Islamic Digital Banking Startup Mal Secures $230 Million to Expand AI-Driven Financial Services
UAE-based fintech Mal has raised $230 million in a strategic investment round led by BlueFive Capital, with participation from strategic 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 around the world. The platform combines artificial intelligence with the principles of Islamic finance, aiming to deliver ethical, inclusive, and accessible financial services at scale.
The investment brings together a global base of backers supporting Mal’s vision to create a smart and values-driven banking platform. Led by BlueFive Capital, the round reflects strong institutional confidence in Mal’s ambition to redefine Islamic digital banking through AI-native infrastructure.
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Scheduled to launch in 2026, Mal is currently in development. The funding will be used to accelerate product development, advance licensing and regulatory processes, and execute its go-to-market strategy ahead of launch.
Headquartered in Abu Dhabi, Mal plans a phased rollout, beginning in the UAE before expanding into key markets across the Middle East and Asia. The company is supported by a leadership team that includes senior executives with prior experience at Revolut and Nubank, strengthening its operational and product expertise.
Mal remains in a pre-launch phase and, while pursuing regulatory approvals across multiple jurisdictions, does not yet hold any banking or financial services licences and is not currently conducting regulated financial activities.
