Abu Dhabi, United Arab Emirates: Mal, the AI-native Islamic digital bank founded by serial fintech entrepreneur Abdallah Abu-Sheikh, is gearing up for its official launch following a strategic $230M seed raise, the largest seed round in MEA history. Led by global investment platform BlueFive Capital, alongside other strategic investors and family offices, the round brings together a global network of backers aligned with Mal’s mission to build a smart, ethical, and inclusive financial service.

Led by BlueFive Capital, the raise marks a significant institutional endorsement of Mal’s ambition to reimagine ethical finance at a global scale, combining AI-native infrastructure with values-driven financial principles, as well as being the largest amount funded in a seed round in MEA history.

Currently under development and set for launch in 2026, Mal is a mobile-first digital bank designed to serve the needs of the world's underbanked communities. The funding will accelerate product development, licensing efforts in multiple markets, and the go-to-market strategy.

“Islamic finance is a $7T space with no single global banking leader. With Mal, we aim to bridge that gap and bring cutting-edge fintech solutions to every underserved community globally.” said Abdallah Abu-Sheikh, Founder of Mal. “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.”

The 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.

Headquartered in Abu Dhabi, Mal will launch in phases, expanding into key global markets in the Middle East and Asia. where there is strong demand for accessible, value-driven financial solutions. With an international vision, Mal aims to serve diverse customer segments through localized offerings tailored to each region’s economic landscape.

Mal is currently in the pre-launch phase and, while actively pursuing the relevant regulatory approvals across multiple markets, does not yet hold any banking or financial services license.

About Mal
Founded in 2025 by serial fintech entrepreneur Abdallah Abu-Sheikh, Mal is the first AI-native Islamic digital bank. Mal aims to deliver cutting-edge financial solutions that empower individuals and businesses, offering a seamless and inclusive experience. Headquartered in Abu Dhabi, Mal is built with a global vision to serve the financial needs of the world’s 2 billion Muslims and underbanked communities, while delivering values-driven experiences for everyone. Designed for scale, Mal’s digital platform offers mobile-first tools for everyday financial needs, from onboarding and account management to payments and budgeting, powered by AI and engineered for expansion across multiple markets.