Alif raised $10M from Armenian investor Ineco Group to grow Alif Nasiya, the installment service it runs in Uzbekistan, using a mudaraba profit-sharing structure rather than conventional debt. Alif will spend the money adding products and recruiting more retailers onto the platform. Uzbekistan puts installment finance under formal regulation in January 2027, capping how big and how long BNPL contracts can be and what customers can be charged for them, according to TechRevolt. The cap on term length is 12 months, half of what Nasiya writes today, which would reshape the economics of financing appliances and other higher-value goods. Alif Nasiya and rival Uzum Nasiya together hold roughly two-thirds of the Uzbek market, per KPMG.
