Securities Commission Malaysia launches ICM Innovation Lab to advance Maqasid al-Shariah-driven Islamic capital market innovation

23 April 2026

On 26 March 2026, the Securities Commission Malaysia (“SC”) 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.

Through FIKRALab, 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.

A key feature of 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.

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.

All stakeholders with ideas or proposals for ICM product innovation are invited to register their interest and engage with the SC via FIKRAlab@seccom.com.my by 30 September 2026.