Mal has closed a $230 million investment round to fund the development and launch of what it describes as the world’s first AI-native Islamic digital bank, headquartered in Abu Dhabi. The concluded financing was led by Abu Dhabi-based asset manager BlueFive Capital.
The company said it is currently under development and is targeting a Q1 2026 launch, positioning Mal as a mobile-first financial platform aimed at serving the global Muslim population—estimated at more than 2 billion people—alongside other underbanked communities. Mal said the new capital will be used to accelerate product development, advance licensing efforts, and support its go-to-market strategy.
At launch, Mal plans to offer AI-powered features intended to simplify how users manage, move, and grow their money, while delivering core digital banking functionality. The rollout is expected to occur in phases, beginning with the UAE before expanding into other regions where demand for accessible, values-driven financial services is strong. Mal also said it intends to tailor localized offerings to match the regulatory and consumer dynamics of each market.
Mal’s leadership team includes former executives from Revolut and Nubank, two prominent digital banking companies, which Mal said reflects its ambition to build a global benchmark for “ethical, intelligent” financial services.
KEY QUOTE:
“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.”
Abdallah Abu-Sheikh, Founder of Mal
