Ayan Capital gets £25m boost for shariah-compliant car financing

By Gloria Methri

Ayan Capital, a London-based Islamic FinTech, has secured £25 million from Partners for Growth (PFG), a global private credit firm.

Ayan Capital provides halal business car financing for private hire and business drivers looking to purchase low-emission vehicles. It operates in the £21.7 billion UK used car finance market, which remains primarily dominated by traditional players facing regulatory scrutiny. The company offers a tech-driven, commission-free financing model, providing funds directly to customers regardless of where they purchase their vehicles. It recently expanded its services with Ayan Pay, a 0% interest, 12-month financing option for home repairs, renovations, car repairs, and furniture purchases.

In the last quarter, Ayan Capital’s financing issuance grew by 2.2x while maintaining a 0% non-performing loan rate. This latest funding follows a £3.4 million pre-series A round. The £25 million facility, structured under Ijara wa Iqtina principles, is expected to support the company’s growth and technology development. The goal is to reach £25 million in financing this year and £100 million by 2026.

Ayan Capital is part of a broader trend in the UK’s Islamic finance sector. Despite projections that the UK’s Muslim population could reach 10 million by 2050, Islamic banking remains a small segment, accounting for just 0.1% of total banking assets. However, demand is increasing—Islamic bank assets in the UK grew by 26% in 2023 to $8.2 billion, with Fitch Ratings forecasting further growth to $15 billion in the medium term.

Armineh Baghoomian, Co-Head of FinTech at Partners for Growth, stated, “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 closely align with PFG’s mission to support founders building next-generation financial infrastructure. We’re proud to support Ayan as they scale access to Sharia-compliant products across the UK and beyond.”

Abdullo Kurbanov, Co-founder and CEO of Ayan Capital, stated, “We are grateful for the trust and support of the PFG team. Our mission is to make halal financing more accessible in every way – cost, technology, and customer experience. Choosing a halal option should not mean paying more. While we are still at the beginning of our journey, we are wholeheartedly committed to building a financial system that is open to all – one that is not only halal but also more competitive, convenient, and innovative than conventional alternatives.”

Furkat Suvhanov, COO of Ayan Capital, stated, “We are growing rapidly while maintaining exceptional portfolio quality and customer service. Our partnership with PFG reflects the strength of our model and supports our long-term capital strategy. Building on this momentum, with PFG’s support, we are now beginning work on our next £75–100 million Sharia-compliant debt raise.”