Former Astra Tech CEO Abdallah Abu-Sheikh Returns with Mal and $230M in Seed Funding
Abdallah Abu-SheikhDealroom has a profile for this one. Try Dealroom →, the entrepreneur behind one of the Middle East’s most prominent consumer tech stories, is back with a new venture and a record-breaking raise. His latest company, Mal, has secured $230 million in seed funding, the largest such round reported in the MENA region.
Abu-Sheikh is best known as the co-founder and former CEO of Astra Tech, which expanded rapidly into a regional super app through a series of acquisitions before his exit in late 2024, when he sold his stake to G42.
His re-entry into the market has attracted substantial backing, with Mal’s seed round led by BlueFive CapitalDealroom has a profile for this one. Try Dealroom →, an alternative investment firm managing more than $4 billion in assets, alongside strategic investors and family offices.
Founded in Abu Dhabi in 2025, Mal is building a digital financial platform focused on Islamic finance, combining Sharia-compliant products with AI-driven infrastructure.
The company is targeting Muslim and underbanked communities globally, positioning itself within a sector estimated to be worth more than $7 trillion but still largely shaped by traditional institutions and fragmented regional offerings.
The funding will be used to accelerate product development, secure regulatory approvals and prepare for market entry across multiple jurisdictions. Mal is currently in a pre-launch phase and does not yet hold a banking or financial services licence. The platform is expected to begin rolling out in 2026.
Headquartered in Abu Dhabi, Mal plans to expand in stages, starting in the Middle East before moving into Asian markets. Its leadership team includes executives with experience at global digital finance platforms such as Revolut and Nubank, reflecting an ambition to build a consumer-facing fintech with international reach.
While still early, the size of the seed round — and the profile of its founder — places Mal among the most closely watched new fintech entrants to emerge from the region in recent years.
Sources:
Wamda
Fintech News UAE
FWDstart
Middle East Economy
J.V.
