KUALA LUMPUR: The Securities Commission Malaysia (SC) has launched the ICM Innovation Lab (FIKRALab), a structured co-creation and applied research and development platform to develop new Islamic capital market (ICM) products and instruments.
The FIKRALab, an initiative under the Capital Market Masterplan 2026-2030, is aimed at advancing Malaysia’s ICM, anchored on Maqasid al-Shariah and guided by Halal-Toyyib, it said.
"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, namely faith, life, intellect, lineage and wealth, while aligning capital with productive economic activity and advancing shared, sustainable prosperity,” the regulator said in a statement today.
The SC said FIKRALab builds on its long-standing efforts to nurture ICM innovation.
The efforts began with FIKRA, Malaysia’s Islamic fintech accelerator programme launched in 2021, followed by the enhanced FIKRA ACE, a targeted facilitation, industry engagement and ecosystem connectivity focusing on financial technology (fintech).
"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,” the SC said.
The commission said FIKRALab is expected to deliver new ICM use cases, products and infrastructure with clear value-based outcomes, alongside stronger industry-regulator engagement and enhanced market confidence in innovation, anchored on Maqasid al-Shariah.
A key feature of FIKRALab is the Maqasid al-Shariah Clinics, a structured approach that includes curated engagement led 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 SC said.
It said FIKRALab will be implemented in phases, starting with a pilot project with a financial institution to develop an instrument aimed at unlocking shariah-derived income within mixed-activity groups.
"The subsequent phase is anticipated to commence in the fourth quarter of 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,” it said.
The focus areas for the first cohort will include new generation ICM products and services that offer entirely new value propositions, Islamic social finance and social capital, as well as sustainability and transition finance.
The SC said innovators and industry stakeholders with proposals for ICM product innovation may register their interest and engage with the commission via FIKRALab@seccom.com.my by Sept 30, 2026.
Further details will be announced in due course, it added. - Bernama
