MAL raises $230m seed round to build AI-native Islamic digital bank #
MAL has raised $230m in a seed funding round, setting a new record for early-stage fintech investment in the Middle East and Africa. The startup plans to use the capital to build what it describes as the world’s first AI-native Islamic digital bank, combining Shariah-compliant banking principles with artificial intelligence embedded across products and operations
The company said its platform is being designed to automate decision-making across areas such as compliance, risk management, and personalised financial services, while adhering to Islamic finance requirements. The funding highlights growing investor interest in both AI-driven banking models and digital Islamic finance, particularly as demand rises for technology-led financial services tailored to regional and ethical frameworks.