The Alif group has secured funding from the International Islamic Trade Finance Corporation (ITFC), which is part of the Islamic Development Bank group. This was reported by the company's press service to Spot.
The transaction is part of an agreement between ITFC and the "Ipak Yuli" bank to support trade financing in the private sector in Uzbekistan. A total of $3 million is allocated within this framework, which will be directed towards the development of the Nasiya installment service.
Financial consultants for Alif in this deal included investment firms Ansher Capital and TMT Global Advisors. As noted by Nuriddin Lafizov, the CEO of Alif Uzbekistan, the company aims to expand access to fintech services for clients through its collaboration with ITFC.
“This partnership reflects Alif's long-term strategy to attract investments in Uzbekistan and strengthen its position in the financial services market. Alif also plans to issue Islamic sukuk bonds,” Lafizov added.
The company’s press service explained that the issuance of securities will take place abroad, with registration in the Euroclear depository. The funds raised will be used for consumer lending in Uzbekistan, Lafizov clarified in a comment for Spot.
Previously, in December 2024, Alif Uzbekistan reported raising $20 million from the American investment company Accial Capital for the development of the Nasiya service. TMT Global Advisors was also one of the consultants involved in the deal.
According to Alif Uzbekistan's own data, over the past year, the fintech service has attracted approximately $50 million from foreign investors. The total amount of investments raised by the fintech division exceeded $150 million.
For instance, in October, the company completed a deal to raise up to $5 million from the British fund Cur8 Capital. Alif has also announced plans to issue Islamic bonds (sukuk) worth $50 million.
Earlier, Spot reported that UnionPay plans to develop online payment systems in Uzbekistan.