Shariah-compliant car finance platform Ayan Capital has officially launched in the UK, catering to business, private hire vehicle (PHV), and public carriage office (PCO) drivers.
The London-based company will facilitate the acquisition of new vehicles for drivers across the UK, adhering to Islamic finance principles.
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Ayan Capital’s tech-enabled solution allows approved drivers to obtain a car for up to £50,000 within days from any dealership in the UK.
Through the tech-enabled solution of Ayan Capital, qualified drivers can purchase a car from any UK dealership for up to £50,000 in a matter of days.
Its service, known as Ijara wa Iqtina or Ijara Muntahia Bittamleek, offers a halal alternative to conventional hire purchase agreements, aligning with the increasing demand for Islamic financial services.
Last year, there were 346,300 licensed taxi and PHV drivers in the UK, with a significant portion being Muslim – approximately 75% of Uber’s PHV drivers, according to Ayan Capital.
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By GlobalDataThe car finance provider will cater to this demographic.
Furthermore, the company’s support for zero/low emission vehicles aligns with Transport for London‘s licensing standards and the UK’s environmental goals.
Ayan Capital CEO and co-founder Abdullo Kurbanov said: “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 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.”
Last week, Credit information provider CRIF and BMW Financial Services (GB) teamed up to expedite lending decisions for UK car buyers.
