IMAN Invest Controversy: A Shortfall or Disagreements Over Payments?

The Islamic finance advisory board IFCB has ended its cooperation with IMAN Invest, citing a multimillion-dollar shortfall at the company. The company’s management has rejected the allegations and announced the launch of an independent Sharia audit.

According to Mahmud Usmon, an IFCB representative, an investigation found that, as of May 31, 2026, the company owed $2.97 million to its management organization, while potentially unrecoverable non-performing loans amounted to $9.5 million. It was also alleged that investors’ funds had been spent on vehicle purchases and other expenses. Mahmud Usmon claimed that the company was currently unable to return all investors’ money. He said he would substantiate these claims with documents.

Rustam Rahmatov, head of IMAN Invest, said the disagreement began over the issue of reducing the fee paid for cooperation. According to him, Mahmud Usmon had also demanded a stake in the company. Mahmud Usmon denied this allegation. The company announced that it had launched an independent Sharia audit and would publish the results regardless of the outcome. The launch of new products has also been suspended until the audit is completed.

No final conclusions have been reached regarding the dispute. The key question for investors is how well their funds are protected and whether they will be able to recover their money. Investors are therefore advised to retain their contracts, payment receipts, and account balance information available in the app.