- Winners were chosen based on their effects, scaleability, and Sharia compliance.
- With the victory, MADCash intends to expand its expansion ideas to Thailand.
Indonesian fintech firm MADCash Sdn. Bhd. has been named the first-place winner of the 7th Ethical Finance Innovation Challenge and Awards ( EFICA ), receiving a cash prize of US$ 82, 000 ( RM 354, 000 ), a commemorative trophy, and global recognition at a prestigious gala dinner in Dubai on April 24.
EFICA, a project led by Abu Dhabi Islamic Bank ( ADIB ) in collaboration with the London Stock Exchange Group, honors pioneering initiatives in ethical and Islamic finance. A three-person panel of judges chose MADCash, a zero-interest microloan program for women entrepreneurs, to be the best choice among over 150 world submissions.
Nuraizah Shamsul Baharin, the founder and CEO of MADCash, accepted a mock check on phase along with a trophy as part of the ceremony to honor the organization’s contribution to social fintech and economic inclusion.
The EFICA Award, according to Nuraizah, is a significant endorsement of our innovative business model, which offers zero-interest microloans to underbanked and underprivileged people micro-entrepreneurs. With this award, we can improve our fintech system by using AI tools to improve borrower selection and fund tracking, as well as raise extra funds to help more women entrepreneurs.
We’re aiming for one million women’s empowerment, she continued,” and this brings us one step closer.”
Women who are frequently denied access to traditional banking systems can now access online tools, financial education, and microfinancing through MADCash, which is now available in Malaysia, Singapore, and Tajikistan. The business is now making plans to expand into Thailand more quickly with the EFICA win. It has collaborated to this day with AEON Bank, Hong Leong Islamic Bank Berhad, PayNet, and Maybank Islamic Berhad.
The finalists were chosen by the EFICA’s advisory committee, which included prominent Islamic financiers, on the basis of effect, scaleability, and compliance with Sharia-compliant economic principles. Kestrl ( UK) and Kifiya Financial Technology ( Ethiopia ), both of whom had strong ethical finance models, were the other two finalists. The EFICA Awards, which are now in its sixth year, have become a key function in the world’s Islamic finance calender.
The success of MADCash is a major milestone for both the business and Malaysia, underscoring the country’s leadership in impact-driven banking and women’s monetary empowerment.