Malaysia’s Securities Commission and the United Nations Capital Development Fund have launched an Islamic fintech accelerator focused on solutions for the Islamic capital market.
The joint initiative will give startups regulatory guidance, a structured mentorship process, and access to a network of industry and other domain experts, said UNCDF in a statement on Tuesday (May 25).
FIKRA was designed with a development perspective to boost the Islamic fintech ecosystem, according to SC and UNCDF in an FAQ sheet.
This is reflected in the evaluation criteria for solutions that include degree of innovation, sustainability and commercial viability, and social impact and meeting sustainable development goals.
The programme is focused on three challenges:
- New Islamic capital market products or services
- Providing access to the Islamic capital market
- Tech solutions to integrate traditional Islamic social finance instruments into the capital market.
FIKRA is open to Malaysian and international applicants from other countries who can apply independently or as a consortium.
The accelerator programme for 10 participants will run for three months and applications are now open through June 30.
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