April 14, 2024

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Halal car finance platform, Ayan Capital launches in the UK – London Business News

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Ayan Capital, the Islamic car finance platform for business, private hire vehicles (PHV) and public carriage office (PCO) drivers in the UK, has officially launched.

Based in London, Ayan Capital allows drivers across the UK to access business car financing that is fully compliant with Shariah principles.

With the number of PHVs and PCOs projected to rise, Ayan Capital empowers new and existing business drivers to purchase a new vehicle with its Islamic finance offering.

Its tech-enabled solution is fast, accessible and easy-to-use, allowing the drivers, who are approved, to obtain a car for up to £50,000 within days from any dealership in the UK.

Ayan Capital offers the Ijara wa Iqtina service, also known as Ijara Muntahia Bittamleek (“rent and purchase” or “rent, ending in ownership”), a Shariah-compliant alternative to traditional hire purchase agreements. It stands out for its additional finance provider responsibilities, interest avoidance, and a distinct transaction process. This widely accepted Islamic finance product is detailed by the AAOIFI standards, reflecting its broad endorsement and significance in Islamic finance.

There were 346,300 licensed taxi and PHV license holders in the UK in 2023. A large proportion of the PHV drivers identify as followers of the Islamic faith – around 75% drivers at Uber, one of the largest employers of PHVs, are Muslim. Ayan Capital’s launch will service this segment of the market.

With Transport for London (TfL) licensing standards requiring PCO drivers to have zero/low emission vehicles, Ayan Capital is also supporting the TfL’s sustainability objectives and the UK’s broader transition to EVs  and low-emission plug-in hybrid cars.

Abdullo Kurbanov, CEO and co-founder of Ayan Capital, commented on the launch of Ayan Capital: “Car finance is the largest non-mortgage household finance category in the UK. The car finance market is scaling at pace, offering drivers access to fast and convenient loan solutions. However, the availability of Shariah-compliant finance in the UK, in particular addressing the specific needs of PHV and PCO drivers, has been limited.”

“Ayan Capital changes all this. We are delivering a halal finance solution dedicated to business, PHV and PCO drivers who have so far been overlooked by the traditional car finance providers.”

“We want to use this as an opportunity to help with the transition to zero/low CO2-emission cars, ensuring that our customers will be fully compliant with the rules and regulations”

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