- Mal Announces $230 Million Raised in Seed Round Led by BlueFive Capital with Participation from Strategic Investors.
- The Mal platform aims to provide AI-driven financial services as the world’s first Islamic digital bank.
Mal, the AI-driven Islamic digital bank, has announced raising $230 million in a seed funding round led by BlueFive Capital, with participation from strategic investors and family offices worldwide, as it prepares for its official launch.
The funding round aims to support Mal in delivering smart, ethical, and inclusive financial services that combine AI-native infrastructure with core financial values, targeting underbanked communities, including over 2 billion Muslims globally.
Abdallah Abu-Sheikh, Founder of Mal, said:
“Islamic finance is a $7 trillion market with no single global banking leader. With Mal, we aim to bridge this gap and provide advanced fintech solutions to every underserved community worldwide”.
He add:
“This funding round is a vote of confidence in our mission to deliver a next-generation digital experience centered on intelligence, values, and accessibility.”
The leadership team includes former executives from Revolut and Nubank, two of the world’s leading digital banks, reflecting Mal’s ambition to set new standards for smart and ethical financial services globally.
Headquartered in Abu Dhabi, Mal will roll out its operations in phases, starting in the UAE and gradually expanding to key markets across the Middle East and Asia to meet growing demand for accessible, value-driven financial solutions, while offering localized services tailored to each region’s economic and financial conditions.
Currently, Mal is in the pre-launch phase, actively pursuing regulatory approvals across multiple markets. The bank has not yet obtained any banking or financial services license and is not conducting any regulated financial activities at this time.
