Islamic finance has grown into a $7 trillion industry, but the market still lacks a truly global digital bank built specifically for Muslim consumers.
UAE-based startup Mal.ai wants to change that.
The company is building what it calls the world’s first AI native Islamic bank, where Sharia compliance is part of the core infrastructure instead of an added layer.
Mal.ai plans to use AI for onboarding, financial management, and personalized banking experiences.
Founded by Abdallah Abu-Sheikh and backed by $230 million, the startup is preparing for a UAE launch in Q1 2026.
If successful, Mal.ai could become one of the biggest fintech success stories from the Middle East.