Malaysian fintech MADCash has been named the first-place winner at the 7th Ethical Finance Innovation Challenge and Awards (EFICA).
Organized by Abu Dhabi Islamic Bank (ADIB) in partnership with the London Stock Exchange Group, EFICA celebrates groundbreaking initiatives in ethical and Islamic finance.
Kuala Lumpur-based MADCash, which provides zero-interest microloans to women entrepreneurs, was selected from over 150 global submissions and chosen as the top winner by a live audience vote, following presentations by the three finalists.
During the prize-giving ceremony, MADCash Founder and CEO Nuraizah Shamsul Baharin accepted a mock cheque on stage, alongside a trophy symbolizing the company’s outstanding contribution to ethical fintech and financial inclusion.
Nuraizah said: “Winning the EFICA Award is deeply meaningful for us. It greatly validates our unique business model of providing zero-interest microloans to underbanked and unbanked women micro-entrepreneurs. With this prize, we can work on adding AI tools to enhance our fintech platform to improve our funds tracking and borrower selection process, as well as raise funds to support more women entrepreneurs. We’re on a mission to empower one million women – and this brings us one step closer.”
MADCash currently operates across Malaysia, Singapore, and Tajikistan, providing microfinancing, financial literacy and digital tools to women who are often excluded from traditional banking systems.
With the EFICA win, the company is accelerating its plans to expand into Thailand having successfully collaborated with Maybank Islamic Berhad, Hong Leong Islamic Bank Berhad, PayNet and AEON Bank.
EFICA’s advisory board, comprising prominent figures in Islamic finance, selected the finalists based on impact, scalability and alignment with Sharia-compliant financial principles. The other two finalists were Kestrl (UK) and Kifiya Financial Technology (Ethiopia), both bringing strong ethical finance models to the table.
Now in its seventh edition, the EFICA Awards have become a cornerstone event in the global Islamic finance calendar.
MADCash’s victory is seen as not only a major milestone for the company but a proud moment for Malaysia – showcasing the country’s leadership in impact-driven fintech and women’s economic empowerment.
MADCash runs on a proprietary technological platform that allows donors to contribute and see who their funds are helping at any time.
