Alif raised $10 million from the Armenian financial group Ineco Group

Alif raised $10 million from the Armenian Ineco Group in a deal structured on a mudaraba basis.

The raised funds will be directed toward the development of Alif’s business in Uzbekistan, primarily to expand installment financing. Through the Alif Nasiya service, customers can pay for goods and services in installments — from household appliances to medical and educational services.

The significance of the deal extends beyond its amount. An increasing number of traditional financial institutions are willing to work with instruments that comply with Islamic finance principles. This agreement demonstrates that Islamic financing in the region is gradually becoming part of standard financial practice.

Nuriddin Lafizov, CEO Alif Uzbekistan
For us, this deal confirms that Islamic financing works not only in theory but also in practice. Implementing the project required significant joint effort, and we are grateful to the Ineco Group team for their openness, trust, and willingness to jointly seek new solutions.

Dmitro Tolstykh, Director of International Business at Ineco Group
We view this deal as part of our strategy to expand the international presence of Ineco Group and develop new financing directions. Participation in such projects allows the bank to strengthen its expertise and offer clients a broader range of financial solutions.

Alif is one of the major international FinTech companies in Central Asia, with projects in Uzbekistan, Tajikistan, and Pakistan. A distinctive feature of Alif is its commitment to Islamic finance principles.

In Uzbekistan, Alif has been offering a superapp with various features for six years: access to many types of services — transfers and payments, payment for goods and services, public transport payments, government services, the Shop marketplace, Nasiya installment plan, the Sayohat ticket booking service, and the ability to invest in the securities market and other assets.

Since entering the Uzbek market, Alif has raised over $300 million in equity and debt investments for Uzbekistan, reflecting the company’s consistent growth and investor confidence in its key role in developing the financial infrastructure in Central Asia.

Ineco Group is an international investment group operating in the fields of financial services, FinTech solutions, and portfolio investments across various regions worldwide. The group invests in diverse industries and implements projects in multiple markets. As of December 31, 2024, the assets under management of Ineco Group amounted to $2 billion.

Mudaraba is a partnership model in which one party provides capital, while the other manages the project. Profits are distributed between the parties in pre-agreed proportions. This structure does not involve a fixed interest rate, making mudaraba one of the foundational models of Islamic finance.