Khaberni - Mal, specializing in financial technology, announced its success in raising a Seed financing of $230 million US dollars, in the largest initial funding round ever recorded in the history of the Middle East and North Africa (MENA), a step considered a milestone in the global digital Islamic finance trajectory.
Mal was founded in Abu Dhabi by Jordanian businessman Abdullah Abu Al-Sheikh, who leads the project with a vision aimed at developing an AI-backed Islamic financial platform, serving Muslim communities and financially excluded sectors globally, through digital solutions compliant with Islamic Sharia law.
The funding round was led by BlueFive Capital, which was established in 2023 by Hazem bin Jasim, a former executive at Investcorp, and manages more than $4 billion in assets with offices in Abu Dhabi, Bahrain, London, and Beijing, with the participation of strategic investors and international family offices.
This significant investment reflects the growing confidence in "Mal's" model and its ability to bring a qualitative transformation to the Islamic finance sector, which is globally worth more than $7 trillion, despite being a fragmented sector dominated by traditional financial institutions to this day.
Abdullah Abu Al-Sheikh is one of the most prominent technology entrepreneurs in the region, previously known as the co-founder and CEO of Astra Tech, founded in 2022, which quickly grew into a global Super App through a series of acquisitions including PayBy, Rizek, and Botim, reaching over 150 million users in 155 countries.
In November 2024, Abu Al-Sheikh exited Astra Tech after selling his stake to the current shareholder G42, which had led a funding round of $500 million for the company in December 2022, to fully dedicate himself to launching his new project "Mal".
Mal platform is scheduled to launch in 2026, where the new funding will be used to:
• Accelerate product development and technologies based on artificial intelligence
• Obtain regulatory and supervisory licenses
• Support entry into multiple markets through well-planned stages
The company confirmed that it is still in the pre-launch phase, and does not yet possess a banking license or financial services license, as part of its commitment to regulatory requirements in each market.
"Mal" aims to establish itself as a global digital platform for Islamic finance, combining Sharia-compliant financial products and a smart infrastructure based on artificial intelligence, catering to the growing demand for value-based digital financial services, particularly in the Middle East and Asia.
The company's leadership team includes former executives from global digital financial platforms like Revolut and Nubank, reflecting the company's ambition to build a global startup fintech that launches from the region to the world.
