Mal, an Abu Dhabi-based fintech founded by serial entrepreneur and former Botim CEO Abdallah Abu-Sheikh, has closed a record-breaking $230million seed funding round.
Led by global investment platform BlueFive Capital, alongside strategic investors and family offices, the raise is reportedly the largest seed round in the history of the Middle East and Africa (MEA) region.
Bridging a $7trillion gap
The capital will be used to build what Mal describes as the “world’s first AI-native Islamic digital bank.” The platform aims to target the global Muslim population of roughly 2 billion, as well as other underbanked communities, by combining ethical financial principles with advanced AI infrastructure.
Abu-Sheikh, who previously led the ultra-popular communication platform Botim, identifies a significant void in the current market landscape.
“Islamic finance is a $7trillion 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.”
Veteran leadership
To achieve this ambitious global scale, Mal has assembled a leadership team featuring former executives from Revolut and Nubank—two of the world’s most successful digital banking challengers.
The platform is designed to be mobile-first and “AI-native,” utilising intelligent infrastructure to lower costs and improve access across emerging markets. While Islamic finance provides the ethical foundation, the company stated that its ambition extends beyond religious demographics to serve populations historically excluded from traditional banking.
Currently in the pre-launch phase, Mal is targeting an official launch in 2026. The company is headquartered in Abu Dhabi and plans to roll out in phases, starting with the UAE before expanding into high-growth markets across the Middle East and Asia.
The press release noted that while the company is actively pursuing relevant regulatory approvals across multiple markets, it does not yet hold a banking or financial services license. The substantial funding will accelerate product development, licensing efforts, and its go-to-market strategy.
