Mal receives in-principle CBUAE approval for bank licence 

Abu Dhabi-based Islamic digital banking group Mal has received an in-principal approval from the Central Bank of the UAE to establish a licensed bank.

The approval will facilitate Mal Group’s advancement towards the launch of its global Shariah-compliant financial services platform, state news agency WAM reported. 

Mal aims to build a mobile-first, AI-native Islamic digital bank best place to serve underbanked communities globally.

The group’s approval follows its $230 million seed round, billed as the largest fintech seed round across the Middle East and Africa, to support product development and licensing efforts. 

“We are committed to working hard to launch the world's leading Islamic digital bank from the UAE with a mission rooted in ethical finance,” said Abdallah Abu-Sheikh, CEO and founder of Mal.

Mal Bank will operate through the wider Mal Group ecosystem, spanning banking, wealth, payments, and embedded finance, targeting the $7 trillion Islamic finance space.

The UAE has emerged as a prominent environment for digital financial services, driven by a young, mobile-first population and a conducive regulatory framework.