Abu Dhabi's Mal Raises Record $230M to Build AI-Native Islamic Digital Bank
Abu Dhabi fintech Mal secures $230M — the largest seed round in MENA history — to launch an AI-native Islamic digital bank.
D
DXB Start·January 13, 2026·1 min read·2 months ago
Abu Dhabi fintech Mal raised $230 million led by BlueFive Capital — the largest seed round ever recorded in the Middle East. Founded by Abdallah Abu-Sheikh, Mal is building a mobile-first AI-native Islamic digital bank with leadership from former Revolut and Nubank executives.
The capital will accelerate product development and regulatory processes ahead of a planned 2026 launch, starting in the UAE before expanding into the broader Middle East and Asian markets.
The deal propelled the UAE to $426.3 million in total startup funding for January 2026, reaffirming Abu Dhabi's growing position as a fintech launchpad.