The Islamic Finance Consulting Board (IFCB) has officially announced the complete termination of its partnership with IMAN Invest, a prominent investment and fintech company operating in Uzbekistan. This drastic step reportedly stems from suspected severe violations and mismanagement regarding the handling of private investor capital, casting a shadow over the country's growing alternative finance sector.

According to a public video statement released by board representatives Mahmud Usman and Husayn Rajabov, an internal investigation purportedly uncovered that company leadership disbursed entrusted funds in direct contradiction to Islamic finance principles and local regulations. The review allegedly revealed a multi-million-dollar deficit, leaving the firm struggling to ensure full liquidity for investors seeking capital withdrawals. Furthermore, auditors raised concerns over funds being allegedly channeled toward personal expenditures, including luxury vehicles and extensive administrative overheads.

Conversely, IMAN Holding founder Rustam Rahimov vehemently rejected the accusations, dismissing them as retaliation after management reportedly refused to increase consultant stipends and transfer equity stakes in the holding company. Rahimov stated that the firm has engaged a new international auditing body to conduct an independent review and reassured clients that ongoing commitments will be honoured. Nevertheless, the unfolding public dispute highlights profound vulnerabilities and governance challenges within the unregulated or self-regulated niche of Islamic fintech.

Source: www.gazeta.uz