The Finance Frontier 2026: Abdallah Abu-Sheikh, Founder, Mal

Abdallah Abu-Sheikh has built a reputation for spotting technology shifts long before they reach the mainstream.

He first made his mark by founding UAE-based Astra Tech in 2022, and transforming it into a fast-growing technology holding group behind the voice-calling app Botim, digital wallet and fintech platform PayBy (rebranded as Botim Money), on-demand home services platform Rizek, and AI business consultancy platform Quantix.

In late 2024, G42 Group acquired Abu-Sheikh’s stake in Astra Tech.

Having stepped down from the company, the Jordanian-Emirati entrepreneur has since turned his focus to his next venture: Mal, an AI-native Islamic digital bank headquartered in Abu Dhabi.

Mal is aiming to redefine how Islamic financial services are built and delivered. Rather than digitizing traditional banking systems, Mal has been designed from the ground up as an AI-native institution, embedding artificial intelligence across compliance, risk management, and customer experiences while remaining rooted in Sharia principles.

The vision has already attracted significant market attention. In early 2026, Mal secured US$230 million in seed funding –one of the region’s largest seed rounds- led by BlueFive Capital, alongside strategic investors and family offices. Shortly afterward, the company received in-principle approval from the Central Bank of the UAE to operate as a fully licensed digital bank, marking an important milestone in its regulatory journey.

The timing is notable. Islamic finance has grown into a global industry worth more than US$4 trillion, yet much of the sector continues to rely on traditional banking infrastructure and physical branch networks. As younger, digitally native consumers increasingly expect seamless mobile experiences, Mal is positioning itself to bridge the gap between ethical finance and modern financial technology.

Central to that strategy is artificial intelligence. The platform is being developed to automate Sharia compliance, enhance risk assessment, and deliver predictive financial insights while offering customers personalized banking and wealth management services through a mobile-first experience. By integrating compliance directly into its technology architecture, Mal aims to simplify processes that have traditionally required significant manual oversight.

The company’s ambitions extend well beyond the UAE. Alongside serving the Gulf market, Mal intends to expand into major Muslim-majority economies, including Indonesia, Pakistan, and Bangladesh, where growing smartphone adoption and large underbanked populations present significant opportunities for digital financial services.

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