MADCash clinches top prize at EFICA Awards 2025 in Dubai

• Finalists were chosen for their impact, scalability, and Sharia compliance
• With the win, MADCash plans to accelerate plans to expand into Thailand

Malaysian fintech company MADCash Sdn. Bhd. has been named the first-place winner at the 7th Ethical Finance Innovation Challenge and Awards (EFICA), taking home a cash prize of US$82,000 (RM354,000), a commemorative trophy, and global recognition at a prestigious gala dinner in Dubai on 24 April.

Organised by Abu Dhabi Islamic Bank (ADIB) in partnership with the London Stock Exchange Group, EFICA celebrates groundbreaking initiatives in ethical and Islamic finance. MADCash, which provides zero-interest microloans to women entrepreneurs, was selected from over 150 global submissions and chosen as the top winner by 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, along with a trophy symbolising the company’s contribution to ethical fintech and financial inclusion.

Nuraizah said, “Winning the EFICA Award is a strong validation of our unique business model, which provides zero-interest microloans to underbanked and unbanked women micro-entrepreneurs. With this prize, we can enhance our fintech platform using AI tools to improve fund tracking and borrower selection, as well as raise additional funds to support more women entrepreneurs.”

“We’re on a mission to empower one million women — and this brings us one step closer,” she added.

MADCash currently operates in Malaysia, Singapore, and Tajikistan, offering microfinancing, financial literacy, and digital tools to women who are often excluded from traditional banking systems. With the EFICA win, the company is accelerating plans to expand into Thailand. To date, it has partnered 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 showcasing strong ethical finance models. Now in its seventh edition, the EFICA Awards have become a cornerstone event in the global Islamic finance calendar.

MADCash’s victory marks a significant milestone not only for the company but also for Malaysia, underscoring the nation’s leadership in impact-driven fintech and women’s economic empowerment.