Ayan Capital, a UK-based pioneer in providing halal vehicle financing, has secured £25 million in Shariah-compliant funding from Partners for Growth (PFG). The financing deal is based on Ijara wa Iqtina principles, a widely accepted structure in Islamic finance that allows customers to lease assets with an eventual option to buy.
With this funding, Ayan Capital plans to accelerate its growth, strengthen its tech-driven underwriting capabilities, and expand its halal financial services beyond vehicle financing. The company has set ambitious goals: £25 million in financing this year and £100 million by 2026, marking a significant step towards its long-term vision of becoming a UK Islamic banking leader.
A rising market for Islamic finance in the UK
Despite the UK being home to one of Europe’s largest Muslim populations, Islamic banking remains severely underserved. Currently, Islamic banks account for just 0.1% of total banking assets, even though 82% of UK Muslims seek Shariah-compliant financial solutions.
However, momentum is building. Islamic bank assets in the UK surged 26% in 2023, reaching $8.2 billion, and Fitch Ratings projects this figure to double to $15 billion in the medium term. This rapid expansion underscores the growing market potential for companies like Ayan Capital.
Filling the gap in car financing
Founded by Abdullo Kurbanov, Firdavs Mirzoev, and Zuhursho Rahmatulloev in 2023, Ayan Capital operates in the £21.7 billion UK used car finance market, a sector largely dominated by non-tech players under increasing regulatory scrutiny. The company’s tech-first, commission-free model sets it apart, providing a seamless, ethical financing solution for private hire and business drivers who require halal alternatives. Unlike traditional lenders, Ayan finances customers directly, regardless of where they purchase their vehicle, ensuring flexibility and accessibility.
In addition to supporting eco-conscious choices, Ayan’s financing solutions focus on low-carbon emission vehicles, aligning with sustainability goals and the growing shift towards cleaner transportation.
Expanding beyond vehicles with Ayan Pay
Recognising the wider demand for interest-free financing, Ayan Capital has launched Ayan Pay, a 0% interest, 12-month financing service for home repairs, renovations, car repairs, and furniture purchases. This move broadens its appeal beyond business car financing, offering ethical and transparent alternatives to conventional credit products.
With a strong customer-first approach, Ayan Pay reflects the company’s mission to make halal financing accessible across various aspects of daily life. As the demand for ethical finance grows, Ayan Capital’s expansion into new sectors reinforces its position as a pioneer in UK Islamic fintech.
Ayan Capital’s growth trajectory has been nothing short of impressive. In the last quarter alone, the company claims to have more than doubled its financing issuance, growing 2.2x, while maintaining a 0% non-performing loan (NPL) rate. This achievement highlights the strength of Ayan’s underwriting technology, risk management expertise, and commitment to financial stability.
Aiming for a UK banking license
Ayan Capital is building on the success of Alif Bank, co-founded by Abdullo Kurbanov and based in Central Asia. Alif Bank’s digital transactions grew 30x in just three and a half years, serving over four million customers. Ayan now aims to replicate this success in the UK’s Islamic finance sector.
A key milestone in Ayan’s long-term vision is a UK banking license application, which would enable the company to offer a broader range of Shariah-compliant financial products. By leveraging the UK’s strong regulatory environment and increasing consumer demand, Ayan is positioning itself as a future leader in Islamic banking.
What’s ahead?
With strong investor backing, rapid growth, and an expanding range of Shariah-compliant products, Ayan Capital is at the forefront of transforming the UK’s halal finance landscape. As demand for ethical financial solutions continues to rise, the company’s vision of becoming a leading Islamic bank in the UK is well within reach.
By combining technology, ethical finance principles, and customer-centric innovation, Ayan Capital is not just reshaping vehicle financing but setting the stage for the future of Islamic banking in the UK.
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.”
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