IT Park startups: IMAN Global Investment Fund

In the new section “Startups of Acceleration programs in IT Park” we will tell you about promising projects that have passed or are undergoing our acceleration programs in IT Park.

And we want to start this section with one of the most promising projects – “IMAN”.

“IMAN” is the world’s first global investment fund based on the principles of Islamic finance. The project includes 2 main components: “IMAN Invest” and “IMAN Pay”.

“IMAN Invest” is an opportunity to increase the well-being of people on the basis of noble trade and fair partnership. The uniqueness of the platform lies in the fact that all services operate based on the principles of Islamic finance.

“IMAN Pay” is a service where customers can purchase goods and services in installments. Today, the service can be used without leaving home or at the checkout in more than 100 stores in Uzbekistan. All goods are financed through the “IMAN Invest” service.

With the ever-increasing inequality in the welfare of the people, the demand for stable investment and fair financial products has never been greater. Unsurprisingly, over the past couple of years, everyone has witnessed the rapid growth of “Robinhood”, making it easier for millions of Americans to access investment. This is great, of course, but in most cross-border markets, people still cannot invest in the same way as in the United States. Moreover, in frontier markets where the majority of the population is Muslim, about 700 million digitally connected young people do not invest, not only because they do not have affordable investment products, but more importantly because traditional fintechs companies are not meeting their needs. Muslims make up about 25% of the world’s population, but only 1% of the world’s financial assets comply with Sharia law.

This is where “IMAN” comes in. This project aims to ensure that everyone has access to fair and transparent investment products and services that comply with Shariah. The founders believe that this is possible thanks to the advancement of technology. Also, the “IMAN” team wants to help people make the right financial decisions so that they do not get left behind from the developed and advanced world.

The project began with the distribution of electronics and household appliances in installments, but the ambitious vision of the founders goes far beyond this.

The “IMAN” team is confidently moving towards the creation of a global investment platform with all possible Islamic investments, including:

• P2P Investments in BPNL (installment plan)

• Zakat (charitable investment)

• Halal promotions

• Investments in SMEs (small and medium-sized businesses)

• Cryptocurrency

• Gold

All this can be done with the support of asset management professionals, and moreover, with just the users’ mobile phone.

Achievements of the “IMAN” project

1. We entered the TOP-100 of the best startups according to the “Entrepreneurship World Cup” (EWC) and won $ 1,000,000;

2. We reached the final of the largest international technology competition “Seedstars World Competition 2021”;

3. Successfully completed the acceleration program at IT Park.

“For the “IMAN” project, participation in the acceleration program, first of all, became a valuable experience in understanding the local startup environment and government regulation in the field of financial technologies. IT Park is a significant first step for the development of a technology environment in Uzbekistan. As with all startups, financial issues are a priority for us, so IT Park’s support in matters of tax incentives has become an important element in the successful development of “IMAN”. Useful acquaintances and connections, especially with government agencies, acquired with the assistance of IT Park, also helped us at the initial stage. We believe that for aspiring IT entrepreneurs, the opportunity to become part of the IT Park program is an excellent resource for developing a strategy and business model. Thank you for your assistance and wish you good luck in all further initiatives” - said Rustam Rakhmatov, founder of “IMAN”.