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News about Islamic finance: events, facts and developments on tafs uz.

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World

IMAN Holding refutes claim of a $20 million 'financial hole' and announces reforms

Mahmud Usmon, presented as a former partner and chairman of the Islamic finance council of IMAN Holding, alleged violations in the use of investors' funds and a shortfall of about $20 million. The company explained this figure as a combination of three different indicators and announced reforms: a change in operational management, the creation of a Sharia Council, and the engagement of independent auditors.

Aziz Karimov
3 min read
Economy

IFCB council suspends cooperation with IMAN Invest and does not issue a conclusion on the company's integrity

IFCB council member Mahmud Usmon said the council suspended its partnership with IMAN Invest after reviewing suspicious transactions. According to him, a commission of financiers, lawyers and a Sharia auditor concluded that the company's management disposed of entrusted funds in violation of Islamic finance, and that returning part of the money to investors is currently impossible.

Aziz Karimov
2 min read
Uzbekistan

Islamic Finance Consultative Board severs ties with IMAN Invest: the company rejects the accusations

The IFCB announced the complete termination of cooperation with IMAN Invest, citing violations in the handling of investors' funds and a shortfall of several million dollars. The company's founder Rustam Rakhmatov rejected the accusations, linking them to a personal conflict over payouts and an equity stake. The parties are publishing documents and preparing independent audits. IFCB announced a complete termination of cooperation with IMAN Invest, citing violations in the handling of investor funds and a shortfall of several million dollars. The company's founder Rustam Rakhmatov rejected the accusations, linking them to a personal conflict over payments and a share in the company. The parties are publishing documents and preparing independent audits.

Aziz Karimov
6 min read