News Innovators Redefine Islamic Finance At Malaysia’s MIFC Global Impact Challenge

Malaysia reaffirmed its position as a global hub for Islamic finance innovation with the announcement of the Malaysia International Islamic Financial Centre (MIFC) Global Impact Challenge 2025 winners at the Global Islamic Finance Forum (GIFF) 2025.

Jointly organised by Bank Negara Malaysia (BNM) and the MIFC Leadership Council (MLC), the Challenge recognises pioneering financial technology solutions that advance the impact agenda of Islamic finance. This year’s theme, “Accelerating Innovation. Empowering Change”, underscores the growing convergence between sustainability goals and Shariah-compliant financial innovation.

Four winners emerged from over 50 submissions representing 10 countries, highlighting the depth of global interest in Malaysia’s Islamic finance ecosystem.

Under the Social Resilience Track, the winners are:

e-Wakalah — a blockchain-powered wakalah management platform improving transparency and governance in Islamic social finance.

Gobarakah — a fintech platform channelling social aid through secure e-vouchers funded by donations, CSR, zakat and wakalah allocations.

Koha Islamic Digital — a digital estate planning platform that modernises hibah and wasiyyah (Islamic inheritance) processes for Muslim families.

The Climate Resilience Track award went to Bagh-e, a digital platform that empowers smallholder farmers through digital credit, agronomic guidance and market access to enhance productivity and income.

Each winning team will receive cash prizes and up to 12 months of structured post-programme support from the Asia School of Business’ Innovation & Entrepreneurship Centre and international partners to accelerate product development and scalability.

The Challenge attracted strong participation, with 29 shortlisted teams undergoing a dedicated accelerator programme designed to refine their business models, strengthen impact strategies and prepare for investor engagement. Ten finalists ultimately pitched their solutions during Demo Day at GIFF 2025.

BNM Governor Datuk Seri Abdul Rasheed Ghaffour emphasised the Challenge’s role in fostering innovation within Islamic finance.

“We must continue to innovate and amplify the transformative potential of Islamic finance. Through MIFC GIC, we aim to nurture impactful financial products and services that contribute to sustainable global growth,” the governor said.

Tan Sri Azman Mokhtar, Chairman of the MIFC Leadership Council, meanwhile, highlighted the significance of multilateral collaboration in advancing Islamic finance globally.

“This initiative demonstrates how collective effort between international and domestic stakeholders can unlock the full potential of Islamic finance to deliver meaningful, sustainable and inclusive outcomes,” he said.

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