Alif Uzbekistan Plans Public Sukuk Offering on Astana International Exchange
Alif Uzbekistan is preparing a public offering of Islamic bonds, or Sukuk, on the Astana International Exchange (AIX), with an expected yield of approximately 10% per annum in US dollars.
The planned offering was disclosed by Alif Uzbekistan Chief Executive Officer Nuriddin Lafizov during Astana Finance Days 2026. The proposed Sukuk would provide Alif with access to capital-market funding in Kazakhstan, while offering investors an investment instrument structured in accordance with Islamic finance principles.
Planned Sukuk Offering
According to the report by The Eurasian, the planned Sukuk is expected to be denominated in US dollars and target retail investors. Teniz Capital is identified as the placement arranger and lead underwriter for the offering.
The securities are expected to be made available through the Tabys Pro investment application. The funds raised are intended primarily to support the development of Alif’s instalment-payment business in Uzbekistan.
The expected yield has been reported at approximately 10% per annum, although this should not be treated as a final issuance term unless and until the definitive offering documentation confirms it.
Alif’s Islamic Finance Activities
Alif Uzbekistan is a fintech company operating across payments, instalment finance and other financial services. The company describes itself as a fintech focused on financial services and identifies Islamic finance among its areas of activity.
The company has previously undertaken Sukuk activity. In an earlier transaction, Alif’s CEO announced the completion of a USD 5 million private Sukuk placement under a broader USD 50 million programme. That transaction was structured as Sukuk Al-Mudarabah.
The proposed AIX offering would therefore represent a further development in Alif’s use of Islamic capital-market instruments.
Kazakhstan as a Capital-Market Platform
The planned transaction would also connect an Uzbek fintech company with Kazakhstan’s capital-market infrastructure.
Alif’s CEO discussed the choice of Astana during the interview, noting the availability of infrastructure for such instruments. The company is seeking to raise capital for its Uzbek operations through the AIX platform rather than describing the transaction as a domestic Uzbek Sukuk issuance.
AIX maintains a dedicated framework for Sukuk listings. Its requirements include documentation relating to the issuer, the proposed offering and Shariah compliance, including details of the Shariah Supervisory Board and an opinion concerning the Shariah compliance of the securities.
Industry Impact
The proposed Alif Sukuk highlights the growing use of Islamic capital-market instruments by fintech companies seeking funding beyond traditional financing channels.
If completed, the offering would also provide an example of an Uzbek fintech accessing Kazakhstan’s capital-market infrastructure for a Sukuk transaction aimed at supporting its operations in Uzbekistan.
For the wider Islamic finance industry, the development is relevant because it combines fintech, Sukuk and cross-border capital-market access within Central Asia.
However, the offering remains planned rather than completed. The final issuance size, definitive terms, structure and listing status should therefore be confirmed from the final transaction documentation before being reported as completed.
Source: The Astana Finance Days website independently confirms Nuriddin Lafizov as CEO of Alif Uzbekistan and a speaker at the 2026 event. And Moniq
