Mal has received in-principle approval from the Central Bank of the UAE (CBUAE) to establish an AI-native Islamic digital bank, according to Arabian Business.
The Abu Dhabi-based startup plans to launch a fully licensed Shariah-compliant platform spanning digital banking, payments, wealth management, and embedded finance.
The regulatory clearance follows a US$230 million seed funding round earlier this year, positioning Mal as one of the region’s most well-capitalised new banking entrants in the Gulf digital banking sector.
The approval aligns with the UAE’s broader push to attract fintech firms and strengthen its position as a global hub for digital finance innovation.
The company is targeting the US$7 trillion Islamic finance industry and aims to serve underbanked Muslim communities globally.
“The Islamic finance market represents a US$7 trillion opportunity, and until now nobody has approached it with truly modern technology,”
said Abdallah Abu-Sheikh, Founder and CEO of Mal told Arabian Business.
Founded in 2025, Mal says its platform will combine AI-led personalisation with regulatory compliance to improve accessibility and efficiency in financial services.
The company plans to prioritise building its technology architecture and regulatory foundation in the UAE before expanding internationally.
Featured image credit: Edited by Fintech News UAE, based on image by freepik via Magnific
