Ayan Capital Secures £75 Million to Expand Halal Banking in UK

Since its 2024 launch, Ayan has attracted over 150,000 applicants, leveraging an in-house technology stack developed by a team composed largely of engineers. By operating under an Ijara wa Iqtina structure, the firm retains vehicle ownership risks while offering customers fixed monthly rentals and mechanical protection through its AyanCare program. The new funding is intended to lower borrowing costs and fuel competitive pricing ahead of a planned Series A round.

CEO Abdullo Kurbanov aims to replicate the success of his previous venture, Alif, which serves 10 million customers in Central Asia. The broader ambition is to transition from a niche car finance provider into a challenger bank accessible to all consumers. With nearly 50 million Muslims living in the West, Ayan estimates that UK Muslim deposits alone reach $90 billion annually, yet the majority currently rely on conventional banking due to a lack of priced-competitive alternatives. Triple Point’s head of specialty finance, Ellis Diamanti, noted that the platform’s technology-first approach positions it well to satisfy the significant appetite for Shariah-compliant financial products.