The key facts

  • IFCB suspended cooperation with IMAN Invest and has still not issued a final conclusion on the integrity of its activities
  • The review lasted a month and a half after documents on suspicious transactions received in July 2026
  • According to the engaged specialists, the company is unable to return several million dollars to investors

What the IFCB council reported

The conflict around IMAN Invest became public on October 25 after a video address by Mahmud Usmon — a member of the IFCB council, an auditor and consultant on Islamic finance. He stated that the council had fully suspended cooperation with IMAN Invest and, to this day, has not issued a final conclusion on the integrity of the company's activities. Kun.uz reports this.

How the review was conducted

IFCB is a Sharia audit organization that, under an agreement dated May 1, 2023, provided services to IMAN Invest. According to Usmon, in July 2026 the council received documents indicating suspicious transactions that, over more than two years of cooperation, had never been submitted to the council for approval. After that, a commission of financiers, lawyers and a Sharia auditor carried out a review lasting a month and a half.

The commission's findings and the council's position

According to the council's conclusion, which Usmon cites, IMAN Invest's management disposed of entrusted funds in violation of Islamic finance principles, internal documents and legislation, and the executives acknowledged most of these cases and submitted an explanatory letter. According to him, the internationally experienced financiers and lawyers engaged for the review established that the company, 'even if it returns to investors all the money that can be recovered through trade turnover, is still unable to return several million dollars.' The statement also notes that investors' funds should not have been spent on purchasing expensive cars and housing, administrative expenses, salaries, events and marketing.

Appeal to the company's supporters

'We consider IMAN Invest's activities inconsistent with Islamic finance. In the council's view, until the violations are fully remedied, the damage to investors is compensated and the contracts with them are renewed, depositing funds into the company is not recommended from a Sharia standpoint,' said Mahmud Usmon. He also addressed scholars and specialists who consider the company's activities honest with three questions — including whether the company's recent documents contain cases of gharar (uncertainty), riba (usury) and improper disposal of money.