Arab Finance: Abu Dhabi-based Islamic financial platform Mal has opened its global waitlist, three months after securing in-principle approval (IPA) from the Central Bank of the UAE, as per an emailed press release.
The move gives registered customers priority access to the company’s initial product releases and exclusive rewards. After completing identity verification and activating their accounts, users will receive a joining bonus determined by their market.
Successful verified referrals will provide access to Mal Club, which offers transfer fee savings, monthly rewards, cashback on everyday purchases, shopping, travel, and lifestyle benefits, and early access to upcoming products and features.
Mal is also developing a single platform through which individuals and businesses can receive money, make payments, obtain financing, and invest. The company aims to reduce the repeated onboarding procedures, document submissions, and waiting periods that customers often face when using multiple financial service providers.
“Financial services have evolved into a collection of disconnected products rather than a connected customer experience,” said Abdallah Abu-Sheikh, founder and CEO of Mal. “Customers move between providers, repeat the same steps, and wait weeks for processes that should take minutes. With Mal, we’re bringing financial services together through one AI-native platform, and replacing fragmentation with a simpler, faster, and more connected experience.”
Artificial intelligence (AI) is embedded in the platform’s core architecture and informs how its products operate, rather than being added to existing systems. The company combines this technology with Islamic financial principles to provide transparent pricing, open-market exchange rates, responsible financing and cross-border financial services.
Mal plans to introduce its products simultaneously across several markets as part of a global rollout. The company is backed by $230 million in seed funding, described as the largest publicly announced fintech seed investment in the Middle East and Africa.
Customers can download Mal and register for the waitlist through the App Store and Google Play.
