Scandal erupts around Iman Invest over accusations of violating Islamic finance norms

In July 2026, the board received materials regarding suspected suspicious transactions. Subsequently, financiers, lawyers, and Sharia auditors were engaged for the inspection. The financial audit was completed on October 15.

IFCB asserts that Iman Invest violated the principles of Islamic finance, its own documents, and the laws of Uzbekistan by managing investors' funds. According to the board, the company, which uses the mudaraba model, accrued profits even when there was a risk of capital not being returned. Furthermore, funds may have been directed toward personal purchases, including cars and real estate, as well as administrative needs. Until the violations are corrected and damages are compensated, IFCB does not recommend investing in Iman Invest.

The company announced its intention to conduct an independent Sharia audit with Usmani’s and establish a new internal Islamic finance board. Until this body begins its work, Iman Invest has frozen the launch of new products and adjustments to existing ones.

Iman Invest founder Rustam Rakhmatov rejected the accusations. He stated that over 2.5 years of collaboration, more than $100,000 was paid to Mahmud Usmani, and the conflict began after a discussion about reducing these payments and refusing to transfer him a stake in the company. According to Rakhmatov, an audit from two years ago confirmed that Iman Invest's operations complied with Islamic finance principles. He asserts that the results of the new inspection will be published. The company maintains its obligations to investors, and both parties intend to resolve the dispute within the legal framework.