THE Securities Commission Malaysia (SC) has today announced the launch of the ICM Innovation Lab, known as FIKRALab, a pioneering initiative aimed at fostering research, co-creation, and development of Islamic capital market (ICM) products guided by Maqasid al-Shariah principles and Halal-Toyyib standards.
The Commission stated that FIKRALab has been established to propel Malaysia’s Islamic capital market forward by catalysing the creation of products and services that deliver ethical objectives, generate tangible economic value, and create positive social impact.
The announcement comes as part of the Capital Market Masterplan 2026–2030, building upon the SC’s earlier efforts to stimulate ICM innovation, including the FIKRA Islamic fintech accelerator launched in 2021 and its enhanced successor, FIKRA ACE, introduced in 2023.
The SC highlighted that FIKRALab will broaden the scope of ecosystem development beyond fintech innovation.
It will enable deeper collaboration between regulators and industry participants in ideation, product design, pilot testing, and research.
A key feature of the lab will be the Maqasid al-Shariah Clinics, which will provide curated engagements with Shariah advisers, industry experts, and academics. These clinics will evaluate existing ICM products, strengthen their linkages to the real economy, and enhance both social and economic outcomes.
“The lab aims to develop new ICM use cases, infrastructure and products with clear value-based outcomes, foster stronger industry-regulator engagement, and build market confidence in innovation anchored in Maqasid principles,” the SC said.
The initiative will be implemented in phases, beginning with a pilot project conducted in partnership with a financial institution to develop an innovative instrument designed to unlock Shariah-derived income within mixed-activity groups.
The first full cohort of FIKRALab is expected to commence in the fourth quarter of 2026. Applications will be open on an annual basis, with each cycle concentrating on specific areas such as next-generation ICM products, Islamic social finance, social capital, and sustainability or transition finance.
Innovators, financial institutions, technology providers, academic institutions, and ecosystem partners are invited to express their interest and engage with the SC via [[email protected]](mailto:[email protected]) until 30 September 2026. - March 26, 2026
