Ethica Institute of Islamic Finance Graduate Launches First Islamic Microfinance Institution in Tajikistan

Ethica Institute's CIFE graduate uses knowledge of Islamic finance products to launch Alif Capital, Tajikistan's first Islamic microfinance institution.

Dubai, UAE, October 28, 2014

When Abdullo Kurbanov graduated from Ethica's Certified Islamic Finance Executive (CIFE) program, he had a choice: work for an Islamic bank or create something entirely new. He decided to chart his own course.

"I had interest in Islamic finance for a long time, however I had no formal, comprehensive training on the subject. Looking for online material, I found that Ethica provided a 7 day free Islamic finance course. I took the course and was happy with the quality, so decided to enroll for the full course. Having a formal qualification from Ethica provided not only the understanding of the subject required for competent and compliant operations of the company, but it also provided the necessary confidence to establish the company in the first place," said Kurbanov.

The result?

Alif Capital is now the first Islamic microfinance institution in Tajikistan. The company focuses on financing small and medium enterprises and within the first months of its launch Alif Capital grew into one of the top ten microcredit organisations in the country earning current investors upwards of 15% using Mudarabah-based investments. The management's background includes investment banking experience at UBS and Goldman Sachs in the UK.

"We wish Alif Capital every success. Entrepreneurs are the silver lining of the global financial crisis and we are delighted to see the first generation of Ethica's post financial crisis graduates set their sights beyond the traditional career track of applying to an Islamic bank. Many wish to change the world as entrepreneurs and for this they must be applauded," said Ethica's spokesperson.


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