Abu dhabi: Mal.ai has received in-principle approval from the Central Bank of the UAE (CBUAE) to establish a licensed bank. The approval, granted following a rigorous regulatory process, marks a significant milestone as Mal Group progresses toward launching its global Shariah-compliant financial services platform.
According to Emirates News Agency, Mal's in-principle approval comes after the company's US$230 million seed round, the largest fintech seed round in the Middle East and Africa (MEA) region's history. This positions Mal as the most well-capitalised new banking entrant the region has witnessed.
The UAE is recognized as one of the world's most progressive environments for digital financial services. This is driven by a young, mobile-first population, a regulatory framework designed to attract innovation, and a national ambition to become a leading global fintech hub.
Abdallah Abu-Sheikh, CEO and Founder of Mal, expressed enthusiasm about the development, stating, "We are extremely thrilled by the trust of the Central Bank to give us our in-principle approval for a banking license. 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."
Mal Bank is set to operate through the wider Mal Group ecosystem, which includes banking, wealth management, payments, and embedded finance, targeting the US$7 trillion Islamic finance sector.