Ayan Capital, the pioneering Islamic car finance platform catering to business, private hire vehicle (PHV), and public carriage office (PCO) drivers in the UK, has officially debuted. Headquartered in London, Ayan Capital offers drivers across the UK access to business car financing that aligns with Shariah principles.

In response to the anticipated growth in PHVs and PCOs, Ayan Capital empowers both new and existing business drivers to procure a new vehicle through its Islamic finance solution. Its tech-driven platform facilitates a swift, accessible, and user-friendly process, enabling approved drivers to acquire a vehicle valued up to £50,000 from any dealership in the UK within days.

Ayan Capital distinguishes itself by offering the Ijara wa Iqtina service, also known as Ijara Muntahia Bittamleek (“rent and purchase” or “rent, ending in ownership”), a Shariah-compliant alternative to conventional hire purchase agreements. Notably, this offering adheres to AAOIFI standards, underscoring its widespread acceptance and significance in Islamic finance.

In 2023, the UK reported 346,300 licensed taxi and PHV license holders, with a substantial portion identifying as followers of the Islamic faith. Approximately 75% of drivers at Uber, one of the largest employers of PHVs, are Muslim, highlighting the relevance of Ayan Capital’s launch to this market segment.

Furthermore, in alignment with Transport for London (TfL) licensing standards mandating zero/low emission vehicles for PCO drivers, Ayan Capital supports TfL’s sustainability objectives and the UK’s broader transition to electric vehicles (EVs) and low-emission plug-in hybrid cars.

Abdullo Kurbanov, CEO and co-founder of Ayan Capital expressed his thoughts on the launch, stating: “Car finance is the largest non-mortgage household finance category in the UK. However, the availability of Shariah-compliant finance, particularly tailored to the needs of PHV and PCO drivers, has been limited.”

“Ayan Capital addresses this gap. We are providing a halal finance solution specifically designed for business, PHV, and PCO drivers who have previously been underserved by traditional car finance providers.”

He added, “We view this as an opportunity to facilitate the transition to zero/low CO2-emission cars, ensuring that our customers remain fully compliant with regulations and sustainability standards.”