The Securities Commission Malaysia has announced the establishment of the ICM Innovation Lab (FIKRALab), a structured co-creation and applied R&D platform to develop new Islamic capital market (ICM) products and instruments.
The lab is an initiative under the Capital Market Masterplan 2026–2030, aims at advancing Malaysia’s ICM, anchored on Maqasid al-Shariah and guided by Halal-Toyyib.
Through the lab, 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 — faith, life, intellect, lineage and wealth — while aligning capital with productive economic activity and advancing shared, sustainable prosperity.
The FIKRALab builds on the SC’s long-standing efforts to nurture ICM innovation. These efforts began with FIKRA, Malaysia’s Islamic fintech accelerator programme, and later enhanced through FIKRA ACE, a targeted facilitation, industry engagement and ecosystem connectivity focusing on 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
FIKRA was launched in 2021 as part of the SC’s initiative to enhance the ICM ecosystem. In continuation, the enhanced FIKRA ACE was launched in 2023 as a three-year initiative to facilitate the development of Islamic fintech through a structured approach.
Expected outcomes of the FIKRALab include the development of new ICM use cases, products and infrastructure that demonstrate clear value-based outcomes, stronger industry-regulator engagement and enhanced market confidence in innovation, anchored by Maqasid and supported by the industry.
A key feature of the FIKRALab is Maqasid al-Shariah Clinics, a structured approach that includes curated engagement 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 FIKRALab will be undertaken in phases, beginning with a pilot project currently conducted by the SC in collaboration with a financial institution. This pilot project seeks to develop an innovative instrument aimed at unlocking Shariah-derived income within mixed-activity groups.
