This AI-native Islamic bank targets the world’s 2 billion Muslim population and other underbanked communities.
Mal, announces it’s launch as the UAE’s first AI-native Islamic digital bank headquartered in Abu Dhabi, as well as the closing of its first investment round at $230 million, led by Abu Dhabi based asset manager, BlueFive Capital.
Currently under development, and set for launch in Q1 of 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 go-to-market strategy.
Abdallah Abu-Sheikh, Founder of Mal, said: “We’re building Mal to bridge the gap between ethical finance and modern financial tools, and to serve more than 2 billion people. For me this isn’t just a business. It’s solving challenges that communities like mine have lived with for years. 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.”
At launch, Mal will introduce a range of AI-powered financial features designed to simplify how users manage, move, and grow their money, delivering the key functionalities people expect from a modern digital financial platform. Mal will roll out in phases, beginning in the UAE before expanding into regions with demand for accessible and value-driven financial solutions. Mal aims to serve diverse customer segments across emerging markets through localized offerings tailored to each region’s financial landscape.
Mal’s leadership team includes former executives from Revolut and Nubank, two of the world’s most prominent digital bank success stories, reflecting Mal’s ambition to set a new global benchmark for ethical, intelligent financial services.
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Many more interesting quotes in the video below:
