• UAE-based fintech Mal has raised $230 million in a strategic investment round led by BlueFive Capital, with participation from other investors and family offices.
• Founded in 2025 by Abdallah Abu-Sheikh, Mal is building a mobile-first, AI-native Islamic digital bank aimed at serving underbanked communities globally.
• The funding will support product development, licensing efforts, and market entry ahead of the platform’s planned 2026 launch.
• Headquartered in Abu Dhabi, Mal will roll out initially in the UAE before expanding into the Middle East and Asia, supported by a leadership team that includes former executives from Revolut and Nubank.

Press release:

Mal, an AI-driven Islamic digital bank founded by fintech entrepreneur Abdallah Abu-Sheikh, has secured a $230 million strategic investment led by BlueFive Capital, with participation from strategic investors and family offices.

The funding brings together a global investor base backing Mal’s vision to build a smart, ethical, and inclusive financial platform. Led by BlueFive Capital, the round signals strong institutional support for Mal’s ambition to combine AI-native infrastructure with the principles of Islamic finance.

Scheduled to launch in 2026, Mal is a mobile-first digital banking platform currently under development, targeting underbanked communities globally. The capital will be used to accelerate product development, advance licensing and regulatory processes, and execute its go-to-market strategy.

Based in Abu Dhabi, Mal plans a phased rollout, starting in the UAE before expanding into key markets across the Middle East and Asia. The founding team is supported by senior executives with prior leadership experience at Revolut and Nubank, as the company aims to set a new benchmark for ethical, AI-powered financial services.

Mal is currently in a pre-launch phase and, while pursuing regulatory approvals across multiple jurisdictions, does not yet hold any banking or financial services licences and is not conducting regulated financial activities.