The FIKRALab, an initiative under the Capital Market Masterplan 2026–2030, aims at advancing Malaysia’s ICM, anchored on Maqasid al-Shariah and guided by Halal-Toyyib.

Through the FIKRALab, the SC seeks to catalyse the development of Maqasid al-Shariah-driven ICM products and services that deliver ethical objectives, real economic value and broader social impact.

These innovations are intended to uphold the essentials of human well-being — faith, life, intellect, lineage and wealth — while aligning capital with productive economic activity and advancing shared, sustainable prosperity.

The FIKRALab builds on the SC’s long-standing efforts to nurture ICM innovation. These efforts began with FIKRA, Malaysia’s Islamic fintech accelerator programme, and later enhanced through FIKRA ACE, a targeted facilitation, industry engagement and ecosystem connectivity focusing on fintech¹.

The FIKRALab expands the ecosystem development beyond fintech-centric ICM innovation, enabling deeper collaboration and co-creation between the SC and the industry in ideation, research, product design and pilot testing. It focuses particularly in developing new instruments and solutions that align with Maqasid al-Shariah.

Expected outcomes of the FIKRALab include the development of new ICM use cases, products and infrastructure that demonstrate clear value-based outcomes, stronger industry-regulator engagement and enhanced market confidence in innovation, anchored by Maqasid and supported by the industry.

A key feature of the FIKRALab is Maqasid al-Shariah Clinics, a structured approach that includes curated engagement by the SC and a knowledge symposium with experts in identified domains to assess and enhance existing ICM products.

Through these clinics, the SC will work with industry players, Shariah advisers and other identified subject matter experts to strengthen the value propositions of current ICM instruments, reinforce real-economy linkages and deliver greater social and economic impact.

The FIKRALab will be undertaken in phases, beginning with a pilot project currently conducted by the SC in collaboration with a financial institution. This pilot project seeks to develop an innovative instrument aimed at unlocking Shariah-derived income within mixed-activity groups.

The subsequent phase is anticipated to commence in Q4 2026, when applications for the first FIKRALab cohort will be opened. Cohort applications are expected to be conducted annually, with different focus areas for each cycle.

The focus areas for the first cohort will include new generation ICM products and services that offers entirely new value propositions, Islamic social finance and social capital, as well as sustainability and transition finance.

Innovators, financial institutions, technology providers, academia and ecosystem partners with ideas or proposals for ICM product innovation are invited to register their interest and engage with the SC via [email protected] from now until 30 September 2026.

Further details will be announced in due course.