Alif Bank is the first micro-financing company in the Republic of Tajikistan that was established in 2014 and uses the concept of Islamic Finance. In 2020 Alif was transformed into a bank and is placed in Dushanbe with a subordinate in Tashkent.
Alif Capital offers the style of Murabaha, which is considered the most commonly used financing method in the Islamic banking industry. This means when a client needs funds for the purchase of an asset, Alif Capital buys the goods and sells it to the customer on the base of a deferred payment with a mark-up that was agreed by both parties earlier. Alif Capital transfers ownership of the goods to the customer and receives payment for the goods within a certain period of time, says website.
Alif Capital is also a pioneer in raising funds by a contract in the style of Musharak. This method means the customer deposits the funds in Alif and the bank put these funds into different projects through Murabaha. Everything that is realized as a result of investments is distributed between the customer and Alif Capital in accordance with previously agreed income distribution coefficients.
After years of work, the first microfinance organization turned into an ecosystem of tech and economic solutions for its customers.
Alif is a market leader in POS finance. The bank offers the most favorable conditions in the country in the field of club cards and overdrafts. In addition, its functionality includes the largest online B2C platform and the most popular mobile wallet in Tajikistan.
The last software product alif.mobi is a convenient mobile wallet that allows users to make various transactions without additional fees. A card is linked to the application and the wallet is replenished through it or street terminals.
These services are also facilitated by a number of integrated software products developed within the company by a team of more than 50 Alif software engineers. These include a card processing system, a basic banking system, CRM, a mobile wallet, HR, and recruiting systems. With these advantages, Alif began to expand worldwide, opening its first office in Uzbekistan.
Another important achievement of the organization is the investment of Tajik businessman Khofiz Shakhidi, which occurred in October 2019. Thanks to this financing, the company was able to become a bank in January 2020.
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