Alif Uzbekistan Secures $5 Million Credit Line to Expand Nasiya Retail Financing with Cur8 Capital
Alif Secures $5 Million Credit Line from Cur8 Capital for Expansion of Retail Financing Service
Alif, a prominent international fintech company operating in Uzbekistan, has successfully secured a $5 million credit line from Cur8 Capital, a UK-based Islamic finance investment fund. The funding will be utilized for the expansion of Alif’s Nasiya retail financing service.
Nuriddin Lafizov, CEO of Alif Uzbekistan, expressed his enthusiasm about the partnership, stating, “This credit line opens new opportunities for us to grow our retail financing services, and we trust that this partnership with Cur8 Capital will not only strengthen our position in the market but also create a foundation for long-term, mutually beneficial cooperation.”
This agreement marks the initial phase of an ongoing funding round, with additional agreements expected to be announced in the near future. Alif also revealed its intention to issue sukuk bonds as part of its long-term strategy to fortify its presence in Uzbekistan’s rapidly expanding financial services sector.
Cur8 Capital, a UK-based firm, specializes in investing in Islamic finance projects, particularly focusing on high-growth fintech startups, real estate ventures, and alternative assets that adhere to Sharia-compliant and ethical standards. The firm, stemming from the renowned Islamic finance platform Islamic Finance Guru (IFG), places an emphasis on supporting minority founders and projects with a positive social impact. Cur8 Capital has previously invested in Ayan Capital, a startup established by Alif’s co-founders.
Alif, with operations in Uzbekistan, Tajikistan, and Pakistan, is known for its adherence to Islamic finance principles. The company has expanded its presence over the years by offering a super app that integrates various services ranging from money transfers and utility bill payments to marketplace shopping via Alif Shop and access to government services.
To date, more than 850,000 Alif customers in Uzbekistan have benefited from the Nasiya service, enabling them to make interest-free purchases of goods and services with payment terms of up to 24 months and no initial down payment required.
TMT Global Advisers, an international investment bank, played a crucial role in facilitating this transaction, serving as the financial advisor and guiding Alif through the negotiation and execution of the deal.
This partnership between Alif and Cur8 Capital signifies a milestone in the fintech industry, showcasing the potential for growth and innovation in the ever-evolving landscape of financial services.
