Uzbek fintech company Alif Moliya is preparing to issue Islamic sukuk bonds in Kazakhstan, a move highlighted by economist Arman Batayev. To implement the plan, a special-purpose vehicle, Alif Moliya Sukuk SPC Ltd., has been registered at the Astana International Financial Centre (AIFC) to act as the issuer for the securities, according to infohub.kz.
Tashkent-based Alif Moliya has operated in the Uzbek market since 2019 and is part of the international Alif Capital Group (UK). The company holds a leading position in the region in e-commerce and consumer financing under the BNPL (buy now, pay later) model.
All of its financial services are provided strictly in accordance with Islamic finance principles, in particular through the Alif Nasiya installment service.
According to KPMG research, Alif Nasiya and Uzum Nasiya account for two-thirds of the installment market in Uzbekistan. Meanwhile, according to Alif Moliya's own estimates, its Alif Nasiya platform accounts for more than 35% of the local BNPL market.
The fintech company already has experience with international capital markets: in April 2025, Alif Moliya became the first Uzbek organization to issue sukuk. At that time, it placed $5 million in bonds on the Luxembourg Stock Exchange under a $50 million program. Now the company is expanding its borrowing geography and plans to use AIFC platforms.
Earlier, Kursiv reported that Alif obtained a non-bank credit organization license in Pakistan and has moved to actively develop its business in the country.