Abu Dhabi-based fintech Mal has opened a global waitlist for its AI-native Islamic financial platform, three months after receiving In-Principle Approval from the UAE Central Bank, according to the company.
People who join will get priority access to Mal’s first products and may receive market-specific joining bonuses after identity verification. Verified referrals can unlock access to Mal Club, which offers transfer fee savings, monthly rewards, cashback and shopping, travel and lifestyle benefits.
Founded in 2025 by Emirati entrepreneur Abdallah Abu-Sheikh, Mal is building a single platform for payments, money transfers, financing and investments. The company said its products will launch simultaneously across multiple markets, with AI integrated into the platform’s core architecture.
Mal said it is backed by $230M in seed funding, which it describes as the largest publicly announced fintech seed investment in the Middle East and Africa. Its planned offering includes global accounts for freelancers and cross-border earners, personal finance tools, lifestyle financing and business solutions for SMEs.
The company combines Islamic financial principles with transparent pricing, open-market exchange rates and cross-border financial services. Abu-Sheikh said Mal aims to replace fragmented financial experiences with a more connected platform.
Source: Zawya
