UZBEKISTAN: Islamic fintech IMAN is seeking to raise US$100 million to expand its AI-driven Islamic banking platform, with an eye on entering the GCC market.
The fundraising exercise comes as the fintech start-up intends to scale operations and advance toward securing a full Islamic banking license.
Founded in 2020, IMAN has built a digital platform centered on ethical wealth generation, integrating Shariah compliant financial services with AI capabilities. It is designed to move beyond traditional financial scoring models by adapting to user behavior and preferences in real time.
According to Co-Founder Madiyar Sultanov, the company has surpassed one million registered users and currently manages over US$100 million in AuM, with a target to reach US$250 million by the end of 2026.
“The GCC is a natural next step: mature regulatory frameworks for Islamic finance, clear demand for digital ethical banking and a customer base looking for tools that reflect their values rather than work around them,” Madiyar said.
In parallel, private sector participants and fintech companies have already begun actively shaping the Islamic finance landscape in Uzbekistan. Private sector banks like Ipak Yuli Bank, Anorbank and Business Development Bank have taken the initiative to open Islamic lines and offer Islamic banking products like Murabahah. Also, in the insurance market, Gross Insurance has established and certified its Takaful window activities under Shariah principles.
In total, there are five Islamic fintech start-ups in Uzbekistan: these are IMAN, Smartbank, Uzum, Alif and OpenBank.
In March, IFN reported that Uzbekistan formally adopted a law introducing Islamic banking activities, representing a step in the country’s efforts to establish a Shariah compliant financial sector.
The legislation sets out the legal and regulatory foundations for Islamic finance including the recognition of Islamic banking operations and the introduction of financial instruments such as investment deposits. It also establishes a dedicated licensing framework for Islamic banks and outlines a defined set of permissible activities.
The framework includes provisions for governance through Islamic finance councils as well as tax measures tailored to the structure of Shariah compliant transactions. Licensed institutions will also be granted operational flexibility including the ability to engage in trading and equity participation, according to details shared by industry stakeholders.
Detailed report: https://www.islamicfinancenews.com/uzbekistan-islamic-fintech-launches-us100-million-raise-for-ai-islamic-banking-expansion.html
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