June 25, 2024
News

Ayan Capital aims to raise £25 million for its Islamic car finance platform.

Ayan Capital, an Islamic car finance platform tailored for private hire vehicle (PHV) drivers, is seeking to raise up to £25 million in Series A debt and equity funding. This funding round follows the successful closure of a £2.3 million debt and equity seed round.

Ayan Capital provides UK drivers access to professional and business car financing up to £50,000, fully compliant with Islamic finance principles. This service targets the significant demand for such products among PHV drivers, the majority of whom are Muslim. The fintech startup aims to establish a neobank dedicated to serving the Islamic population in the UK, with expansion plans for Europe.

The team behind Ayan Capital also founded Alif Bank, a prominent name in Islamic fintech. Alif Bank operates in four countries in Central Asia, serving over two million clients with a current run-rate revenue of US$78 million.

Abdullo Kurbanov, CEO and co-founder of Ayan Capital, stated, “Since Ayan Capital’s launch, the market response in the UK has been overwhelmingly positive. Our mission is to address the growing demand for private hire vehicle lending in the UK, based on the principles of Islamic finance.

“We find ourselves at an exciting intersection. The UK car finance market is growing, and there is a clear demographic of drivers from Muslim backgrounds who need Sharia-compliant financial products. Private EV and hybrid car loans are popular for those who drive for companies like Uber, Bolt, Blacklane, Wheely, and we are likely to see further demand increase. The product is open to everyone, and approximately 10% of our current customers are from non-Muslim backgrounds.

“The seed funding we’ve recently closed is a testament to the current services and future potential of Ayan Capital in transforming Islamic finance in the UK. We are proud to have a committed group of investors with a wealth of experience becoming part of our story, and look forward to welcoming many more.”

As Ayan Capital continues its funding efforts, it remains committed to expanding its reach and impact in the Islamic finance sector, both in the UK and beyond.

Shariah-compliant motor finance platform Ayan Capital launches in the UK.

Halal car finance: driving diversity and choice in the UK vehicle financing sector.

FAQs

1. What is the maximum amount of financing Ayan Capital provides for UK drivers?

Ayan Capital provides access to professional and business car financing up to £50,000 for UK drivers.

2. How does Ayan Capital ensure its financing is compliant with Islamic finance principles?

Ayan Capital ensures its financing is fully compliant with Islamic finance principles to cater to the needs of Muslim drivers in the UK.

Conclusion

Ayan Capital’s mission to provide Sharia-compliant car financing for PHV drivers in the UK showcases the growing demand for Islamic finance products in the market. With successful funding rounds and plans for expansion, Ayan Capital is poised to make a significant impact in the Islamic finance sector in the UK and beyond.

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