Kuala Lumpur, May 13: Malaysian fintech company MADCash Sdn. Bhd. has secured the first-place prize at the 7th Ethical Finance Innovation Challenge and Awards (EFICA), held in Dubai on April 24. The company received AED 300,000, a commemorative trophy, and global recognition for its innovative approach to ethical and Islamic finance.
Organised by Abu Dhabi Islamic Bank (ADIB) in collaboration with the London Stock Exchange Group, EFICA honours groundbreaking initiatives that align with Sharia-compliant financial principles. This year, MADCash emerged as the top winner from over 150 global submissions, earning the accolade through a live audience vote after presenting alongside fellow finalists Kestrl (UK) and Kifiya Financial Technology (Ethiopia).
During the ceremony, MADCash Founder and CEO Nuraizah Shamsul Baharin accepted the award, highlighting the company’s mission to provide zero-interest microloans to women entrepreneurs across Malaysia, Singapore, and Tajikistan. With the EFICA prize, MADCash plans to integrate AI tools to enhance its fintech platform’s fund tracking and borrower selection processes, as well as expand its reach to Thailand.
The EFICA advisory board, comprising key figures in Islamic finance, selected the finalists based on impact, scalability, and ethical alignment. MADCash’s victory not only underscores its commitment to financial inclusion but also shines a spotlight on Malaysia’s growing influence in ethical fintech and women’s economic empowerment.
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