Islamic car finance platform, Ayan Capital launches in the UK

By Gloria Methri

Ayan Capital, the Islamic car finance platform for businesses, private hire vehicles (PHV) and public carriage office (PCO) drivers, has officially launched in the UK. Based in London, the company allows drivers across the country to access business car financing that is fully compliant with Shariah principles.

With the number of PHVs and PCOs projected to rise, Ayan Capital empowers new and existing business drivers to purchase a new vehicle with its Islamic finance offering. Its tech-enabled solution is fast, accessible, and easy to use, allowing approved drivers to obtain a car for up to £50,000 within days from any dealership in the UK.

Ayan Capital offers the Ijara wa Iqtina service (rent and purchase), a Shariah-compliant alternative to traditional hire purchase agreements. Its additional finance provider responsibilities include interest avoidance and a distinct transaction process.

In 2023, there were 346,300 licensed taxi and PHV license holders in the UK. Many PHV drivers identify as followers of the Islamic faith—around 75% of Uber drivers are Muslim. Ayan Capital’s launch will service this segment of the market.

Abdullo Kurbanov, CEO and co-founder of Ayan Capital said on the launch, “Car finance is the largest non-mortgage household finance category in the UK. The car finance market is scaling at pace, offering drivers access to fast and convenient loan solutions. However, the availability of Shariah-compliant finance in the UK, addressing the specific needs of PHV and PCO drivers, has been limited.”

“Ayan Capital changes all this. We are delivering a halal finance solution dedicated to business, PHV and PCO drivers who have so far been overlooked by the traditional car finance providers.”

He added, “We want to use this as an opportunity to help with the transition to zero/low CO2-emission cars, ensuring that our customers will be fully compliant with the rules and regulations”.