Alif Secures Financing from IITFC to Advance Nasiya Service
Alif Secures $3.0 Million in Funding to Support Trade Financing in Uzbekistan
Alif, a leading international fintech company in Central Asia, has successfully raised $3.0 million in funding. The transaction was made possible through a partnership between the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, and Ipak Yuli Bank to support trade financing for the private sector in Uzbekistan.
The funding will be used to further develop the Nasiya installment service, which offers consumers flexible payment options in line with Islamic finance principles.
Nuriddin Lafizov, CEO of Alif in Uzbekistan, expressed his pleasure at partnering with ITFC and highlighted the importance of enhancing products and providing convenient financial solutions for customers. This partnership reflects Alif’s strategic goal of attracting investments to Uzbekistan and strengthening its presence in the financial services market. Alif also has plans to issue Islamic sukuk bonds in the future.
TMT Global Advisers and Ansher Capital, international investment banks, provided financial advisory services to Alif for this transaction.
Alif has been operating in Uzbekistan for over five years, offering a superapp solution that includes various services such as money transfers, payments, public transport payments, government services, and more. The Nasiya installment service, a core product of Alif, has been well-received by over 1 million unique customers for its benefits, including the ability to make purchases without an initial payment and repay in installments for up to 24 months.
ITFC, a key player in promoting trade growth and development among member countries of the Organization of Islamic Cooperation, has invested over $1 billion in Uzbekistan to date.
This funding is a significant milestone for Alif as it continues to expand its presence and offerings in Uzbekistan and other Central Asian markets.
