Background

The United Nations Capital Development Fund (UNCDF), in partnership with the Securities Commission (SC) Malaysia, is working towards developing a vibrant and more inclusive Islamic Capital Market (ICM) ecosystem in Malaysia through FIKRA, Islamic fintech accelerator (‘Programme’). The Programme is aimed at supporting fintech solutions to address the needs and participation of low-and-moderate income segment in capital markets.

The growth of Malaysia’s economy has given further rise to capital market activities, including Islamic capital markets. The ICM has evolved from largely focusing on offering basic Shariah-compliant products and services as alternatives to conventional offerings, to offering comprehensive financial solutions for different market segments’ needs.

Technology has emerged as a key enabler to strengthen the role of ICM in funding sustainable development needs, advancing financial inclusion agenda and accelerating the growth of sustainable and responsible investing (SRI). As the ICM landscape develops further, it presents an opportunity to create new relevant solutions as well as make ICM products more accessible to mass segments of the population.

About the Programme

FIKRA will identify and support the growth of innovative fintech and financing solutions through structured mentorship & insights, access to a network of industry and other domain experts to enable solution development, along with relevant regulatory guidance and engagement with investors for potential funding opportunities.

The Programme aims to address the following key challenges through tech-enabled ideas and/or solutions:

• New Islamic Capital Market (ICM) Offering
• Access to Islamic Capital Markets
• Integration of Islamic Social Finance into ICM

This Programme invites applications from individuals, start-ups and other organisations including fund managers and financial services providers, with innovative ideas and/or solutions that are addressing at least one of the above-mentioned challenges.

FIKRA is open to Malaysian as well as international applicants from other countries, who can apply independently or as a consortium.

The applications open on 25 May 2021 (00:00 EDT) and close on 7 July 2021 (23:59 EDT). All applicants will go through an evaluation process to select 10 participants who fill form the cohort of the Programme.

The UNCDF Global Centre of Financial Health is the anchor of this Programme.

For any questions, queries or requests for support, please send an email to financial.health@uncdf.org

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