Ayan Capital, a rapidly growing provider of halal vehicle financing, has secured £25 million in Sharia-compliant funding from Partners for Growth (PFG), a global private credit firm with a 20-year track record of backing high-growth fintech and technology companies.

The investment reflects the growing demand for Islamic financial products in the UK and strengthens Ayan Capital’s position in the sector. The company provides halal business car financing for private hire drivers using platforms such as Uber and Bolt, as well as business drivers seeking Sharia-compliant alternatives for purchasing low-emission vehicles.

Ayan operates within the UK’s £21.7 billion used car finance market, which remains dominated by traditional lenders facing regulatory scrutiny. The company differentiates itself with a technology-driven, commission-free model that finances customers directly, regardless of where they purchase their vehicles. Expanding beyond vehicle financing, Ayan recently introduced Ayan Pay, a 0% interest, 12-month instalment plan for home repairs, renovations, car repairs, and furniture purchases.

Ayan Capital more than doubled its financing issuance last quarter, growing 2.2x while maintaining a 0% non-performing loan rate, highlighting the effectiveness of its underwriting technologies. The latest funding follows the firm’s £3.4 million Pre-Series A round.

Using the newly secured £25 million, structured under Ijara wa Iqtina principles, Ayan aims to accelerate its expansion and enhance its technology-led underwriting capabilities. The company is targeting £25 million in financing this year and £100 million by 2026 as it broadens access to halal financial products in the UK. Its long-term vision includes applying for a UK banking licence.

Ayan Capital builds on the success of Alif Bank, co-founded by Ayan CEO Abdullo Kurbanov in Central Asia, which saw digital transactions grow 30-fold over three and a half years, serving more than four million customers. Now, Ayan seeks to establish itself as a leader in UK Islamic banking, leveraging the country’s regulatory environment to drive its expansion.

Islamic finance remains underserved in the UK, despite projections that the UK Muslim population could reach 10 million by 2050. Currently, Islamic banking accounts for just 0.1% of total banking assets, though 82% of UK Muslims seek Sharia-compliant products. However, growth is accelerating: Islamic bank assets in the UK surged 26% in 2023 to $8.2 billion, with Fitch Ratings predicting an increase to $15 billion in the medium term.

Partners for Growth expressed strong support for Ayan Capital’s mission. Armineh Baghoomian, Co-Head of Fintech at PFG, noted: “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 align with PFG’s mission to support next-generation financial infrastructure”.

Richard Osborne, Investment Manager at PFG, added: “We’ve been particularly impressed by Ayan’s growth trajectory and ability to achieve key milestones rapidly. We look forward to seeing Ayan’s continued success and impact on the market.”

Ayan Capital CEO Abdullo Kurbanov emphasised the company’s broader mission: “Choosing a halal option should not mean paying more. We are committed to building a financial system that is not only halal but also more competitive, convenient, and innovative than conventional alternatives.”

COO Furkat Suvhanov highlighted the firm’s future plans: “We’re growing rapidly while maintaining exceptional portfolio quality and customer service. With PFG’s support, we’re beginning work on our next £75–100 million Sharia-compliant debt raise.”

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