UAE-based fintech Mal has raised $230 million in a strategic investment round led by BlueFive Capital, with participation from other investors and family offices.
Founded in 2025 by fintech entrepreneur Abdallah Abu-Sheikh, Mal is building a mobile-first, AI-native Islamic digital bank designed to serve underbanked communities globally. The platform combines artificial intelligence with the principles of Islamic finance to deliver ethical, inclusive, and accessible financial services.
The funding will be used to accelerate product development, advance licensing and regulatory processes, and execute Mal’s go-to-market strategy ahead of its planned 2026 launch.
Headquartered in Abu Dhabi, Mal will initially roll out in the UAE before expanding across the Middle East and Asia. The company is supported by a leadership team that includes former executives from Revolut and Nubank, as it seeks to set a new benchmark for AI-powered, Shariah-compliant digital banking.
Mal is currently in a pre-launch phase and, while pursuing regulatory approvals across multiple jurisdictions, does not yet hold any banking or financial services licences.
