Mal Raises $230M Seed
Mal raises $230M in a seed round to launch its AI-native Islamic digital banking platform in the UAE.
Mal Raises $230M Seed
Mal, an Abu Dhabi-based fintech startup, has secured $230 million in a seed funding round. The company is developing an AI-native Islamic digital banking platform that aims to serve the global Islamic finance sector, which is estimated to be worth over $7 trillion.
Investors
The article does not identify specific investors that participated in the seed funding round.
Mal Use of Funds
Mal intends to use the capital to establish its regulatory foundation, build its technology architecture, and prepare for the launch of its fully licensed, Shariah-compliant digital banking platform.
About Mal
Founded in 2025 and headquartered in Abu Dhabi, Mal is an AI-native financial services group. Led by founder and CEO Abdallah Abu-Sheikh, the company mission is to provide ethical and values-driven banking products for Muslims and underbanked communities globally by combining regulatory compliance with AI-led personalization.
Funding Details
Company Website: https://mal.ai
Company: Mal
Raised: $230M
Round: Seed
Funding Date: May 18, 2026
Software Category: Fintech
Source: https://www.arabianbusiness.com/finance/fintech/uaes-mal-secures-central-bank-approval-to-launch-ai-native-islamic-digital-bank-targeting-7tn-market
