Mal has opened its global waitlist three months after receiving in-principle approval from the Central Bank of the UAE. The Abu Dhabi fintech says its first products will launch across multiple markets, with priority access and rewards for people who sign up.
Mal global waitlist opens after UAE regulatory approval
The waitlist covers Mal’s planned financial platform, which combines payments, transfers, financing and investing in one service. The company says users will complete identity verification before activation, then receive a joining bonus based on their market.
Referrals can unlock Mal Club, a membership programme offering transfer-fee savings, monthly rewards, shopping and travel offers, cashback and early access to new features. The release does not give a launch date for the first product or name the markets that will receive it first.
Mal received its in-principle approval from the UAE central bank three months before opening the waitlist. That approval is not a banking licence, and the company has not said which products will be available to UAE customers at launch.
A $230 million seed round backs Mal’s expansion
Mal says it has raised US$230 million in seed funding, described as the largest publicly announced fintech seed investment in the Middle East and Africa. BlueFive Capital led the round, according to the investor’s earlier announcement, which said the money would support product development, licensing and expansion.
The platform is built around Islamic financial principles, including transparent pricing and open-market exchange rates. It is aimed at individuals and businesses, with the company saying it wants to reduce repeated onboarding and document checks across separate financial services.
“Customers move between providers, repeat the same steps and wait weeks for processes that should take minutes.”
Abdallah Abu-Sheikh, founder and CEO of Mal
Mal’s waitlist is available through its official website. The company’s funding and UAE launch plans were previously outlined by BlueFive Capital. It joins a UAE fintech market that already includes Coinbase’s Abu Dhabi tokenisation hub and DubaiPay’s Jaywan support.
Mal has not announced UAE pricing, account fees or a public product release date. The Mal global waitlist promises priority access, but the service will still need to launch the relevant products and complete the required regulatory steps in each market.
What is Mal?
Mal is an Abu Dhabi-based financial platform combining Islamic finance principles with AI-powered payments, transfers, financing and investing tools.
How much funding has Mal raised?
Mal says it has raised US$230 million in seed funding, led by BlueFive Capital.
Is Mal available in the UAE yet?
No. Mal has opened a global waitlist, but it has not announced a public product launch date, UAE fees or which services will be available first.
