Abu Dhabi-based Islamic fintech closes record seed round 

Abu Dhabi-headquartered Islamic digital bank, Mal, has raised the largest seed round in Middle East and Africa, as it gears up for launch later this year.  

The Islamic fintech raised $230 million in seed funding, led by global investment platform BlueFive Capital, alongside other strategic investors and family offices. 

The funding will accelerate product development, licensing efforts in multiple markets, and the go-to-market strategy, the company said in a statement. 

“Islamic finance is a $7 trillion space with no single global banking leader. With Mal, we aim to bridge that gap and bring cutting-edge fintech solutions to every underserved community globally.” said Abdallah Abu-Sheikh, founder of Mal. 

The mobile-first bank, which is currently under development, will be rolled out in phases, expanding into key Middle Eastern and Asian markets with localized offerings tailored according to each region. Mal does not yet hold any banking or financial services license.