC aims to catalyse innovative, impact driven financial solutions in Islamic finance that strengthen social resilience and address climate challenges.

Applications opened in July 2025. Over 50 applications from 10 countries were received. Of these, 29 teams were shortlisted to participate in the Accelerator Programme. This programme helped refine the solutions, enhance impact strategies, and prepare the teams for final selection. Upon completing the programme, ten finalists were selected to pitch their solutions at the Demo Day.

BNM Governor Dato’ Sri Abdul Rasheed Ghaffour said, ‘We must continue to innovate and amplify the transformative potential of Islamic finance. Through MIFC GIC, we aim to nurture innovations in scaling up impactful Islamic finance products and services. We invite relevant stakeholders to explore these innovative solutions to drive sustainable growth and address global needs.’

The MIFC GIC is supported by four global partners, namely the Islamic Finance Council UK, the Hong Kong Trade Development Council, the Islamic Development Bank, and the World Bank Group Inclusive Growth & Sustainable Finance Hub in Malaysia. ASBhive serves as the knowledge partner and accelerator programme provider, while the Fintech Association of Malaysia and Association of Shariah Advisors in Islamic Finance Malaysia are the ecosystem partners. Islamic Finance News and Fintech News Malaysia are the media partners.  

‘The collaboration between international and domestic stakeholders exemplifies the importance of collective effort to advance Islamic finance on a global scale. By working together, we can unlock its full potential to deliver meaningful benefits to the public, fostering sustainable and inclusive growth for all,’ said Tan Sri Azman Mokhtar, Chairman of MLC.

Further information on MIFC GIC 2025, the winners, and the top 10 finalists is available at www.mifclc.com/mgic.

Bank Negara Malaysia
MIFC Leadership Council

13 October 2025

About MIFC Leadership Council

The Malaysia International Financial Centre (MIFC) Leadership Council (MLC) spearheads the next phase of growth for Islamic finance in Malaysia. Comprised of distinguished members, the Council plays a pivotal role in providing thought leadership and driving the formulation of strategies to solidify Malaysia’s leading position in Islamic finance. Ultimately, the MLC serves as a vital pillar in Malaysia’s vision to become a premier global Islamic financial centre. Through its thought leadership, strategic formulation and collaboration with relevant entities, the MLC aims to shape the future of Islamic finance in Malaysia, ensuring its continued growth, resilience, and prominence on the global stage.

Log on to www.mifclc.com for more information.

About MIFC Global Impact Challenge 2025 Winners

Ten finalist teams presented their solutions to a panel of judges comprising senior representatives from BNM and MLC, and global and knowledge partners. Four winning teams were then chosen on Demo Day at the Global Islamic Finance Forum.

e-Wakalah, a blockchain-powered wakalah management platform that enhances transparency, governance, and efficiency in Islamic social finance.

Gobarakah, a fintech platform that delivers social aid through secure, transparent e-vouchers funded by donations, corporate social responsibility (CSR), zakat, and wakalah allocations.

Koha Islamic Digital, a digital platform modernising the hibah and wasiyyah (Islamic inheritance) process through tech-enabled estate planning for Muslim families.

Bagh-e, a platform that empowers small-scale farmers by providing digital credit, guidance, and market access to improve yields and incomes.

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