Mal, the Abu Dhabi-based fintech founded by Abdallah Abu-Sheikh, has secured US$230 million in a Seed funding round, marking the largest seed-stage financing ever recorded in the MENA region.
The UAE startup is developing an AI-driven Islamic financial platform aimed at serving Muslim and underbanked communities worldwide.
According to FWDStart, BlueFive Capital led the round. The firm was founded in 2023 by former Investcorp executive Hazem Ben-Gacem and manages over US$4 billion in assets.
It has offices in Abu Dhabi, Bahrain, London, and Beijing.
Strategic investors and family offices also participated in the financing.
Abu-Sheikh, well known in the region as the former co-founder and CEO of Astra Tech, sold his stake to existing shareholder G42 when he exited the company in November 2024.
Established in 2022, Astra Tech expanded rapidly into a super app through acquisitions including PayBy, Rizek, and Botim, reaching more than 150 million users across 155 countries.
G42 had previously led Astra Tech’s US$500 million funding round in December 2022. Following Abu-Sheikh’s departure, CTO and co-founder Long Ruan assumed the role of interim CEO.
Mal plans to launch its platform in 2026.
The new funds will accelerate product development, secure regulatory licenses, and support market entry across multiple jurisdictions.
The company is currently in a pre-launch phase and does not yet hold a banking or financial services license.
Traditional financial institutions control the highly fragmented Islamic finance sector, valued at over US$7 trillion globally.
Mal aims to position itself as a global digital platform for the sector, combining Sharia-compliant financial products with AI-powered infrastructure.
The company’s leadership team includes executives with experience from international digital finance platforms such as Revolut and Nubank.
This reflects Mal’s ambition to build a consumer-focused fintech with global reach.
Headquartered in Abu Dhabi, Mal plans to roll out its platform in phases.
It will start across the Middle East before expanding into Asian markets, where demand for values-aligned digital financial services is rising.
Featured image credit: Edited by Fintech News Middle East, based on image by leungchopan via Freepik
