Mal

Fintech · Islamic Banking · AI

Funding

Mal raises $230M seed for AI-native Islamic bank in Abu Dhabi

The UAE central bank's in-principle approval signals regulators are letting AI-first banks skip the usual years-long licensing slog.

• Mal, an Abu Dhabi fintech founded in 2025, disclosed a $230 million seed round it calls the largest publicly announced fintech seed investment in the Middle East and Africa.
• Founded by Emirati entrepreneur Abdallah Abu-Sheikh, Mal is building an AI-native Islamic bank offering global accounts for freelancers, AI-driven personal finance tools, lifestyle financing and SME business solutions.
• Mal has also received in-principle approval from the Central Bank of the UAE to establish a licensed bank, moving it from a tech startup toward a regulated financial institution.
• Rather than treating Shariah compliance as a product checklist, Abu-Sheikh says Islamic principles shape how products are structured, how risk is assessed and how customers are treated across the platform.
• Mal has not disclosed the investors behind the $230 million round, named no lead backer, and did not reveal a post-money valuation.
• The deal lands the same week Saudi fintech Erad closed a $22M Series A, underscoring how much larger Gulf fintech seed rounds have grown relative to typical regional early-stage deals.
• A nine-figure seed paired with an in-principle banking license suggests Gulf regulators are increasingly willing to fast-track AI-first challengers directly into licensed banking status rather than making them operate for years as unlicensed fintechs first.