Halal vehicle finance fintech Ayan Capital has successfully secured £25 million in Shariah-compliant financing from institutional lender Partners for Growth (PFG).
This funding will support Ayan Capital’s expansion in the £21.7 billion UK used car finance market and facilitate the launch of its innovative lifestyle finance product, Ayan Pay. This service allows customers to finance purchases of up to £20,000 for 12 months at 0% interest, covering expenses such as car repairs and home improvements.
This investment follows Ayan’s recent £3.4 million Pre-Series A funding round and represents a significant milestone in the company’s strategy to secure a future £75-100 million in Shariah-compliant debt. The long-term goal is to finance £100 million by 2026 and to prepare for a future application for a UK banking license.
Despite the UK’s underrepresented Islamic finance sector, the demand for halal financial products is on the rise, particularly as the Muslim population is expected to reach 10 million by 2050.
Ayan Capital was co-founded by CEO Abdullo Kurbanov, who previously co-founded Alif Bank in Central Asia. Under his leadership, Alif Bank has reached over four million customers and saw a remarkable 30-fold growth in digital transactions over the past three and a half years.