In a landmark development for financial technology, Mal has successfully closed a $230 million initial funding round to establish the world’s first AI-native Islamic digital bank. The investment was spearheaded by BlueFive Capital, with participation from various strategic investors and family offices, representing one of the most substantial early-stage financings in the digital banking sector.
Founded by UAE-based serial fintech entrepreneur Abdallah Abu-Sheikh, Mal is positioned to address the financial needs of the global Muslim population exceeding two billion people, along with other underserved communities worldwide. The platform, currently in advanced development with a planned 2026 launch, will operate as a mobile-first financial institution built entirely on artificial intelligence infrastructure.
‘Islamic finance represents a $7 trillion market without a dominant global banking leader,’ stated Abu-Sheikh. ‘Mal intends to bridge this gap by delivering cutting-edge fintech solutions that prioritize inclusivity for every underserved community worldwide.’
The substantial funding will accelerate product development, secure necessary regulatory approvals across multiple jurisdictions, and execute an ambitious market entry strategy. While headquartered in Abu Dhabi, Mal has assembled an executive team featuring former senior leaders from Revolut and Nubank, combining expertise from two of the most successful digital banking ventures globally.
Mal’s operational strategy involves a phased rollout commencing in the United Arab Emirates, followed by expansion into key markets throughout the Middle East and Asia. The platform will offer localized financial products tailored to specific regional socioeconomic conditions while maintaining compliance with Islamic financial principles that prohibit interest charges and promote ethical investing.
Important to note: Mal currently operates in a pre-launch phase and has not yet obtained banking or financial services licenses in any jurisdiction, though regulatory approval processes are actively underway across multiple markets.