IMAN

About IMAN

IMAN is a fintech company with origins in Uzbekistan that provides Shariah-compliant financial products. It was founded in 2020 by Rustam Rahmatov, Mark Zubov, and Timur Khodjaev. Rahmatov, the CEO, has a background in finance and technology, with experience at organizations like Ernst & Young and the International Finance Corporation. Zubov, the CFO, has experience in investment banking and private equity. The founders identified a gap in the market due to the low credit penetration and lack of Islamic financial products in Uzbekistan, where a large portion of the population is Muslim.

The company operates under the holding company IMAN Holding and offers two main products through its mobile application: IMAN Invest and IMAN Pay. IMAN Invest is an investment platform that allows users to invest in Shariah-compliant assets. These funds are primarily used to finance the company's buy-now-pay-later service. IMAN Pay is a halal buy-now-pay-later (BNPL) solution that allows customers to purchase goods and services from partner merchants and pay in interest-free installments. The company also developed "U," a Regulatory Technology (RegTech) and Banking-as-a-Service (BaaS) solution for the Islamic banking industry.

IMAN's business model includes both B2C and B2B strategies. The B2C model generates revenue from merchant discounts, resale markups, and profit-sharing with investors. The B2B model earns revenue from setup and royalty fees from banks and other fintech companies using its BaaS solutions. The company operates on a Mudarabah (profit-sharing) and Murabaha (cost-plus financing) structure, ensuring compliance with Islamic law, and does not generate revenue from late fees. IMAN has received a fatwa (compliance certification) from the Muslim Board of Uzbekistan and other esteemed Islamic scholars.

As of early 2022, IMAN had over 30,000 active users and managed over $1.2 million from investors across 60 countries. In February 2022, the company closed a $1 million seed funding round with participation from several venture capital firms and angel investors. The firm is targeting expansion into Central Asia, the MENA region, Indonesia, Malaysia, Pakistan, and Bangladesh, as well as Muslim communities in Western countries.