Uzbek fintech company Alif Moliya is preparing to issue Islamic sukuk in Kazakhstan, economist Arman Batayev said. To facilitate the issuance, a special-purpose company, Alif Moliya Sukuk SPC Ltd., was registered at the Astana International Financial Centre (AIFC) on Sept. 3. It will serve as the issuance vehicle for the securities.
Alif Moliya’s position in Uzbekistan
Tashkent-based Alif Moliya has operated in the Uzbek market since 2019 and is part of the international Alif Capital Group, based in the United Kingdom. The company is a major regional player in e-commerce and consumer finance, including through the buy now, pay later (BNPL) model.
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Alif Moliya says its financial services are provided in accordance with Islamic finance principles, including through its Alif Nasiya installment service.
According to a KPMG study, Alif Nasiya and Uzum Nasiya together account for two-thirds of Uzbekistan’s installment market. Separately, Alif Moliya estimates that its Alif Nasiya platform accounts for more than 35% of the country’s BNPL purchase market.
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First sukuk issuance
Alif Moliya already has experience in international capital markets. In April 2025, it became the first Uzbek organization to issue sukuk, placing $5 million in securities on the Luxembourg Stock Exchange as part of a $50 million issuance program.
The company is now expanding the geography of its borrowing and plans to use AIFC platforms for its next sukuk issuance.
