Photo - IMAN
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IMAN

Uzbekistan
Market: Internet and IT, Financial services, Crypto currency, Mobile applications
Stage of the project: Idea or something is already done

Date of last change: 01.11.2021
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Idea

IMAN is a full-stack halal finance solution for investors, merchants, and shoppers. IMAN’s platform enables customers first in Uzbekistan (and soon worldwide) to invest and get funding ethically

Current Status

- $350k installments disbursed
- $600k retail investment attracted from 1,000+ investors
- 10,000 active users

Problem or Opportunity

There are 700 million Muslims worldwide that are young and digitally connected but that don’t use banking products (credit or deposits) because traditional banks and fintechs don’t cater to their needs. Similarly, in Uzbekistan, where Islamic finance is non-existent, only 6% of the population uses banking products.

Solution (product or service)

IMAN solves that problem by offering an Islamic PoS lending/ BNPL (buy-now-pay-later) solution to retailers allowing them to grow their sales. Shoppers then can buy anything they want and pay for their purchase over time in simple halal monthly installments. Installment sales are funded by P2P Investors that are able to generate attractive Shariah Compliant returns through our INVEST product.

Business model

- Charge merchants 3-25% on every transaction depending on the good
- Charge investors ~30% of the profits they generate through our platform
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