Mal.ai has secured in-principle approval from the Central Bank of the United Arab Emirates to establish a licensed bank, marking a major milestone in the company’s plans to build a global Shariah-compliant digital financial platform.
The approval follows what the company described as a rigorous and highly selective regulatory process and positions Mal Group closer to launching what it aims to become a leading Islamic digital banking platform from the UAE.
The development comes shortly after Mal completed a $230 million seed funding round, which the company said represents the largest fintech seed raise in the history of the Middle East and Africa.
The funding has made Mal one of the region’s most heavily capitalized new entrants in banking as competition intensifies across the Gulf’s fast-growing digital banking and fintech sectors.
According to the company, Mal Bank will operate through the broader Mal Group ecosystem, which spans banking, wealth management, payments, and embedded finance solutions.
The platform will target opportunities within the global Islamic finance market, currently estimated to exceed $7 trillion in assets.
Abdallah Abu-Sheikh said the regulatory approval reflects confidence in the company’s long-term vision.
“We are extremely thrilled by the trust of the Central Bank to give us our in-principle approval for a banking license,” Abu-Sheikh said.
“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.”
The UAE has increasingly positioned itself as a global fintech and digital finance hub through progressive regulation, innovation-focused policies, and growing investor interest in digital banking and financial technology.
Analysts say Islamic digital banking is one of the fastest-growing segments in the regional financial services industry, as younger consumers increasingly shift toward mobile-first banking platforms and technology-driven financial products.
With inputs from WAM
