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Kuala Lumpur, 21 May 2025 – INCEIF University is proud to announce that Medikids, a pioneering healthcare-based waqf initiative co-founded and led by Alumnus Afdhal Aliasar (MIFP Class of 2021), has been awarded first place in the 2025 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics.
Mr Afdhal is the Group CEO of MHDC (Mulia Health and Dental Care), the parent company of Medikids.
The IsDB Prize celebrates innovative and transformative projects that embody the principles of Islamic economics and contribute meaningfully to sustainable development. This year, Medikids clinched the top honour for its creative approach to waqf management in Indonesia, addressing long-standing challenges through a sustainable, socially impactful business model.
Founded in 2018, Medikids operates dental clinics dedicated to children and families. These clinics serve a dual purpose: providing essential healthcare services while generating income to support broader social goals. Within just three years, Medikids achieved financial stability and, notably, introduced a scholarship program for healthcare professionals in its second year of operation. A portion of the company’s net profit is dedicated as waqf, directly reinvested into enhancing waqf assets and supporting various social welfare initiatives.
In its official citation, the IsDB Prize Selection Committee commended Medikids for exemplifying civil society waqf, integrating the health and education sectors to serve underprivileged communities. The initiative’s earning incentive framework was recognized as being in line with Islamic economic principles, ensuring long-term sustainability.
IsDB Group Chairman Dr Muhammad Al Jasser extended his congratulations to the winners, emphasising the importance of transforming Islamic economic knowledge into practical solutions.
“The IsDB Prize serves as a key driver of strategic significance, promoting the transformation of knowledge and principles of Islamic economics into actionable initiatives and innovative projects aimed at fostering comprehensive economic development,” Dr Al Jasser said in a statement.
At INCEIF, we are deeply honoured to see our alumni continue to lead impactful initiatives that translate Islamic economic principles into real-world solutions. Afdhal Aliasar’s leadership of Medikids stands as a testament to the transformative power of values-based entrepreneurship, and we extend our heartfelt congratulations to him and the entire Medikids team on this prestigious global recognition.
The Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics is an international award instituted in 1408H (1988) with the objective of recognising, rewarding and encouraging creative efforts of outstanding merit in the fields of Islamic Economics, Banking and Finance. Since its inception, 46 individuals and institutions have been awarded this Prize.
In its current form, the Prize has two category types, namely (i) Development Achievement and (ii) Knowledge Contribution, with each category offered in alternate year cycles and having 1st, 2nd and 3rd place awards.