Alif Capital

Zuhursho and his co-founders did not set out to start ‘another micro-credit company’ in 2014, but a commercial initiative with a social orientation. Fundamental to this was sharia compliance to make a financial institution that was inclusive of the majority Muslim population in Tajikistan. They created investment rules that adhered to the values of Islam, and the nuances of religious views on interest payments. This allows them to provide high-quality and importantly ‘ethical’ financial solutions for small and medium-sized businesses.

From 2014 to 2019, the company offered its first loan, built a CRM system from scratch, secured its banking license in Tajikistan, expanded to Uzbekistan, launched an online retail platform, developed a tech talent training programme, and much more. This rapid growth has allowed Alif’s portfolio of companies to generate revenue according to its core ethical principles. Between Uzbekistan and Tajikistan, more than 700,000 people have had access to financing as a result of their services. One particular demographic that has benefited is migrant workers based in Russia, who are able to easily direct funds back to their households in Uzbekistan or Tajikistan.

Fundamental to the ethicality of this micro-credit service is the lack of penalty fees which are prohibited according to the company’s Sharia compliance. To prevent ‘shark loan’ traps, all prices are fixed regardless of whether a person does not fulfil their payments on time. This would normally be the main source of income in the industry, but while there is a charge to promote reasonable repayment, any proceeds are directed into a charitable foundation, Peshraft. The organisation also directly supports the Alif Academy, a non-profit school of IT professionals that helps people of all ages learn programming and access employment opportunities.

"One Young World selected me to represent my home country and travel all the way to Ottawa to take part in the Summit in 2016. This level and quality of organisation and diversity of minds, set high standards for me personally and professionally. I was not just impressed, it was simply mind-blowing. I was exposed to extraordinary people and ideas, common challenges and opportunities in the contemporary world. It forced me to think and act outside of my domain of responsibilities and national borders."