Dubai, UAE — Mal is developing an integrated financial platform designed to bring multiple aspects of customers’ financial lives into a single connected experience, reducing reliance on separate banks, platforms and service providers for payments, financing, investment and money management.
The platform addresses a fragmented financial experience in which customers often need to register with multiple providers, submit the same documents repeatedly and wait days or weeks for approvals for financial services, despite the availability of technology capable of completing many of these processes within minutes or even seconds.
Mal is building an integrated suite of services for individuals and businesses covering accounts, payments, financing, investment and money management. The platform is designed to provide customers with a single destination spanning everyday financial needs, from receiving and spending money to saving, investing, accessing financing and building wealth.
Artificial intelligence is embedded into the platform’s core infrastructure rather than being treated as an additional feature. Mal aims to use AI across areas including transaction monitoring, risk analysis, personalized services and process automation, enabling faster and more accurate decisions while simplifying the overall customer experience.
The company was founded by Emirati technology entrepreneur Abdallah Abu-Sheikh, based on a principle that has guided his previous ventures: starting with the problem that needs to be solved rather than with the technology used to solve it.
Mal emerged from two converging challenges: the continued fragmentation of financial services across banks, platforms and providers, and the sustained growth of Islamic finance, which Abu-Sheikh believes still lacks a global financial institution designed from inception for the digital era.
“Technology is a means of solving a problem; it is not a substitute for identifying the problem in the first place,” is a central principle underpinning Mal’s approach to product development and innovation.
A Growing Global Opportunity in Islamic Finance
Mal’s development comes as Islamic finance continues to expand globally. Islamic finance assets reached US$3.88 trillion in 2024, representing a 14.9% increase from 2023, and are projected to reach US$9.7 trillion by 2029, with annual growth approaching 10%.
Despite the sector’s scale, Mal believes a gap remains between the size of the market and the digital infrastructure serving it. Many Shariah-compliant financial offerings continue to rely on conventional financial infrastructure, with Shariah requirements incorporated into existing models rather than being embedded into products and services from the outset.
Mal aims to take a different approach by building financial services around the principles of Islamic finance from the foundation, while combining them with technology and artificial intelligence to create a modern, transparent and scalable financial experience.
The company views principles such as justice, transparency and clarity as product requirements rather than simply brand values. In its view, customers increasingly evaluate financial products based on the clarity of their terms, fairness of costs, ease of access and the absence of hidden or undisclosed charges, rather than simply whether a product is described as “halal” or “Shariah-compliant.”
Sukuk Growth Highlights the Sector’s Potential
The growth of the sukuk market further reflects the expanding role of Islamic finance in global capital markets. The outstanding value of global sukuk surpassed US$1 trillion in 2024, while annual issuance reached US$254.3 billion, an 11% year-on-year increase.
Sustainable sukuk has also recorded significant growth, reaching US$24 billion in 2025, representing a 54% increase.
Mal views this growth as evidence that Islamic finance can align with global sustainability objectives through structures that connect financing with real economic activity, encourage investment in goods and services, and promote the sharing of profits and risks among participating parties.
The company believes the challenge facing Islamic finance is no longer the underlying philosophy, but the infrastructure required to deliver those principles at the speed, scale and level of convenience expected by today’s customers.
Building Around Real Customer Needs
Mal’s approach places data and measurable outcomes at the center of decision-making. The company emphasizes experimentation, learning from unsuccessful outcomes and adapting its direction when results require it.
The broader objective is to build a financial institution that combines Islamic finance principles, technology and artificial intelligence to deliver a more connected, transparent and efficient financial experience for individuals and businesses.
As the Islamic finance sector continues to expand, Mal sees an opportunity to develop infrastructure specifically designed for the next generation of financial services — rather than adapting legacy infrastructure to meet new expectations.
