FLAGSHIP PRODUCT: SADAQA HOUSE PROJECT
The idea of Sadaqa House was first mentioned by the Royal Award winner of Islamic Finance 2014, Dato Dr. Abdul Halim Ismail during his speech in the Global Islamic Finance Forum 2014. Realising the importance of Sadaqa House, IRCIEF, has taken the initiative as the first institution to take up the idea on venturing in Sadaqa House. The Sadaqa House model research has been conducted on 2015 until 2017. In 2018, Bank Islam Malaysia Berhad (BIMB) has become the first bank in Malaysia to launch Sadaqa House as one of their banking product.
INTERNATIONAL IMPACT OF THE SADAQA HOUSE PROJECT: ADOPTION BY MALDIVES MONETARY AUTHORITY
In April 2025, the Maldives Monetary Authority (MMA) launched the Maldives Islamic Social Finance Initiative (MISFI), inspired by a research titled “The Establishment of Sadaqa House in Maldives”, a collaboration between IRCIEF and MMA. MISFI aims to integrate Islamic social finance into the Maldives’ banking framework, leveraging sadaqah, waqf, and Islamic crowdfunding for socially impactful projects. The initiative has garnered significant support, with major commitments from the Bank of Maldives, Maldives Islamic Bank, and the MMA.
