AI-powered Islamic finance platform opens global waitlist

Abu Dhabi: A new AI-native Islamic finance platform has opened its global waitlist as it prepares to launch financial services across multiple international markets, just three months after receiving In-Principle Approval from the Central Bank of the UAE.

Abu Dhabi-based Mal said customers joining the waitlist will receive priority access to its first product releases and exclusive rewards as the fintech prepares for its global rollout.

Following identity verification and account activation, users will receive a joining bonus based on their market, while successful referrals will unlock additional benefits.

Referrals

Verified referrals will also provide access to Mal Club, offering members benefits including transfer-fee savings, monthly rewards, shopping, travel and lifestyle offers, cashback on everyday spending, and early access to new products and features.

The platform aims to address what Mal describes as the fragmented nature of financial services, where customers often rely on separate providers for receiving money, making payments, accessing financing and investing.

Mal said its platform will bring these capabilities together through a single AI-native system, with the aim of turning processes that traditionally take days or weeks into faster and more seamless experiences.

“Financial services have evolved into a collection of disconnected products rather than a connected customer experience,” said Abdallah Abu-Sheikh, founder and CEO of Mal.

Native platform

“Customers move between providers, repeat the same steps and wait weeks for processes that should take minutes. With Mal, we are bringing financial services together through one AI-native platform, and replacing fragmentation with a simpler, faster and more connected experience.”

Artificial intelligence is embedded into the platform’s core architecture, rather than being added to existing financial systems, the company said. The technology will underpin how products are designed and delivered, with a focus on simplifying financial services.

The company said its products are being designed for a global launch, with services planned to roll out simultaneously across multiple markets.

Seed funding

Backed by $230 million in seed funding, described by Mal as the largest publicly announced fintech seed investment in the Middle East and Africa, the company aims to use its capital, regulatory foundations and technology to build a global Islamic finance business.

From its Abu Dhabi base, Mal said it is seeking to bring more than 1,400 years of Islamic financial heritage into a new generation of financial services for individuals and businesses worldwide.