Islamic Economics Research and Innovation Fund (IERIF) is a funding grant meant to stimulate creativity and innovative research in Islamic Economics focusing on the identified research areas. An amount of RM20 million has been allocated by the Ministry of Finance for IERIF in which INCEIF leads the implementation and management of IERIF in collaboration with MIFC and the industry.
General questions
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1. What is Islamic Economics Research and Innovation Fund (IERIF)?
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2. What are IERIF objectives?
Proposals submitted for IERIF must meet the following objectives:
- To spur creativity and innovative research in Islamic Economics in areas that are aligned with the aspiration of the Ekonomi MADANI.
- To produce practical and innovative solutions to address the emerging socio-economic issues in Malaysia through values and impacts that are in line with the objective of Shariah (Maqasid Shariah) and the Tayyib principle.
- To promote a balanced distribution of wealth, eradicate poverty, foster collaboration, and encourage sustainable development for the betterment of the nation.
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3. What are IERIF focused research clusters?
Proposal submitted for IEIRF must fall under any of the following focused research clusters:
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4. Who can apply for IERIF?
IERIF is open to researchers and academicians from private and public institutions based in Malaysia. To meet IERIF objectives, it is highly recommended for the research team to collaborate with strategic partners from the industry or stakeholders in Malaysia.
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5. What is the duration of research project funded by IERIF?
The duration of the research project shall not be more than twenty-four (24) months and it shall commence from the date of the Letter of Agreement (LOA).
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6. What is the amount of grant available for each research project?
The amount shall depend on the type and scope of the each research project. Subject to the requirements stipulated in the IERIF Guidelines, the grant amount may be up to Ringgit Malaysia Five Hundred Thousand (RM500,000).
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7. Can research team source funds from other grants?
Research team can source matching grants/additional funds from their universities or other funding bodies/agencies for the expenses not covered by IERIF.
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8. How to submit research proposal for IERIF?
The research proposal must be prepared in accordance with the template provided by INCEIF via IERIF website at https://ierif.inceif.edu.my/ and the completed proposal must be uploaded onto the said website before or by 26 July 2024 (Friday). Submissions received after this deadline will not be considered.
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9. Is there any limit in submitting research proposals?
Applicants are allowed to submit multiple applications for different research projects at the same time under the condition that the applicants have strong human and financial resource capabilities. The project proposed must be implemented in Malaysia.
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10. How are research proposals being assessed/evaluated?
Research proposals submitted for IERIF will be assessed and evaluated by the IERIF Steering Committee/Research Working Committee (IRWC) based on open competition and merit, by taking into consideration the following criteria:
The IERIF Steering Committee/IRWC reserves the right to consider any other factors it may deem relevant in the evaluation process. They also reserve the right to reject proposals that do not meet the submission and evaluation criteria. They may also suggest changes to the proposals, including cost/funding, scope, and research timelines.
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11. Will research team be informed of the result of their application?
Only successful applicants will be informed via email.
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12. Who owns the Intellectual Property?
The intellectual property produced from the IERIF grant is jointly owned by the Government of Malaysia and the Institution of the research team, in which INCEIF shall act on behalf of the Government of Malaysia. While the management of the intellectual property is the responsibility of the Institution.
Notes:
- All decisions are final.
- All appeals are not accepted.
