Shehzad Ahmed, a student majoring in Finance with a minor in Computer Science (Big Data and High-Performance Computing) at Independent University, Bangladesh (IUB), received the “Best Emerging Innovation – Islamic Product Launch of the Year” award at the Global Islamic Finance Innovation Awards 2026, hosted by The Digital Banker, on May 21, 2026. Shehzad received the award for “Baraka Protocol’, a venture he founded, which was listed as the only Islamic DeFi recipient in the award category.

Baraka Protocol is a fully on-chain platform designed to expand access to Shariah-compliant derivatives trading. According to the award adjudication statement, the platform was recognized for its approach to Islamic DeFi through a zero-rate funding model, decentralized exchange infrastructure, and embedded Shariah governance.

The award was presented during the virtual gala of the Global Islamic Finance Innovation Awards 2026. Baraka Protocol was listed under the Islamic Product Innovation category alongside award recipients including Standard Chartered Saadiq, Dubai Islamic Bank, and Emirates Islamic, which received awards in other categories. Baraka Protocol was the sole listed winner of “Best Emerging Innovation – Islamic Product Launch of the Year” and the only Islamic DeFi recipient listed in the category.

The award was determined by a judging panel comprising professionals from international financial and consulting organizations. The panel included Olivia Jeavons of Accenture; Asad Ahmed of Alvarez & Marsal Middle East; Manfredi de’Mozzi and Jeff Tijssen of Bain & Company; Zeeshan Khwaja of Kearney; Ben Kilpatrick of KPMG Australia; Nick Cowell of Monitor Deloitte; Nontobeko Lubisi of the National Treasury of South Africa; and Joshua Koh of Simon-Kucher.

The novel architecture has drawn global industry attention, attracting direct inbound institutional interest from major digital asset platforms and Web3 venture investment funds.

The Global Islamic Finance Innovation Awards 2026 recognize innovation across the Islamic finance sector, with Baraka Protocol receiving recognition under the Islamic Product Innovation category for its work in Islamic decentralized finance.

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