# Abu Dhabi Fintech Mal Raises Record $230 Million to Build World's First AI-Native Islamic Digital Bank

*2026-01-22 15:02 UTC · Business · 1 min read*

> Mal closes the largest seed round in MEA history to launch an AI-powered Islamic digital bank targeting $7 trillion market.

Mal, founded by serial fintech entrepreneur Abdallah Abu-Sheikh, has closed a $230 million strategic seed round—the largest seed funding ever raised in the Middle East and Africa. The round was led by BlueFive Capital, a UAE-based investment firm managing over $4 billion in assets.

The startup is building what it calls the world's first AI-native Islamic digital bank, targeting the $7 trillion Islamic finance sector which currently lacks a single global banking leader. Mal will launch in phases starting in 2026, initially focusing on the Middle East before expanding into Indonesia, Pakistan, and Bangladesh.

The company's leadership team includes former senior executives from Revolut and Nubank. Abu-Sheikh previously founded Astra Tech, which raised $500 million from G42 in 2022. He sold his majority stake in that company to G42 in November 2024.

## Sources

- [agbi.com](https://www.agbi.com/finance/2026/01/abdallah-abu-sheikh-ai-islamic-banking-fintech-mal-raises-230m/)
- [zawya.com](https://www.zawya.com/en/press-release/companies-news/mal-closes-record-230m-seed-round-to-build-worlds-first-ai-native-islamic-digital-bank-l4vpuic6)

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