World Islamic Fintech Awards

Submission Guidelines

Methodology

The WIFA employ a multipronged approach to ensure comprehensiveness, independence and inclusiveness, comprising scoring from respected market practitioners and industry stakeholders from across the world. All categories except WIFA People’s Choice Award are on a submission basis. WIFA People’s Choice Award is based on public voting.

If you are not a fintech firm but would like to nominate one, feel free to do so using the WIFA nomination form.

Internal screening

• Nominated firms are screened for compliance with the following requirements:
  • Must be a fintech company
    • Start-ups and established financial and technology companies that combine financial services with innovative technology, particularly through internet-based or app-based services. They do not deliver their services through a traditional branch network or physical units.
    • Fintech is a broad term and therefore fintech companies have different business models offering a diverse range of products and services but the general commonality is that they use technology to deliver cheaper, faster and more user- friendly services more efficiently and transparently.
  • Must offer Shariah compliant solutions
    • This includes firms which offer both conventional and Islamic products or services to Islamic financial
    • A company meets this requirement if it has secured a Fatwa certifying the Shariah compliance of its product; however, in the case that a start-up or firm has not obtained an official pronouncement yet, it must demonstrate that its business model complies with Shariah principles such as the following:
      • Profit and loss-sharing.
      • Shared risk.
      • Riba/interest-free.
      • Does not involve Gharah.
      • Is not involved in gambling.
      • Does not invest in prohibited (Haram) industries.
      • Zakat.
  • Must have an established product/service
    • Companies, except those applying for ‘Most Promising Islamic Fintech Start-up’, must offer a fully-fledged product or service; or at the very least, have a minimum viable product (MVP) in place. An MVP, a new product or website with sufficient features to satisfy early adopters, must meet the following criteria:
      • Enough value that consumers are willing to use/purchase.
      • Demonstrates sufficient future benefit to retain early
      • Provides a feedback loop to guide future

Expert judging panel

The list of qualified firms will be submitted to a panel of international judges comprising industry experts, investors, stakeholders and influencers who would evaluate each company based on a set of parameters including the ingenuity of the business proposition, viability of business and impact of product/service offered.

Results

IFN Fintech will announce the results in January 2022.

WIFA Categories

1. Best Alternative Finance Fintech Provider
2. Best Data and Analytics Platform for Islamic Finance
3. Best Islamic Crowdfunding Finance Platform
4. Best Islamic Digital Bank
5. Best Islamic Financial Software Provider
6. Best Islamic Fintech Enabler
7. Best Islamic Peer-to-Peer Finance Platform
8. Best Islamic Robo-Advisory Platform
9. Best Islamic Trading and Investment Platform
10. Best Islamic Wealth Management Fintech Company
11. Best Shariah Compliant Payment, Remittance and FX Platform
12. Best Social Impact Islamic Fintech Firm
13. Best TakaTech Company
14. Most Innovative Use of Blockchain in Islamic Finance
15. WIFA People’s Choice Award
16. Most Promising Islamic Fintech Start-up of the Year
17. Islamic Fintech Company of the Year