UNAIR NEWS – Students from Universitas Airlangga (UNAIR) have once again made their mark on the international stage. At the 3rd International Islamic Finance Olympiad (IIFO) 2025, held by KTO Karatay University in Konya, Türkiye, nine students from UNAIR’s Faculty of Economics and Business (FEB) earned a total of four medals.
Spanning four days, from Thursday (July 17) to Sunday (July 20), the prestigious event brought together university-level participants from around the world to compete in the field of Islamic finance. The IIFO 2025 featured three primary categories: the poster competition, the knowledge competition, and the Muamalat Interactive Game (MIG).
UNAIR students earned medals in four different competition categories, including a gold medal in the poster competition, a silver medal in the individual MIG event, and two bronze medals—one in the poster competition and one in the group MIG event.
Waqf innovation through mutual funds
One of the standout projects that led UNAIR to victory was a gold-medal-winning poster titled “Waqf Mutual Growth Fund (WMGF): Enhancing Waqf Potential into Impactful Education Quality through Mutual Funds Investment.” The project proposed a cash waqf investment scheme using sharia-compliant mutual funds, managed with professional oversight and transparency.
This innovation was designed to address several challenges: low public awareness of Islamic finance, limited implementation of cash waqf, and inadequate national education funding. Under the proposed model, investment profits would be allocated toward educational initiatives and sustainable reinvestment.
“WMGF offers an innovative solution through impact investing, linking community participation in waqf to improved educational quality. With a transparent, sharia-compliant investment scheme, individuals can contribute to education while earning lasting spiritual rewards,” explained Abu Shidqi, team leader of the winning poster project.
Selective process and focused coaching
Before heading to Türkiye, FEB UNAIR conducted a rigorous internal selection to identify the most qualified delegates. The selected students then underwent intensive coaching and mentoring sessions led by FEB UNAIR faculty members to prepare for the competition.
“All participants were required to go through a specific selection process for each competition category. In the poster competition, students visualized their economic ideas through creative posters. Meanwhile, the MIG competition tested participants’ knowledge of Islamic transactions through an interactive, game-based simulation,” said Abu Shidqi.
UNAIR’s involvement in IIFO 2025 is part of its broader effort to enhance global engagement and develop students’ academic and soft skills. Beyond the competition, participants also took part in a series of sessions aimed at strengthening their understanding of Islamic finance across cultures and within the context of digital innovation.
Author: Rosa Maharani
Editor: Yulia Rohmawati
