Mal secures $230M seed funding. BlueFive Capital leads the investment round. Strategic investors and family offices also join. The Abu Dhabi-based fintech builds an AI-powered Islamic digital bank. Abdallah Abu-Sheikh is the founder of the company. It targets Muslim users and underbanked communities worldwide.​
Funding Breakdown
BlueFive Capital manages over $4 billion in assets. Hazem Ben-Gacem started the firm in 2023. It has offices in Abu Dhabi, Bahrain, London, and Beijing. The new capital helps Mal speed up product work. It covers regulatory licenses and market entry in key areas.​
Mal stays in pre-launch mode now. It holds no banking license yet. The funds push forward AI tools and Sharia-compliant services. The platform blends finance products with smart tech. This setup serves a global audience.​
Leadership Strength
Abu-Sheikh brings experience from past roles. He co-founded Astra Tech before. That super app grows fast through buys like PayBy and Botim. It reaches 150 million users in 155 countries. G42 led its $500M round in 2022. Abu-Sheikh exits in November 2024.​
Mal’s team includes experts from Revolut and Nubank. They focus on consumer needs. The company aims for a wide reach in digital finance. These leaders know how to scale apps quickly. They build trust with users who want simple banking.​
Market Opportunity
Islamic finance hits $7 trillion worldwide. Traditional banks control most of it. Demand grows for digital options that match values. Mal steps in with mobile-first tools. It uses AI to make services fast and fair. The sector splits across many regions. New players like Mal fill gaps with tech.​
Launch Timeline
Mal plans its platform debut in 2026. It starts in the Middle East. Asia follows with a high demand for ethical finance. Abu Dhabi serves as the headquarters. Rollout happens in phases for steady growth. Teams are now on core features. They test AI models for accuracy. Regulators review plans in the UAE and beyond.​
Investor Confidence
This deal boosts the UAE’s fintech scene. It shows strong investor trust in AI-driven Islamic banking. Mal sets a new bar for seed funding in the region. Fresh capital fuels bold plans. The sector sees more innovation ahead. BlueFive Capital picks winners early. Hazem Ben-Gacem spots trends in ethical finance. Family offices back Mal for long-term gains. The round draws attention from global VCs. MENA startups now eye bigger checks.​
Growth Path
Mal eyes partnerships with banks later. It builds APIs for easy links. Underbanked users gain access to savings and payments. AI checks risks in real time. Sharia boards guide product rules. The app feels like everyday tools, but stays true to faith. Expansion taps 1.8 billion Muslims. UAE leads as a fintech hub.
