Mal Raises $230M in a Seed Round

Mal, the emerging Islamic digital bank headquartered in Abu Dhabi, has raised $230 million in a Seed round, marking the largest seed-stage financing in the MENA region. The round was led by BlueFive Capital, founded by former Investcorp executive Hazem Ben-Gacem, with participation from strategic investors and family offices.

Mal aims to build an AI-powered financial platform serving Muslim and underbanked communities worldwide, offering Sharia-compliant digital financial products. The funding will be deployed to accelerate product development, secure regulatory licenses, and support multi-jurisdictional market entry, ahead of the platform’s official launch in 2026.

Founded by Abdallah Abu-Sheikh, former co-founder and CEO of Astra Tech, Mal leverages his experience growing Astra Tech into a super app with over 150 million users across 155 countries.

The leadership team includes executives with experience at global digital finance platforms such as Revolut and Nubank, aiming to deliver smart, comprehensive financial solutions focused on ethical values and serving diverse customer segments. The rollout will start in the Middle East, followed by expansion into Asian markets where demand for values-aligned digital financial services is increasing.