Malaysian fintech MADCash has secured first place at the 7th Ethical Finance Innovation Challenge and Awards (EFICA) in Dubai, winning AED 300,000 for its groundbreaking zero-interest microloan program for women entrepreneurs. The victory marks global recognition for Malaysia’s role in ethical fintech and financial inclusion.
MALAYSIA, 13 MAY 2025 – MADCash Sdn. Bhd., a pioneering Malaysian fintech firm, was named the first-place winner at the 7th Ethical Finance Innovation Challenge and Awards (EFICA), taking home AED 300,000, a prestigious trophy, and global acclaim during a gala dinner in Dubai.
Organized by Abu Dhabi Islamic Bank (ADIB) in collaboration with the London Stock Exchange Group, the EFICA Awards spotlight transformative solutions in ethical and Islamic finance. MADCash triumphed over more than 150 global entries, ultimately winning by live audience vote after the three finalists pitched their ideas on stage.
MADCash, led by founder and CEO Nuraizah Shamsul Baharin, provides zero-interest microloans, financial literacy, and digital tools to underbanked and unbanked women micro-entrepreneurs across Malaysia, Singapore, and Tajikistan. The EFICA recognition will now help accelerate its expansion into Thailand and fund enhancements to its fintech platform, including AI-powered borrower screening and fund tracking.
“Winning the EFICA Award is deeply meaningful for us,” said Nuraizah. “This prize validates our mission to empower one million women through inclusive and interest-free microfinancing.”
The award ceremony drew influential leaders from the global Islamic finance community. EFICA’s advisory board selected finalists based on ethical impact, scalability, and compliance with Shariah principles. Alongside MADCash, UK-based Kestrl and Ethiopia’s Kifiya Financial Technology were also honoured for their contributions.
MADCash’s win not only celebrates a remarkable fintech innovation but also highlights Malaysia’s growing influence in ethical finance and women’s empowerment on the global stage.
