Dubai – Sharikat Mubasher: UAE-based fintech Mal announced it has received in-principle approval from the Central Bank of the UAE to establish a licensed digital bank, marking a major step toward launching its Shariah-compliant financial services platform.

Abdallah Abu-Sheikh, Mal’s CEO and founder, said in a recent press release that the approval reflects the Central Bank’s confidence in the company’s vision to launch a globally focused Islamic digital bank from the UAE centered on ethical finance principles.

The development also highlights the UAE’s growing position as a regional fintech hub supported by digital-first consumers and a regulatory framework designed to encourage financial innovation.

Worth mentioning, the approval comes shortly after Mal secured a $230 million seed funding round, one of the largest fintech seed investments recorded in the Middle East and Africa region.

Founded by Abdallah Abu-Sheikh, Mal plans to build an Islamic digital banking platform operating across banking, payments, wealth management, and embedded finance services, targeting the global Islamic finance market estimated at $7 trillion.