AI And Islamic Finance Converge As Demand Grows For Digital Banking

(MENAFN- Khaleej Times) Growing demand for digital-first banking and cross-border financial services is driving a new wave of fintech innovation, as providers look to simplify fragmented customer journeys and speed up access to payments, financing and investment products. Across many markets, consumers and businesses still rely on multiple providers for everyday financial needs, often facing repeated onboarding processes and lengthy approval times.

The shift is also creating opportunities for specialised financial models to embrace emerging technologies. Islamic finance, a sector with assets measured in trillions of dollars globally, is increasingly exploring artificial intelligence and digital platforms to broaden access, improve transparency and meet the expectations of younger, tech-savvy customers.

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Against that backdrop, Abu Dhabi-based fintech Mal has opened its global waitlist, three months after receiving In-Principle Approval from the Central Bank of the UAE. The company describes itself as the world's first AI-native Islamic financial platform and said customers joining the waitlist will receive priority access to upcoming products and rewards programmes.

The startup is aiming to bring a range of financial services under a single platform, including payments, financing and investment-related capabilities, reducing the need for customers to move between multiple providers. According to the company, its technology is designed to streamline processes that traditionally take days or weeks.

Mal said its platform combines AI technology with Islamic financial principles, offering services focused on transparent pricing, open-market exchange rates, responsible financing and cross-border transactions.

“Financial services have evolved into a collection of disconnected products rather than a connected customer experience,” said Abdallah Abu-Sheikh, founder and chief executive 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.”

The company said artificial intelligence is embedded into the core architecture of its platform rather than layered onto existing systems, allowing it to design products and services around automation and faster decision-making.

Mal is planning a multi-market launch and says its products are being developed for global deployment from the outset. The company is backed by $230 million in seed funding, which it describes as the largest publicly announced fintech seed investment in the Middle East and Africa. The funding, together with regulatory approvals and technology development, is intended to support its global expansion ambitions.

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