Mal receives in-principle approval for bank licence from CBUAE

WAM
19 May 2026, 00:45 GMT+10

ABU DHABI, 18th May, 2026 (WAM) -- 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 and highly selective regulatory process, marks a landmark milestone as Mal Group moves toward launching its global Shariah-compliant financial services platform.

Mal's in-principle approval follows the company's US$230 million seed round, the largest fintech seed round in MEA history, cementing Mal as the most well-capitalised new banking entrant the region has seen.

The UAE has emerged as one of the world's most progressive environments for digital financial services, driven by a young, mobile-first population, a regulatory framework actively designed to attract innovation, and a national ambition to become a leading global fintech hub.

Abdallah Abu-Sheikh, CEO and Founder of Mal, commented, "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 will operate through the wider Mal Group ecosystem, spanning banking, wealth, payments, and embedded finance, targeting the US$7 trillion Islamic finance space.

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