Ayan Capital provides Shariah-compliant car finance to UK customers who want a vehicle without an interest-bearing loan. The London company buys each car itself, holds legal title through the contract and takes the ownership risk, while the customer pays a fixed monthly rental and becomes the owner at the end of the term.
The Ijara wa Iqtina contract is how that finance is written. Ayan also offers AyanCare, which it says takes on extra responsibility for unexpected mechanical and electrical repairs, and independent Shariah advisers review the contracts each year.
Applications run on software Ayan built in-house. Since an early 2024 launch, more than 150,000 people have started an application, a measure of demand at the top of the funnel rather than completed purchases.
FinSMEs reports that Ayan has received a senior Shariah-compliant facility of up to $100 million originated by investment manager Triple Point. The company intends to use it to fund new originations, lower its cost of funding and price more competitively.
The same capital is also meant to help prepare a UK banking-licence application. Ayan says it still plans a Series A in the coming months for that licence work. FinSMEs names Cur8 Capital, Empakt Ventures, IT Park Ventures and Caucasus VC as backers.