Mal raises $230M to launch the world’s first AI-native Islamic digital bank

Abu Dhabi: Backed by a strategic $230M raise led by global investment platform BlueFive Capital, amongst other strategic investors and family offices, and founded by serial fintech entrepreneur Abdallah Abu-Sheikh, Mal, the AI-native Islamic digital bank, is now gearing up for its official launch.

The first funding round brings together a global network of investors and strategic funds, all aligned with Mal’s mission to build a smart, trustworthy, and efficient financial service.

Led by BlueFive Capital, the raise marks a significant institutional endorsement of Mal’s ambition to reimagine finance at a global scale, leveraging AI-native infrastructure with values-driven ethical and inclusive financial principles.

Currently under development and set for launch later in 2026, Mal is a mobile-first financial platform designed to serve the needs of the world's underbanked communities. The funding will accelerate product development, licensing efforts, and the go-to-market strategy.

“Islamic finance is a $7T space with no single global banking leader. With Mal, we aim to bridge that gap and bring cutting-edge fintech solutions inclusive to every underserved community globally,” said Abdallah Abu-Sheikh, Founder of Mal. “This raise is a vote of confidence in our mission to deliver a next-generation digital experience that puts intelligence, values, and accessibility at its core.”

As per the spokesperson, the leadership team includes former executives from Revolut and Nubank, two of the world’s most prominent digital bank success stories, reflecting Mal’s drive to set a new global benchmark for principled yet smart financial services.

Headquartered in Abu Dhabi, Mal will launch in phases, beginning in the UAE and expanding into key global markets in the Middle East and Asia, leveraging the strong demand for accessible, value-driven financial solutions.

With an international vision, Mal aims to serve diverse customer segments through localized offerings tailored to each region’s socio-economic and financial landscape.

As per the spokesperson, Mal is currently in the pre-launch phase and, while actively pursuing the relevant regulatory approvals across multiple markets, does not yet hold any banking or financial services license.