• UAE-based AI-native Islamic digital bank Mal raised USD 230M in seed funding, preparing for its official launch in 2026.
• Founded by Abdallah Abu-Sheikh, Mal offers mobile-first AI-powered tools for onboarding, payments, budgeting, and financial management globally.
• The funding will accelerate product development, licensing, and phased expansion across Middle East and Asia, targeting underserved communities worldwide

Mal

UAE-based Mal, an AI native Islamic digital bank, raised USD 230 million in a seed funding round. The round was led by BlueFive Capital, alongside other investors and family offices. Following this seed round, the AI-native Islamic digital bank is gearing up for its official launch.

Founded in 2025 by Abdallah Abu-Sheikh, Mal is an AI-native Islamic digital bank. It aims to deliver cutting-edge financial solutions that empower individuals and businesses. Its digital platform offers mobile-first tools for everyday financial needs, from onboarding and account management to payments and budgeting. The platform is powered by AI and engineered for expansion across multiple markets.

Digital Bank

Looking forward, with the funding, it aims to accelerate product development, licensing efforts in multiple markets, and the go-to-market strategy. 

“Islamic finance is a USD 7T space with no single global banking leader. With Mal, we aim to bridge that gap and bring cutting-edge fintech solutions to every underserved community globally.” said Abdallah Abu-Sheikh, Founder of Mal. 

As of now, the platform is under development and set for launch in 2026. As a mobile-first digital bank, it seeks to serve the needs of the world’s underbanked communities. It is currently in the pre-launch phase while pursuing the relevant regulatory approvals across multiple markets. Moreover, it does not yet hold any banking or financial services license.

Mal intends to launch in phases, expanding into global markets in the Middle East and Asia. This is because these regions have a strong demand for accessible, value-driven financial solutions. With an international vision, it aims to serve diverse customer segments through localized offerings tailored to each region’s economic landscape.