Dubai – Sharikat Mubasher: Abu Dhabi-based fintech startup Mal raised $230 million in a Seed round, marking the largest seed-stage funding 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, with participation from strategic investors and regional family offices, as reported by the CNN Business.

Mal is developing an AI-powered Islamic financial platform aimed at serving Muslim and underbanked communities globally. The platform, scheduled to launch in 2026, will combine Sharia-compliant financial products with AI-driven infrastructure. The company is currently in a pre-launch phase and does not yet hold a banking or financial services license.

The new funding will be used to accelerate product development, secure regulatory approvals, and support market entry across multiple jurisdictions.

Mal is headquartered in Abu Dhabi and plans to roll out its platform in phases, starting in the Middle East before expanding into Asian markets.