Alif issues $5 million sukuk to expand Islamic finance in Uzbekistan
Private sukuk issuance structured under Shariah-compliant Mudarabah model marks milestone for Islamic finance in Central Asia
TASHKENT, Uzbekistan (MNTV) — Alif, a prominent Islamic fintech company operating in Central Asia, has successfully completed its first private sukuk issuance worth US$5 million. The announcement was made by Alif CEO Nuriddin Lafizov on his LinkedIn page, calling the deal a milestone for both the company and the region’s Islamic finance sector.
Sukuk are financial certificates that comply with Shariah law. Unlike conventional bonds, sukuk generate returns through profit-sharing or rental income from tangible assets, rather than interest.
According to Lafizov, the sukuk was structured under the Sukuk al-Mudarabah model—an Islamic finance instrument where investors provide capital to a partner for business development, sharing profits in accordance with Shariah principles.
“This deal marks an important milestone in recognizing Central Asia as a transparent and reliable player in the global Islamic finance market,” Lafizov wrote. He extended thanks to project partners including Amber Investments Ltd, CBH Compagnie Bancaire Helvétique SA, Morgan, Lewis & Bockius LLP, and Alhamd Shariah.
Founded in Tajikistan, Alif began as a microfinance company and quickly evolved into a major Islamic fintech platform, offering Shariah-compliant digital banking, installment payment systems, and e-commerce solutions. The firm expanded into Uzbekistan in recent years, aiming to meet rising demand for Islamic finance products among the region’s unbanked and underserved populations.
In October 2024, Alif Uzbekistan secured a US$5 million credit line from Cur8 Capital, a UK-based Islamic finance investment fund. That funding was directed toward expanding Alif’s “Nasiya” retail financing service, which offers Shariah-compliant installment payment options to local consumers. The partnership with Cur8 Capital reflects Alif’s ongoing strategy to attract global Islamic finance into Central Asia and strengthen its retail presence.
The issuance is seen as part of Alif’s broader strategy to attract ethical investment, strengthen its capital base, and scale its digital Islamic finance offerings across Uzbekistan and other Central Asian markets.
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