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Financial literacy is a crucial component in understanding effective money management. This educational innovation utilises combination of 21st-century Game-Based Learning (GBL) approach and interactive scenario for Islamic financial decision to enhance the teaching and learning of Islamic banking and Islamic financial management. The Islamic Finance Mastermind Game (IFMG) developed by Islamic banking and finance lecturers of Management and Science University is an interactive educational game that designed based on the three (3) key thrusts outlined in the Financial Sector Blueprint 2022–2026, namely: (1) financial literacy, focusing on the understanding and application of Islamic banking and finance principles; (2) Islamic financial planning, emphasising financial management for both worldly needs and the hereafter; and (3) Islamic social finance, encompassing Takaful, zakat, and sadaqah. The main objectives of IFMG are to transform Islamic Finance Education through strategic GBL, to strengthen Shariah-Compliant Financial Decision-Making and critical thinking through this GBL experience, to bridge academia, industry, and society through scalable Islamic Finance innovation and to empirically measure and validate learning impact in Islamic Finance Education. In IFMG GBL experience, students are required to browse, explore, analyse and choose the best Islamic deposit products, financing instruments, Takaful schemes, and Islamic unit trust products offered by licensed Islamic financial institutions regulated under Bank Negara Malaysia. The interactive scenario gives opportunity to all players to decide on Shariah compliance financial products. The IFMG also provides opportunities for students to invest in Shariah-compliant gold, alongside mandatory zakat payments and voluntary sadaqah contributions. Students have to engage in simulated financial decision-making processes involving saving, borrowing, lifestyle spending, and investment. The teaching of financial literacy through GBL by using IFMG is able to stimulate financial decision among students and young people that are dependent on their parent and have yet to experience the actual money management in their life. In conclusion, this innovation contributes to academic advancement, demonstrates potential for commercialisation, offers pedagogical novelty, and supports effective game-based e-learning in Islamic financial literacy by encouraging students to apply the three key thrusts (1) financial literacy, (2) Islamic financial planning, and (3) Islamic social finance in practical contexts.