Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) have shared the winners’ list for the Emerging Leader Prize and the Impact Challenge Prize in conjunction with The Royal Award for Islamic Finance 2022.
The Impact Challenge Prize was awarded to duithape and Pod for their innovative solutions in Islamic finance. The 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 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, after which the two winners were selected.
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 shari’ah-compliant microfinancing via a cashless in-merchant transaction to micro and SME borrowers, including those in remote areas.
Pod is a financial wellbeing platform for gig workers and the underserved in Southeast Asia. This Malaysian solution helps users save money and access shari’ah microfinancing and financial products. The platform also uses artificial intelligence (AI) to build credit records for borrowers that give them better access to financing products from banks.
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 Umar Abdullah Mahmud Munshi, the co-founder and Group MD of Ethis Group.
Ethis is involved in fintech, impact investment, and Islamic crowdfunding platforms and has facilitated investments from over 50 countries to fund small and medium enterprises (SMEs) and social housing projects.
The Islamic finance community widely sees 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.