Serious doubts about the operations of IMAN Invest or a personal vendetta?

An unexpected and serious controversy has emerged surrounding IMAN Invest, one of the well-known Islamic fintech platforms in Uzbekistan and the region. The Islamic Finance Coordination Board (IFCB) announced that it has completely and unilaterally terminated all cooperation with the company, citing a series of gross violations in the platform's operations during 2025–2026.

In turn, the founder of IMAN Invest has categorically denied the allegations, characterizing them as pressure resulting from personal interests and demands for equity. This situation has sparked widespread public debate in a market where millions of dollars in investor funds are in circulation.

IFCB claims: Gharar, profit distribution, and a multi-million dollar deficit

According to the conclusions of an internal investigation conducted by board representatives and experts Mahmud Usman and Husayn Rajabov, several serious accusations were leveled against the company:

• Violation of Sharia criteria: The Board believes that the platform allowed instances of gharar (uncertainty and risk) in the management of investor capital, which contradicts Islamic finance principles;

• Incorrect profit distribution: Reports allege that there were serious Sharia-compliant errors in the mechanism for distributing income and profit among participants;

• Suspicion of financial discrepancy: One of the primary claims is the identification of an unexplained financial discrepancy and deficit in the calculations, amounting to millions of dollars.

IMAN leader's response: "This is the consequence of our refusal to grant equity"

The company's founder and CEO, Rustam Rahmatov, called the released statements baseless and indicated that other factors are behind the situation:

• Conflict of financial interests: Rahmatov stated that the disagreements began intentionally after the service fee paid to expert Mahmud Usman was reduced and his request for equity in the company was denied;

• Legal assessment: The company's management announced that it is fully prepared to respond to such statements, which damage its reputation and operations, in the legal arena through the courts.

What emergency measures have been taken?

To address the resulting distrust and concerns, a number of changes are being implemented in the platform's operations:

• International Sharia audit: To determine the true transparency of all processes within the company, the internationally recognized independent auditing firm Usmani's has been engaged;

• New Sharia board: Since cooperation with the previous representatives has been terminated, a new, independent internal Sharia board for the platform is currently being formed;

• New products frozen: Until the new board is formed and the audit presents its findings, the company has temporarily suspended the launch of new financial products.

Key details of the dispute between IMAN Invest and IFCB

The dispute between the parties and the findings of the independent audit are becoming a significant test for the legal and Sharia oversight of the rapidly developing Islamic fintech network in the region.