Mal.ai has secured in-principle approval from the Central Bank of the United Arab Emirates to establish a licensed bank in the UAE.
The approval, granted after a rigorous and highly selective regulatory review, represents a major milestone in Mal Group’s journey toward launching a global Shariah-compliant financial services platform.
The milestone follows Mal’s US$230 million seed funding round — the largest fintech seed round in MENA history — positioning the company among the region’s most well-capitalised new banking entrants.
The UAE continues to strengthen its position as a leading hub for digital financial services, supported by a young, mobile-first population, forward-looking regulations, and a national strategy focused on driving fintech innovation.
Abdallah Abu-Sheikh, CEO and Founder of Mal, said: “We are honoured by the trust placed in us by the Central Bank through this in-principle approval. Our goal is to build the world’s leading Islamic digital bank from the UAE, guided by a strong commitment to ethical finance.”
Mal Bank will operate within the broader Mal Group ecosystem, which includes banking, wealth management, payments, and embedded finance solutions, with a focus on serving the US$7 trillion Islamic finance market.
