The startup provides halal car finance services by offering long-term funding solutions that facilitate the purchase and rental of vehicles from trusted UK dealers. This enables clients to access financing options that comply with Islamic principles, addressing the need for ethical financial assistance in the automotive sector.
Funding
$3.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many UK-based drivers, particularly those in the private hire and PCO (Public Carriage Office) sectors, face challenges in accessing car financing options that align with Islamic finance principles. Traditional financing methods often involve interest (riba), which is prohibited in Islam, leaving a gap in the market for Sharia-compliant alternatives.
Solution
Ayan provides Sharia-compliant vehicle financing solutions, enabling UK-based PHV, PCO, and business drivers to acquire vehicles through an ethical, transparent, and fair rent-to-buy (Ijara wa Iqtina) model. Ayan purchases the vehicle chosen by the client from any UK dealer and rents it to them. Clients make weekly payments, building equity towards ownership, with the option to purchase the vehicle outright at any time by paying the outstanding balance without penalties or hidden fees. Ayan's model is certified by Alhamd Shariah Advisory, ensuring adherence to Islamic finance principles, and offers flexible payment plans that adapt to the client's financial situation.
Target Audience
The primary target audience includes private hire vehicle (PHV) and PCO drivers, chauffeurs, and small to medium-sized enterprises (SMEs) in the UK seeking Sharia-compliant vehicle financing solutions for business purposes.
Features
- 100% Sharia-compliant financing model certified by Alhamd Shariah Advisory
- Rent-to-buy (Ijara wa Iqtina) structure with no riba (interest)
- Flexible weekly payments that build equity towards vehicle ownership
- Option to purchase the vehicle at any time by paying the outstanding balance
- No penalties for late payments or hidden fees
- Access to a wide selection of vehicles from any reputable UK dealer
- Transparent pricing with clear visibility of revenue, insurance, and warranty costs
- Potential eligibility for Uber EV Grant
- No mileage limits
- V5 form in the client's name
- Ayan Pay, offering 0% finance for car repairs and home improvements (unregulated BNPL)