Tashkent-based investment firm IMAN Invest has officially responded to severe allegations raised by the Islamic Finance Consulting Board (IFCB), which purportedly uncovered a 20 million dollar shortage and misuse of investor funds. Company representatives stated that the contested figure does not reflect actual financial losses, but rather represents an aggregate of various accounting metrics. At the same time, the management acknowledged several operational violations identified during internal audits and outlined corrective actions.

The dispute escalated after the IFCB announced the termination of its partnership with IMAN Invest, citing non-compliance with Islamic finance principles and improper handling of capital. According to the board, the alleged deficit represents a significant portion of the firm's 70 million dollar investment portfolio. In its defense, IMAN Invest claimed it initiated an independent audit back in July alongside consultants, establishing a specialized revision commission to address discrepancies.

Company officials provided a detailed breakdown of the financials, noting that non-performing loans stood at a considerable amount while adequate reserves were formed to mitigate potential risks. Furthermore, the firm confirmed a 2.97 million dollar debt owed by the management company to the investment fund, pledging to repay it within six months. Controversial vehicle transactions linked to founder Rustam Rakhmatov were also addressed, with management stating that the relevant deals were reviewed, unwound, and deemed unacceptable under Islamic finance rules.

In the wake of these controversies, founder Rustam Rakhmatov purportedly plans to step down from daily operations and transfer control to experienced professionals, retaining only a seat on the supervisory board. Additionally, the firm announced the formation of a three-member Sharia board and the initiation of an external audit involving the international organization Usmani’s to restore transparency.

Source: podrobno.uz