Ayan Capital, a fast-growing UK-based Islamic fintech startup, has landed £25 million in Shariah-compliant financing from Partners for Growth (PFG) to reshape the halal vehicle financing space. The funding is structured under the Ijara wa Iqtina model—an Islamic lease-to-own format—empowering customers to lease vehicles with an option to purchase at the end of the term.
This capital injection will fuel Ayan’s next growth phase. The company plans to ramp up its tech-led underwriting system, scale nationwide operations, and move beyond car financing to offer broader halal financial services. Its targets are ambitious: £25 million in financing by the end of 2025 and £100 million by 2026.
Tapping Into the Booming Islamic Finance Market in the UK
Despite hosting one of Europe’s largest Muslim communities, the UK’s Islamic banking sector remains significantly underdeveloped. Islamic banks currently represent just 0.1% of total banking assets. However, demand is high—around 82% of British Muslims actively seek Shariah-compliant financial products.
Recent trends suggest a market shift. Islamic banking assets in the UK surged by 26% in 2023, reaching $8.2 billion. Fitch Ratings expects this to nearly double, hitting $15 billion in the near term. Ayan Capital is strategically positioned to ride this wave and fill key market gaps.
Founded in 2023 by Abdullo Kurbanov, Firdavs Mirzoev, and Zuhursho Rahmatulloev, Ayan Capital operates within the £21.7 billion UK used car finance market. While many players in this space remain outdated and under scrutiny, Ayan’s tech-first approach stands out.
Revolutionising Halal Car Financing With Technology and Transparency
The startup’s commission-free, digital platform offers a seamless way for private hire and business drivers to secure halal financing. What sets Ayan apart is its flexibility—it finances customers directly, no matter where they purchase their vehicle.
In line with its ethical principles, Ayan is also backing low-emission vehicles, supporting the shift toward greener transport options.
Expanding Ethical Credit With Ayan Pay
Ayan Capital is now reaching beyond vehicle financing with Ayan Pay, a Shariah-compliant, interest-free solution for everyday needs. This 0% interest platform lets users finance home repairs, renovations, furniture, and car maintenance over 12 months—making ethical finance more accessible in daily life.
With Ayan Pay, the company addresses a critical need for transparent and halal-friendly alternatives to traditional credit products. It’s a major step in Ayan’s mission to make halal finance mainstream in the UK.
Rapid Growth and Zero Default Rate Fuel Investor Confidence
In just one quarter, Ayan Capital reported a 2.2x jump in financing volumes while maintaining a 0% non-performing loan (NPL) rate. This performance highlights the strength of its underwriting tech, rigorous risk controls, and customer-first service model.
Aiming for a Full UK Banking License
Building on the success of Alif Bank—co-founded by Kurbanov in Central Asia, where digital transactions scaled 30x in just 3.5 years—Ayan Capital now has its sights set on the UK banking sector.
The company plans to apply for a full UK banking license, enabling it to offer a wider suite of Shariah-compliant financial products. With a tech-driven foundation and a market hungry for ethical finance, Ayan is positioning itself as a future leader in Islamic digital banking.
What’s Next for Ayan Capital?
With solid investor backing and a strong growth trajectory, Ayan Capital is emerging as a force in the UK halal finance landscape. The company is already planning its next debt raise of £75–£100 million to fuel further expansion.
Partners for Growth leaders expressed strong support. Armineh Baghoomian, Co-Head of Fintech at PFG, praised Ayan for “redefining what Islamic finance can look like in a modern, tech-enabled ecosystem.” Investment Manager Richard Osborne echoed this, citing Ayan’s “strong underwriting expertise and rapid milestone execution.”
Co-founder and CEO Abdullo Kurbanov emphasized their mission: “Choosing a halal option should not mean paying more. We’re building a financial system that’s not just halal—but more competitive, more inclusive, and better for everyone.”
