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IMAN Holdings has opened a $100 million capital raise to grow its artificial intelligence-driven Islamic banking platform with initial focus on GCC markets, according to an announcement posted by founder Madiyar Sultanov on LinkedIn this week. The company explicitly avoided the conventional path of adapting existing banking products with added Shariah features, instead constructing its entire system after analyzing real user behaviors around ethical wealth accumulation. IMAN’s approach integrates compliance directly into core AI decision engines from the initial design phase, a distinction the announcement positioned as central to its differentiation in the Islamic fintech sector.
Platform Development and Methodology
Development of the platform began in 2020 with research into how individuals prefer to build wealth in line with their values, IMAN reported in the statement. This behavior-first methodology produced an architecture where Shariah principles form part of the AI’s foundational logic instead of functioning as a separate compliance overlay reviewed after decisions are formed. The resulting system learns continuously from user interactions, allowing it to refine recommendations while maintaining strict adherence to Islamic finance standards without reliance on conventional templates.
Aisha: The AI Assistant
At the center of the platform sits an AI assistant called Aisha, which communicates with users through natural language conversations and adapts alongside them, the company said. Unlike systems limited to risk scoring or user classification, Aisha engages in ongoing dialogue that informs both individual guidance and broader model improvements. This interactive design supports IMAN’s goal of creating infrastructure that prioritizes user intent over product-driven workflows.
User Traction and Growth Targets
The platform has already attracted more than one million registered users and manages over $100 million in assets under management, according to IMAN’s disclosure ahead of pursuing a full Islamic banking license. Those figures were achieved while the company operated primarily from Central Asia before shifting attention to GCC expansion as the next phase of growth. IMAN has set an internal target of $250 million in assets under management by the end of 2026, the announcement stated.
Market Context
Expansion into the GCC aligns with a regional fintech market that P&S Intelligence projected to increase from $10.5 billion in 2025 to $29.8 billion by 2032 at a compound annual growth rate of 16.1 percent. The Global Islamic Fintech Report 2025/26 estimated the worldwide Islamic fintech sector at $198 billion in 2024-25 and forecast expansion to $341 billion by 2029, with GCC countries ranking among the top ecosystems due to regulatory support for Islamic finance and rising digital adoption. A separate academic analysis published by Scientific Research Publishing in 2024 highlighted AI’s growing role in automating Shariah compliance checks for greater accuracy and efficiency in monitoring transactions.
Founder Statement and Fundraising Plans
Madiyar Sultanov said in the announcement, “The question that kept us up at night was simple: why has the financial system never been designed to actually understand people especially the ones who want to build wealth ethically.” The fundraising remains open to investors and strategic partners who share the vision of ethical intelligent banking as a default option for broader populations. Proceeds will support AI infrastructure scaling, product development, and regulatory milestones including the full banking license application.
