Securities Commission Malaysia announced the establishment of the Islamic capital market (ICM) Innovation Lab (FIKRALab), a structured co-creation and applied research and development platform to develop new ICM products and instruments. The initiative sits under the Capital Market Masterplan 2026–2030 and is positioned as being anchored on Maqasid al-Shariah and guided by Halal-Toyyib. FIKRALab expands the Securities Commission Malaysia’s ecosystem development beyond fintech-focused innovation efforts such as FIKRA and FIKRA ACE, enabling deeper collaboration with industry across ideation, research, product design and pilot testing. A core component is the Maqasid al-Shariah Clinics, which combine curated engagements and a knowledge symposium with domain experts to assess and enhance existing ICM products, with participation from industry players and Shariah advisers to strengthen value propositions, reinforce real-economy linkages, and increase social and economic impact. Implementation will be phased, beginning with a pilot project with a financial institution to develop an instrument aimed at unlocking Shariah-derived income within mixed-activity groups. A subsequent phase is anticipated to start in Q4 2026 with applications opening for the first cohort, with cohorts expected to run annually and the first cycle focusing on new-generation ICM products and services, Islamic social finance and social capital, and sustainability and transition finance; expressions of interest are invited until 30 September 2026.

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