Mal receives in-principle approval for bank licence from CBUAE

Abu Dhabi: 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 (Dh844 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 (Dh25 trillion) Islamic finance space.