The financing will be allocated to develop further the Nasiya installment service, which provides consumers with flexible payment options in accordance with Islamic finance principles.

“We are pleased to partner with ITFC, which will help us enhance our products and ensure the availability of convenient financial solutions for our customers. This partnership reflects Alif's long-term strategy to attract investments into Uzbekistan and strengthen its position in the financial services market. Alif also plans to issue Islamic sukuk bonds in the future,” — commented Nuriddin Lafizov, CEO of Alif in Uzbekistan.

TMT Global Advisers and Ansher Capital, international investment banks, acted as financial advisors to Alif for this transaction.

About Alif

Founded in 2014 by Abdullo Kurbanov, Firdavs Mirzoev, and Zuhursho Rahmatulloev, Alif has grown into one of Central Asia’s leading international fintech companies, with operations in Uzbekistan, Tajikistan, and Pakistan. In 2021, Alif was valued at $100 million and closed the series A round, raising $8 million in equity and $50 million in debt from its existing shareholder and seed investor Jefferson Capital Holdings Limited, founded by Khofiz Shakhidi and Firdavs Shakhidi. A distinctive feature of Alif is its commitment to the principles of Islamic finance.

In Uzbekistan, Alif has been operating for over five years, offering a superapp solution that provides access to various services, including money transfers, payments, purchases, public transport payments (metro, buses, etc.), government services, the Shop marketplace, the Nasiya installment service, the Avia ticketing service, and more.

The Nasiya installment service is a core product of Alif. More than 1 million unique customers have recognized its advantages, including the ability to purchase goods and services without an initial payment and repay in installments for up to 24 months.

About ITFC

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank Group, dedicated to fostering trade growth and development among member countries of the Organization of Islamic Cooperation (OIC). ITFC provides financing and support to contribute to sustainable economic growth. To date, ITFC has invested over $1 billion in Uzbekistan.

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