Mal, an AI-based Islamic digital bank founded by fintech entrepreneur Abdallah Abu-Sheikh, has raised $230 million in strategic funding.
The investment was led by BlueFive Capital, with support from other strategic investors and family offices.
The funding has attracted investors from around the world who support Mal’s goal of building a smart, ethical, and inclusive financial platform.
With BlueFive Capital leading the round, it shows strong confidence in Mal’s plan to combine AI technology with Islamic finance principles.
Mal is a mobile-first digital bank that is planned to launch in 2026. It is being built to serve underbanked communities around the world.
The new funding will be used to speed up product development, complete licensing and regulatory approvals, and prepare for its market launch.
Mal is based in Abu Dhabi and plans to launch in stages. It will start in the UAE and later expand to other major markets in the Middle East and Asia.
The founding team is supported by senior leaders who have worked at Revolut and Nubank. The company aims to set a new standard for ethical, AI-powered digital banking services.
Mal is still in its pre-launch stage. It is seeking regulatory approvals in different regions, but does not yet have any banking or financial licences and is not currently providing regulated financial services.
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