IFCB cuts ties with IMAN Invest, company disputes claims

Board members Mahmud Usmon, an Islamic finance specialist, and Khusain Radjabov, a lawyer, announced the break in a video message on October 25. According to them, the review began in July 2026 after receiving documents regarding transactions the board deemed suspicious, with the results of the financial analysis received on October 15. The IFCB claims that the company's management spent investors' funds on expensive cars, housing, salaries, events, and marketing, and distributed profits when part of the capital might not be returned. Initially, the board spoke of a shortfall of several million dollars; later, Kursiv reported Usmon as saying that financial specialists estimated it at around $20 million out of a portfolio of about $70 million.

The board advises against investing in the company until the violations are remedied and the damage is compensated. The IFCB is not a state regulator and is not affiliated with the Islamic Finance Council under the Central Bank.

Rakhmatov stated that over approximately two and a half years, the consultant received more than $100,000, and the dispute began after a decision to reduce payments and a refusal to hand over a large stake in IMAN Holding. Usmon called this slander and said he intended to go to court. According to Rakhmatov, the company has started a review with a new international auditing organization, with results expected in about a month. A statement by IMAN Invest said that the launch of new products has been suspended until the new internal board begins its work.

On October 26, Usmon made documents public, including a transfer of $128,000 dated April 10, 2026, which, according to the document, went toward a Mercedes-Benz S500 for Rakhmatov. The conclusions of an independent audit and assessments by state authorities have not yet been published.