Kuala Lumpur: Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) are pleased to announce the recipients of the Emerging Leader Prize and Impact Challenge Prize in conjunction with The Royal Award for Islamic Finance 2022. The awards were presented today at the Global Islamic Finance Forum 2022 by the Governor of Bank Negara Malaysia and the Chairman of the Securities Commission Malaysia.

The Emerging Leader Prize recognises young international talent who have made outstanding contributions in advancing innovative ideas in the field of Islamic finance. The inaugural prize was awarded to Mr. Umar Abdullah Mahmud Munshi, the co-founder and Group Managing Director of Ethis Group, which is involved in fintech, impact investment, and Islamic crowdfunding platforms and which has facilitated impact investments from over 50 countries to fund small and medium enterprises (SMEs) and social housing projects. The Islamic finance community widely recognises Umar as a pioneer in fintech and crowdfunding for Islamic finance. He is the president of the Islamic Fintech Alliance founders' group, a global group that encourages collaboration and learning among members, from more than 10 countries. Umar also serves in numerous advisory capacities to advance Islamic social finance, community empowerment, and social enterprises.

Meanwhile, the Impact Challenge Prize recognises digital and innovative solutions based on Islamic finance principles, that aim to improve the economic and social resilience of financially impacted communities worldwide. This Impact Challenge Prize is jointly organised with the World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia and the Malaysia Digital Economy Corporation (MDEC). The organisers received 50 applications from 14 countries. Twenty-five teams were then shortlisted to join an Accelerator Programme, and two winners were selected by a panel of judges, comprising senior representatives from BNM and SC, Islamic Development Bank, World Bank Group, and the venture capital industry. Further information on the 25 teams is available at www.theroyalaward.com.

The Impact Challenge Prize was awarded to duithape and Pod for their innovative solutions in Islamic finance.

“duithape”, with roots in Indonesia, is a biometric-based mass payment system focusing on the unbanked. The digital payment system enables financial providers to disburse Shariah-compliant microfinancing via a cashless in-merchant transaction to micro and SME borrowers, including those in remote areas.

“Pod” is a financial well-being platform for gig workers and the underserved in Southeast Asia. This Malaysian homegrown solution helps users save money and access Shariah microfinancing and financial products while leveraging artificial intelligence to provide borrowers with an alternative way to build credit records which in turn enable them to access financing products from banks.

-Ends-     

A community member of:
Members of the Media may contact the Media Team at;
Roziah Mohd. Hanifa (roziah@bnm.gov.my), Delyana Nordin (delyanaN@seccom.com.my)

About Malaysia's Islamic Finance Marketplace

Since its origin nearly 40 years ago, Islamic finance in Malaysia has evolved into a well-developed and comprehensive marketplace capable of meeting the diverse needs of the economy and society. The marketplace is characterised by a robust regulatory, supervisory, Shariah and legal framework, deep and progressive Islamic financial markets, diverse set of players, multi-asset commodity and exchange platforms, efficient multi-channel payment gateways to facilitate financial intermediation as well as talent base with global capabilities and connectivity for business deals anywhere in the world.

Malaysia’s Islamic finance marketplace is open to global industry players and market participants to collaborate with and benefit from a highly conducive business environment of innovation, expertise and deal flow. Our marketplace is a comprehensive Islamic finance ecosystem and business environment of infrastructure, innovation, expertise and deal flow, served by the Malaysia International Islamic Financial Centre (MIFC) community, which comprised the financial institutions, professional firms, regulators and government agencies.

For more information on Malaysia’s Islamic finance marketplace, please visit www.mifc.com and follow us on Twitter (@MalaysiaIF) / LinkedIn (@Malaysia World's Islamic Finance Marketplace).

About Bank Negara Malaysia

Bank Negara Malaysia (BNM) is Malaysia’s central bank. Its principal objective is to promote monetary and financial stability conducive to the sustainable growth of the Malaysian economy. To this end, BNM has played a key role in developing both the conventional and Islamic financial systems with the view that a well-developed financial system contributes to the country’s resilience. Over the years, BNM has also led the promotion of Malaysia as an international Islamic financial centre.

For more information, log on to bnm.gov.my and follow us on Facebook (bnm.official), Twitter (@BNM_official), Instagram (@banknegaramalaysia), LinkedIn (Bank Negara Malaysia), Telegram (banknegaramalaysia), and Youtube (BNMOfficial).

About Securities Commission Malaysia

The Securities Commission Malaysia (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for regulating and developing capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Capital Markets and Services Act 2007. More information about the SC is available on its website at www.sc.com.my. Follow the SC on Twitter at @SecComMy for more updates.

About The World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia

The World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia is a partnership between Malaysia and the World Bank. The Hub works closely with counterparts in country and beyond by conducting analytical, advisory, and research work to support inclusive growth, promote sustainable finance and inclusive finance and to enhance good governance.

Log on to www.wbg.org/my or www.facebook.com/worldbankmalaysia for more information.