Mal, an AI-native Islamic digital bank in development, has announced plans to launch as a mobile-first financial platform headquartered in Abu Dhabi, following a $230m investment round.
The company said it has closed its first investment round at $230m, led by Abu Dhabi-based asset manager BlueFive Capital, according to FinTech Finance.
Set to launch in Q1 2026, Mal is being built to serve underbanked communities, with a focus on ethical finance delivered through a modern, app-led experience.
The start-up said the platform will offer AI-powered tools to help users manage, move and grow their money, aiming to provide the core capabilities people expect from a digital financial service while tailoring products to local market needs.
Mal said the new funding will accelerate product development, support licensing efforts and help drive its go-to-market strategy as it prepares for launch.
The roll-out is expected to happen in phases, beginning in the UAE before expanding into other regions where there is demand for accessible, values-driven financial solutions, with localised offerings designed around each region’s financial landscape.
Mal founder Abdallah Abu-Sheikh said, “We’re building Mal to bridge the gap between ethical finance and modern financial tools, and to serve more than 2 billion people. For me this isn’t just a business. It’s solving challenges that communities like mine have lived with for years. 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 company also highlighted that its leadership team includes former executives from Revolut and Nubank, which it said reflects its ambition to set a new benchmark for ethical, intelligent financial services.
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