Abu Dhabi–based fintech startup Mal, founded by Abdallah Abu-Sheikh, has raised $230 million in a seed funding round, marking the largest seed-stage investment ever recorded in the MENA region.
The round was led by BlueFive Capital, an investment firm founded in 2023 by former Investcorp executive Hazem Ben-Gacem. BlueFive Capital manages more than $4 billion in assets across offices in Abu Dhabi, Bahrain, London, and Beijing. The round also saw participation from strategic investors and family offices.
Mal is building an AI-powered Islamic financial platform designed to serve Muslim and underbanked communities globally. The company aims to modernise Islamic finance through a digital-first, Sharia-compliant ecosystem supported by advanced AI infrastructure.
Abu-Sheikh is widely known in the region as the former co-founder and CEO of Astra Tech. In November 2024, he exited the company after selling his stake to existing shareholder G42. Founded in 2022, Astra Tech rapidly evolved into a super app through acquisitions including PayBy, Rizek, and Botim, reaching more than 150 million users across 155 countries. G42 had previously led Astra Tech’s $500 million funding round in December 2022. Following Abu-Sheikh’s departure, CTO and co-founder Long Ruan assumed the role of interim CEO.
Mal is currently in a pre-launch phase, with the platform scheduled to go live in 2026. The newly raised capital will be used to accelerate product development, secure regulatory licences, and support market entry across multiple jurisdictions. The company does not yet hold a banking or financial services licence.
Global Islamic finance is estimated to exceed $7 trillion in value, yet the sector remains fragmented and largely dominated by traditional financial institutions. Mal is positioning itself as a global digital platform for Islamic finance, aiming to unify Sharia-compliant financial products within a scalable, technology-driven framework.
The company’s leadership team includes executives with prior experience at international digital finance platforms such as Revolut and Nubank, reinforcing its ambition to build a consumer-focused fintech with global reach.
Headquartered in Abu Dhabi, Mal plans to roll out its platform in phases, beginning in the Middle East before expanding into Asian markets, where demand for values-aligned digital financial services continues to grow.
