Abu Dhabi-based fintech Mal has announced a landmark $230 million seed investment round to build its AI-native Islamic digital banking platform. The strategic round was led by BlueFive Capital, with significant participation from other strategic investors and family offices.
A Landmark Seed for Global Ambitions
The funding will be instrumental in accelerating Mal’s product development, securing necessary licensing and regulatory approvals, and executing its go-to-market strategy ahead of a planned 2026 launch. The size of the seed round signals strong institutional confidence in the company’s vision to merge AI-driven infrastructure with the core principles of Islamic finance.
Founded in 2025 by serial fintech entrepreneur Abdallah Abu-Sheikh, Mal aims to deliver smart, ethical, and inclusive financial services to underbanked communities globally.
Bridging a $7 Trillion Market Gap
With a focus on serving a potential market of over two billion Muslims worldwide, Mal is positioning itself to address a significant void in the global financial landscape. The platform intends to provide accessible, value-driven solutions tailored to diverse economic conditions.
“Islamic finance is a $7 trillion market with no single global banking leader. With Mal, we aim to bridge this gap and provide advanced fintech solutions to every underserved community worldwide,” said Abdallah Abu-Sheikh, Founder of Mal. “This funding round is a vote of confidence in our mission to deliver a next-generation digital experience centered on intelligence, values, and accessibility.”
Strategic Rollout and Veteran Leadership
Headquartered in Abu Dhabi, Mal will implement a phased rollout, beginning with its launch in the UAE before expanding into key markets across the Middle East and Asia.
To execute this ambitious plan, the company has assembled a leadership team that includes former senior executives from world-leading digital banks Revolut and Nubank. Their collective experience is expected to help Mal set a new global benchmark for smart and ethical financial services.
About Mal
Mal is an AI-driven Islamic digital bank currently in its pre-launch phase. The company is building a mobile-first platform designed to provide Sharia-compliant financial services to underbanked communities globally. While actively pursuing regulatory approvals across multiple jurisdictions, Mal does not yet hold any banking or financial services licenses and is not currently conducting any regulated financial activities.
Source: Wamda
