Malaysia has once again reaffirmed its position as a global hub for Islamic finance innovation with the announcement of the winners of the Malaysia International Islamic Financial Centre (MIFC) Global Impact Challenge 2025. The winners were revealed at the Global Islamic Finance Forum (GIFF) 2025, further solidifying Malaysia’s leadership in advancing Islamic financial technologies.
Co-organised by Bank Negara Malaysia (BNM) and the MIFC Leadership Council (MLC), the Challenge is designed to spotlight innovative financial technology solutions that align with the values and impact agenda of Islamic finance. This year’s theme, “Accelerating Innovation. Empowering Change,” emphasized the growing convergence of sustainability goals and Shariah-compliant financial innovation.
The 2025 Challenge drew more than 50 submissions from across 10 countries, demonstrating strong international interest in Malaysia’s Islamic finance ecosystem. From these, four winners were selected, each representing impactful solutions under two main categories: Social Resilience and Climate Resilience.
Under the Social Resilience Track, three winning solutions stood out.
e-Wakalah is a blockchain-based wakalah management platform designed to improve transparency and governance in Islamic social finance.
Gobarakah is a fintech platform that channels social aid through secure e-vouchers funded by donations, CSR initiatives, zakat, and wakalah allocations.
Koha Islamic Digital offers a modern approach to Islamic estate planning, digitising the hibah and wasiyyah processes to simplify inheritance for Muslim families.
In the Climate Resilience Track, the winner was Bagh-e, a digital platform that empowers smallholder farmers. It provides access to digital credit, agronomic advice, and market linkages—helping farmers increase productivity and income sustainably.
Each winning team will receive cash prizes and up to 12 months of post-programme support. This includes structured mentorship and business development services from the Asia School of Business’ Innovation & Entrepreneurship Centre, alongside support from international partners to accelerate product development and market readiness.
A total of 29 teams were shortlisted and underwent a dedicated accelerator programme. Throughout this programme, teams worked to refine their business models, enhance their social and environmental impact strategies, and prepare for investor engagement. Ten finalists were ultimately chosen to pitch their solutions during Demo Day at GIFF 2025.
BNM Governor Datuk Seri Abdul Rasheed Ghaffour emphasized the importance of continuous innovation in the Islamic finance sector.
“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,” he stated.
Meanwhile, Tan Sri Azman Mokhtar, Chairman of the MIFC Leadership Council, highlighted the value of collaboration in advancing the global Islamic finance industry.
“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.
With the success of this year’s Challenge, Malaysia continues to lead the way in Islamic fintech and impact-driven finance—proving that innovation, guided by Shariah principles, can play a powerful role in shaping a more sustainable and inclusive financial future.