Ayan Capital secures financing, aims to become UK leader in Islamic banking
Ayan Capital, a fast-growing provider of halal vehicle financing, has raised up to GBP 25 million in Sharia-compliant financing facility from institutional debt provider Partners for Growth (PFG).
The investment reflects the rising demand for Islamic financial products in the UK while reinforcing Ayan Capital's position as a key player in the sector.
The company aims to become a UK leader in Islamic banking, building on its offering of halal business car financing while serving private hire like Uber, Bolt, etc as well as business drivers seeking halal alternatives to purchase low-carbon emission cars
Ayan Capital operates in the GBP 21.70 billion UK used car finance market which is still dominated by non-tech players under regulatory scrutiny. The company offers a tech-led, commission-free model that puts customers first, financing them directly regardless of where they buy their car.
Expanding beyond vehicle financing, the company recently launched Ayan Pay, a 0% interest, 12-month financing covering home repairs, renovations, car repairs and furniture purchases.
It is worth noting that PFG, from which Ayan Capital secured its latest financing, is a global private credit firm with a strong 20-year track record of backing high-growth technology and fintech companies in more than 20 countries.
Moreover, this latest funding follows Ayan Capital's recent GBP 3.40 million Pre-Series A round. The company aims to accelerate growth, enhance its technology-driven underwriting capabilities, targeting GBP 25 million in financing in 2025 and GBP 100 million in 2026.
COO of Ayan Capital, Furkat Suvhanov, stated: 'Building on this momentum, with PFG's support, we're now beginning work on our next GBP 75–100 million Sharia-compliant debt raise.'
Noteworthy to mention that Islamic bank assets in the UK surged by 26% in 2023 to $8.20 billion, with Fitch Ratings projecting growth to $15 billion in the medium term.
Source: Mubasher
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
a day ago
- Gulf Today
UAE's Islamic finance and halal industry poised for robust growth
The UAE continues to cement its status as a leading global hub for Islamic finance and the halal industry, aligned with a comprehensive development vision aimed at diversifying the national economy and enhancing global competitiveness. Backed by forward-thinking government policies, a modern regulatory framework, and cutting-edge financial and industrial infrastructure, both sectors are witnessing dynamic growth. The UAE is investing heavily in a knowledge- and innovation-based economy, with Islamic finance and halal products playing key roles in this transformation. In May, the UAE launched a national strategy for Islamic finance and halal industry development. The plan sets out to create an integrated ecosystem for Islamic financial activities, including banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services-aligned with international best practices and standards. According to February data from the Central Bank of the UAE, Islamic banks now account for approximately 18 per cent of total banking assets and 22.8 per cent of total credit within the national banking sector. The Islamic Sukuk market, in particular, has expanded significantly. Notably, the federal government launch of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk) in 2023, signaling a new era for the sector. The UAE is now recognised as one of the world's largest Sukuk listing centres. As of May, Sukuk listed on Nasdaq Dubai exceeded $95.7 billion, reinforcing the country's position as a global hub for Sharia-compliant fixed-income instruments. In the 2023, the country was ranked fourth globally in Islamic financial markets by assets, according to the 2023 Islamic Finance Development Indicator based on total assets. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. In statements to the Emirates News Agency, Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. Saleh also noted the sector's impressive growth trajectory. As of February 2025, total credit granted by Islamic banks reached Dhs503.5 billion, a 16 per cent year-on-year increase. Private sector credit alone stood at Dhs350.4 billion, growing 13.2 per cent annually. Meanwhile, deposits at Islamic banks surged to Dhs595.3 billion, marking an annual growth rate of 16.9 per cent. Parallel to its financial achievements, the UAE is asserting itself as a global halal industry hub. Under the newly approved national strategy, the UAE aims to increase halal exports from Dhs74 billion to Dhs315 billion by 2031, leveraging its strategic location and world-class infrastructure. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, in statements to WAM, said that the strategy is a landmark step toward establishing the UAE as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to a report by Bonafide Research on the halal food and beverage market in the UAE, the market size is projected to exceed $31.27 billion by 2029. This growth reflects the increasing demand for halal-certified products, both within the country and globally, as consumers become more conscious of dietary and ethical standards. The UAE's strategic location as a global trade and tourism hub plays a key role in driving this expansion. Its position enhances the country's appeal to both local and international consumers seeking trusted halal-certified goods, reinforcing the UAE's reputation as a leading centre for halal commerce. Meanwhile the Islamic finance sector in the UAE benefits from a dynamic economic environment and advanced regulatory policies that support Sharia-compliant financial activities. Since the establishment of the UAE's first Islamic bank in 1975, the sector has grown significantly over the decades, becoming a fundamental pillar of the national economy. The industry encompasses Islamic banks, Islamic windows in conventional banks, and sukuk (Islamic bonds), which have witnessed rapid growth in both domestic and international markets. The UAE is committed to developing economic policies and legislation to enhance Islamic finance and the broader Islamic economy. These efforts align with national objectives to ensure sustainable economic growth and establish the UAE as a global hub for the Islamic economy. WAM
Al Etihad
a day ago
- Al Etihad
UAE's Islamic finance, halal industry poised for robust growth, economic diversification
14 June 2025 12:30 ABU DHABI (WAM)The UAE continues to cement its status as a leading global hub for Islamic finance and the halal industry, aligned with a comprehensive development vision aimed at diversifying the national economy and enhancing global by forward-thinking government policies, a modern regulatory framework, and cutting-edge financial and industrial infrastructure, both sectors are witnessing dynamic growth. The UAE is investing heavily in a knowledge- and innovation-based economy, with Islamic finance and halal products playing key roles in this May, the UAE launched a national strategy for Islamic finance and halal industry development. The plan sets out to create an integrated ecosystem for Islamic financial activities, including banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with international best practices and to February data from the Central Bank of the UAE, Islamic banks now account for approximately 18% of total banking assets and 22.8% of total credit within the national banking Islamic Sukuk market, in particular, has expanded significantly. Notably, the federal government launch of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk) in 2023, signalling a new era for the UAE is now recognised as one of the world's largest Sukuk listing centres. As of May, Sukuk listed on Nasdaq Dubai exceeded $95.7 billion, reinforcing the country's position as a global hub for Sharia-compliant fixed-income 2023, the country was ranked fourth globally in Islamic financial markets by assets, according to the 2023 Islamic Finance Development Indicator based on total Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and statements to the Emirates News Agency (WAM), Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant also noted the sector's impressive growth trajectory. As of February 2025, total credit granted by Islamic banks reached AED503.5 billion, a 16% year-on-year increase. Private sector credit alone stood at AED350.4 billion, growing 13.2% deposits at Islamic banks surged to AED595.3 billion, marking an annual growth rate of 16.9%.Parallel to its financial achievements, the UAE is asserting itself as a global halal industry hub. Under the newly approved national strategy, the UAE aims to increase halal exports from AED74 billion to AED315 billion by 2031, leveraging its strategic location and world-class Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, in statements to WAM, said that the strategy is a landmark step toward establishing the UAE as a global halal production highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products to a report by Bonafide Research on the halal food and beverage market in the UAE, the market size is projected to exceed $31.27 billion by 2029. This growth reflects the increasing demand for halal-certified products, both within the country and globally, as consumers become more conscious of dietary and ethical standards. The UAE's strategic location as a global trade and tourism hub plays a key role in driving this expansion. Its position enhances the country's appeal to both local and international consumers seeking trusted halal-certified goods, reinforcing the UAE's reputation as a leading centre for halal commerce.
Fintech News ME
2 days ago
- Fintech News ME
Stake Launches First Real Estate Development Fund in Saudi Arabia
Stake, a real estate investment platform based in Dubai and Riyadh, has launched its first private real estate development fund in Saudi Arabia. The fund is located in Riyadh's Al Malqa district, near major commercial and government zones including the King Abdullah Financial District and the Diplomatic Quarter. It is fully Shariah-compliant and open to both local and international investors, with a minimum investment of SAR 500. This development is part of Stake's broader regional expansion following its entry into the Saudi market in early 2024. The platform became the first regulated by Saudi Arabia's Capital Market Authority (CMA) to offer non-Saudi investors access to the Kingdom's real estate sector. Within five months of launching in the country, Stake introduced three private real estate funds, attracting over SAR 135 million in foreign direct investment from investors in more than 70 countries. Backed by entities including Tharwat for Wealth Management, Rasaf Investment, and Mawan Real Estate, the new Riyadh-based fund positions Stake as a key player in supporting Saudi Arabia's Vision 2030 agenda to diversify its economy and expand foreign participation in real estate. The fund launch comes as Stake also surpasses AED 1 billion in real estate transactions since its launch in 2021. The platform has facilitated over 250,000 individual investments across more than 420 properties, primarily in Dubai, with a user base of over one million individuals across 170 countries.
