Mal has raised $230 million in a strategic investment round led by BlueFive Capital to develop, license, and launch an AI native Islamic digital bank in the UAE, targeting a 2026 rollout.
UAE fintech Mal has raised $230 million in a strategic investment round to fund the buildout and launch of an Islamic digital bank, according to multiple regional business and venture publications. The round was led by BlueFive Capital, with participation from strategic investors and family offices, as reported by Wamda. A separate report from Zawya also confirmed the funding amount and identified Mal as an Abu Dhabi based startup.
Mal was founded in 2025 by fintech entrepreneur Abdallah Abu Sheikh and is developing a mobile first, AI native, Shariah compliant digital banking platform, according to Wamda’s reporting. The company’s stated plan is to use the new capital to support product development, progress through licensing and regulatory requirements, and fund its go to market execution, with a targeted 2026 launch timeline.
The lead investor, BlueFive Capital, has described itself as an investment platform incorporated in Abu Dhabi Global Market (ADGM), with offices in Abu Dhabi, Bahrain, and London, based on the firm’s official announcement. BlueFive’s positioning and geographic footprint were outlined in its published newsroom release, “BlueFive Capital debuts from Abu Dhabi and Bahrain”. BlueFive has also disclosed a separate shareholder funding event tied to its own platform formation, which was reported by Wamda.
Mal’s announcement lands as the UAE continues to see activity in digital-first banking models, including Shariah-compliant offerings delivered primarily through app-based onboarding and servicing. In 2024, the UAE’s official state news agency published details on ruya, describing it as a “digital-native Islamic community bank” launching in the country. That rollout was covered by the Emirates News Agency (WAM). ruya also positions itself publicly as a digital Islamic bank through its official site, ruyabank.ae.
Across the broader sector, UAE Islamic banking institutions have continued to invest in digital channels and product modernization. In July 2024, Emirates Islamic published an update stating it was recognized at the Euromoney Islamic Finance Awards 2024 as the Most Innovative Islamic Bank in the UAE, according to the bank’s own announcement here. Separate reporting has also outlined how Islamic banks in the UAE are adopting technologies such as AI and expanding digital delivery, including coverage published by Fintech News Middle East.
Mal has not released customer targets, pricing details, or product breakdowns for its planned Islamic digital bank beyond its core positioning and launch timeline. However, multiple reports confirm the $230 million raise and its connection to the development and licensing of a digital first Islamic banking platform in the UAE, led by BlueFive Capital, with a planned 2026 rollout.
