The Securities Commission Malaysia has set up the ICM Innovation Lab to support the development of new Islamic capital market products and instruments.
Known as FIKRALab, the platform will serve as a co-creation and applied research and development initiative under the Capital Market Masterplan 2026 to 2030.
It is intended to help develop Islamic capital market products and instruments guided by Maqasid al-Shariah.
The lab will expand its earlier innovation efforts beyond fintech-focused initiatives.
It follows the launch of FIKRA in 2021 and FIKRA ACE in 2023, both of which were introduced to support the Islamic fintech ecosystem.
Through FIKRALab, the SC plans to work more closely with industry players on product ideation, research, design and pilot testing.
The aim is to develop solutions that deliver clearer economic value and broader social impact.
How FIKRALab Will Roll Out
One feature of the platform is the Maqasid al-Shariah Clinics, which will bring together the SC, industry players, Shariah advisers and other experts to assess and improve existing Islamic capital market products.
The clinics are expected to focus on strengthening value propositions, reinforcing real economy linkages and improving social and economic outcomes.
FIKRALab will be rolled out in phases. The first phase is a pilot project with a financial institution to develop an instrument aimed at unlocking Shariah-derived income within mixed-activity groups.
The next phase is expected to begin in the fourth quarter of 2026, when applications open for the first FIKRALab cohort.
Applications are expected to be held annually, with different focus areas for each cycle.
The first cohort will focus on next-generation Islamic capital market products and services, Islamic social finance and social capital, as well as sustainability and transition finance.
The SC is inviting innovators, financial institutions, technology providers, academia and other ecosystem partners with ideas for Islamic capital market innovation to register their interest by 30 September 2026.
Further details will be announced later.
Featured image: Edited by Fintech News Malaysia, based on image by Securities Commission Malaysia
