Mal has received in-principle approval from the UAE Central Bank to launch an AI-native Islamic digital bank aimed at tapping into the global Islamic finance market valued at more than USD7Tn.
The approval comes after the company secured USD230M in seed funding earlier this year, one of the largest fintech seed rounds recorded in the Middle East and Africa region.
Based in Abu Dhabi, Mal is developing a mobile-first banking platform offering Shariah-compliant financial services powered by artificial intelligence. The platform is designed to cater to Muslim consumers and underserved communities across global markets.
The company said its AI-driven infrastructure will streamline services including payments, personal finance, and wealth management through a fully digital banking experience.
Mal intends to launch operations in the UAE before gradually expanding into international markets following the completion of regulatory approvals.
