Latest news with #AbdulloKurbanov
Yahoo
02-04-2025
- Automotive
- Yahoo
Ayan Capital secures £25m to expand Halal vehicle finance in UK
Ayan Capital, a rapidly growing provider of halal vehicle financing, has secured £25 million in Sharia-compliant funding from Partners for Growth (PFG), a global private credit firm with a 20-year track record of backing high-growth fintech and technology companies. The investment reflects the growing demand for Islamic financial products in the UK and strengthens Ayan Capital's position in the sector. The company provides halal business car financing for private hire drivers using platforms such as Uber and Bolt, as well as business drivers seeking Sharia-compliant alternatives for purchasing low-emission vehicles. Ayan operates within the UK's £21.7 billion used car finance market, which remains dominated by traditional lenders facing regulatory scrutiny. The company differentiates itself with a technology-driven, commission-free model that finances customers directly, regardless of where they purchase their vehicles. Expanding beyond vehicle financing, Ayan recently introduced Ayan Pay, a 0% interest, 12-month instalment plan for home repairs, renovations, car repairs, and furniture purchases. Ayan Capital more than doubled its financing issuance last quarter, growing 2.2x while maintaining a 0% non-performing loan rate, highlighting the effectiveness of its underwriting technologies. The latest funding follows the firm's £3.4 million Pre-Series A round. Using the newly secured £25 million, structured under Ijara wa Iqtina principles, Ayan aims to accelerate its expansion and enhance its technology-led underwriting capabilities. The company is targeting £25 million in financing this year and £100 million by 2026 as it broadens access to halal financial products in the UK. Its long-term vision includes applying for a UK banking licence. Ayan Capital builds on the success of Alif Bank, co-founded by Ayan CEO Abdullo Kurbanov in Central Asia, which saw digital transactions grow 30-fold over three and a half years, serving more than four million customers. Now, Ayan seeks to establish itself as a leader in UK Islamic banking, leveraging the country's regulatory environment to drive its expansion. Islamic finance remains underserved in the UK, despite projections that the UK Muslim population could reach 10 million by 2050. Currently, Islamic banking accounts for just 0.1% of total banking assets, though 82% of UK Muslims seek Sharia-compliant products. However, growth is accelerating: Islamic bank assets in the UK surged 26% in 2023 to $8.2 billion, with Fitch Ratings predicting an increase to $15 billion in the medium term. Partners for Growth expressed strong support for Ayan Capital's mission. Armineh Baghoomian, Co-Head of Fintech at PFG, noted: 'Ayan Capital is redefining what Islamic finance can look like in a modern, tech-enabled ecosystem. Their strong traction, disciplined underwriting, and commitment to financial inclusion align with PFG's mission to support next-generation financial infrastructure.' Richard Osborne, Investment Manager at PFG, added: 'We've been particularly impressed by Ayan's growth trajectory and ability to achieve key milestones rapidly. We look forward to seeing Ayan's continued success and impact on the market.' Ayan Capital CEO Abdullo Kurbanov emphasised the company's broader mission: 'Choosing a halal option should not mean paying more. We are committed to building a financial system that is not only halal but also more competitive, convenient, and innovative than conventional alternatives.' COO Furkat Suvhanov highlighted the firm's future plans: 'We're growing rapidly while maintaining exceptional portfolio quality and customer service. With PFG's support, we're beginning work on our next £75–100 million Sharia-compliant debt raise.' "Ayan Capital secures £25m to expand Halal vehicle finance in UK" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
02-04-2025
- Automotive
- Zawya
Ayan Capital secures shariah-compliant financing facility of up to £25mln from Partners for Growth
London, UK – Ayan Capital, a fast-growing provider of halal vehicle financing, has secured up to £25 million in Shariah-compliant financing facility from institutional debt provider Partners for Growth (PFG), 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. This investment reflects the rising demand for Islamic financial products in the UK and reinforces Ayan Capital's position as a key player in the sector. Ayan Capital provides halal business car financing, serving private hire (Uber, Bolt, etc.) and business drivers seeking halal alternatives to purchase low-carbon emission cars. Operating in the £21.7 billion UK used car finance market – still dominated by non-tech players under regulatory scrutiny – Ayan 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. Ayan Capital more than doubled its financing issuance last quarter, growing 2.2x while maintaining a 0% non-performing loan rate - demonstrating the strength of its underwriting technologies and expertise. This latest funding follows Ayan Capital's recent £3.4 million Pre-Series A round. With this new £25 million funding, which is based on Ijara wa Iqtina principles, Ayan Capital aims to accelerate growth, enhance its technology-driven underwriting capabilities, targeting £25 million in financing this year and £100 million in 2026, broadening access to halal financial products across the UK and laying the groundwork for a long-term vision that includes a UK banking license application. Ayan Capital is building on the success of Alif Bank, also co-founded by Abdullo Kurbanov and based in Central Asia, whose digital transactions grew by 30x over three and a half years, serving over four million customers. Now, Ayan aims to become a UK leader in Islamic banking, leveraging the country's strong regulatory environment. Ayan is addressing the gap in UK Islamic finance. Despite the UK's Muslim population set to reach 10m by 2050, according to some estimates, Islamic banking remains severely underserved, with only 0.1% of total banking assets – even though 82% of UK Muslims seeking Shariah-compliant products. However, momentum is building – Islamic bank assets in the UK surged 26% in 2023 to $8.2 billion, with Fitch Ratings projecting growth to $15 billion in the medium term. Armineh Baghoomian, Co-Head of Fintech at Partners for Growth, stated: "Ayan Capital is redefining what Islamic finance can look like in a modern, tech-enabled ecosystem. Their strong traction, disciplined underwriting, and commitment to financial inclusion closely align with PFG's mission to support founders building next-generation financial infrastructure. We're proud to support Ayan as they scale access to Shariah-compliant products across the UK and beyond." Richard Osborne, Investment Manager at PFG stated: "We are excited to support Ayan's mission to expand access to Shariah-compliant financing throughout the UK. The team's experience, strong underwriting expertise and technology-first approach align well with PFG's global strategy of backing great founders building high-growth, innovative financial services businesses. We've been particularly impressed by Ayan's growth trajectory and ability to achieve key milestones at a rapid pace. We look forward to seeing Ayan's continued success and impact on the market.' Abdullo Kurbanov, Co-founder and CEO of Ayan Capital stated: 'We are grateful for the trust and support of the PFG team. Our mission is to make halal financing more accessible in every way - cost, technology, and customer experience. Choosing a halal option should not mean paying more. While we are still at the beginning of our journey, we are wholeheartedly committed to building a financial system that is open to all – one that is not only halal but also more competitive, convenient, and innovative than conventional alternatives.' Furkat Suvhanov, COO of Ayan Capital, stated: 'We're growing rapidly while maintaining exceptional portfolio quality and customer service. Our partnership with PFG reflects the strength of our model and supports our long-term capital strategy. Building on this momentum, with PFG's support, we're now beginning work on our next £75–100 million Shariah-compliant debt raise.' About Ayan Capital Ayan Capital is a halal, technology-driven financial services provider committed to making Islamic finance accessible to millions across the UK and beyond. Founded by Abdullo Kurbanov, Firdavs Mirzoev, and Zuhursho Rahmatulloev, the company is laying the groundwork for the long-term vision of a banking license application in the UK. About Partners for Growth Partners for Growth (PFG) is a global private credit firm specializing in custom debt solutions for high-growth companies. For over twenty years, PFG has provided growth debt financing to tech, fintech, healthcare, and tech-enabled companies to accelerate their path to profitability or finance specific assets at pivotal stages of growth. Since inception, PFG has partnered with more than 250 companies across 20 countries. TMT Global Advisers provided financial advice to Ayan Capital on this transaction. TMT Global Advisers is an independent mid-market advisory firm specializing in M&A and fundraising for tech, telecom, and media clients worldwide. For media inquiries or investment opportunities, please contact: investors@
