BlueFive Capital leads investments in world’s first AI-native Islamic digital bank

UAE: BlueFive Capital, alongside other strategic investors and family offices, led a US$230 million seed raise into Mal, the AI-native Islamic digital bank founded by UAE fintech Botim’s ex-CEO Abdallah Abu-Sheikh. Mal lays claim to be the world's first AI-native Islamic financial platform – it is aiming to launch later in 2026 as a mobile-first digital bank targeting the world’s two billion Muslim population and other underbanked communities. Mal, which does not yet hold any banking or financial services license, has a leadership team that includes former executives from Revolut and Nubank, two prominent digital bank success stories. Headquartered in Abu Dhabi, Mal will launch in phases, expanding into key global markets in the Middle East and Asia.

BlueFive Capital, founded in 2024 by Hazem Ben-Gacem, the former co-CEO of Investcorp, is aiming to be GCC’s biggest Shariah PE firm with over US$6 billion raised.