Fintech Alif to raise $50mn through Sukuk bonds for Uzbekistan expansion

By Muzaffar Ismailov in Tashkent November 20, 2023

Alif, a Tajikistan-headquartered fintech company that grew across Central Asia and is exploring markets including the UK, has announced plans to raise $50mn through Sukuk issuances. The bond proceeds are to support the company’s subsidiary Alif Moliya's continued expansion into Uzbekistan.

A Sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with the Islamic religious law commonly known as Sharia.

Established in 2019, Alif Moliya currently facilitates over 35% of POS lending market share in Uzbekistan through Alif Nasiya product (BNPL payment method), and boasts a growing customer base on its e-commerce platform Alif Shop.

According to the company’s press release, the $50mn sale of Islamic bonds follows the successful closure of a $58mn equity and debt funding round led by Alif Capital Holdings' existing shareholder, Jefferson Capital.

Khofiz Shakhidi, chairman and majority shareholder of Alif Capital Holdings Limited, spoke about the success of Alif in combining cutting-edge fintech solutions with ethical banking practices.

"In under a decade, Alif has become one of Central Asia's leading fintech and ethical banking institutions. Its success comes from a commitment to ethical and customer-centric services backed by investors and shareholders who share the same vision," he stated.

"This latest bond sale will inject the growth capital needed for Alif Moliya to broaden its offering in Uzbekistan and is a new opportunity for investors to become part of Alif's journey."

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