The Wasil Foundation, a Pakistan-based microfinance institution, won the Islamic Microfinance Challenge, a global contest to identify innovative Sharia-compliant financial products. Wasil won the $100,000 grant award for its package of products aimed specifically at smallholder farmers. The theme of the Islamic Microfinance Challenge was “Beyond Murabaha.” It received entries from microfinance institutions in 11 countries. The Challenge is co-sponsored by the Islamic Development Bank, Al Baraka Banking and Triple Jump. It aims to spur innovation in an Islamic microfinance market where there is growing demand, but also a narrow product offering, focused mainly around murabaha – a cost-plus-markup product geared toward asset purchases.