The amount raised represents the largest seed round—i.e., the earliest stage of financing—in the history of the Middle East and Africa (MEA) region. The round was led by Oman-based global investment platform BlueFive Capital, together with other strategic investors and family offices. The venture combines an artificial intelligence (AI)-driven infrastructure with ethical financial principles.

Halal banking for the smartphone


Mal (Arabic for «capital»), headquartered in the UAE capital Abu Dhabi (self-styled: The capital of capital), is currently in the final stages of development and is scheduled to launch in 2026. The idea behind the mobile-first digital bank is to serve the needs of underbanked populations worldwide. The funding is intended to accelerate product development, advance licensing processes across multiple markets, and support the market-entry strategy.

«Islamic financial services represent a USD 7 trillion market without a single global banking leader. With Mal, we aim to close this gap and bring cutting-edge fintech solutions to every underbanked community globally,« said serial entrepreneur and Mal founder Abdallah Abu-Sheikh. Islam prohibits interest based on a passage in the Quran, Surah Al-Baqarah, verse 275: «God has permitted trade and forbidden interest.» Sharia law also prohibits investments in companies that generate income from alcohol, tobacco, pork products, entertainment, and gambling. Highly leveraged companies and those hoarding cash are likewise excluded from the religious framework and are considered haram (impermissible).

Competition fuels the payments business


At the start of the year, Mal closed the record-setting 230 million dollars seed round to build the world’s first AI-native Islamic digital bank. Abu-Sheikh said: «This funding round is a vote of confidence in our mission to create a next-generation digital experience that puts intelligence, values, and accessibility at its core.» The leadership team includes former executives from British fintech firm Revolut and Brazilian lender Nubank.

Mal plans to roll out «step by step» and expand into key global markets in the Middle East and Asia. With an international focus, Mal aims to serve different customer segments through localised offerings. The company is currently in the pre-launch phase and does not yet hold a banking or financial services licence. According to Abu-Sheikh—formerly CEO of the super app Botim for digital messaging and calls—the startup is actively seeking the relevant regulatory approvals in «multiple markets».

Botim itself announced on January 13 that, via its division Botim.Money division it will partner with payments provider Mastercard to offer international financial transactions from the United Arab Emirates to 150 countries.

One aspect is certain: the fintech race for clicks and digital money transfers remains an exciting one to watch.