In recent days, financial issues related to the activities of IMAN Holding, in particular, claims about a loss of $20 million, have caused public discussion. Now the company has responded to these objections through an official statement, stating that it is incorrect to evaluate the presented amounts as «real damage or shortage».
According to the company, in July 2026, at its initiative, a regular audit was conducted with the participation of representatives of a consulting company. As a result of the audit, certain shortcomings were identified, and an Audit Commission was established to eliminate them.
IMAN Holding itself admits that some of the practices shown in the audit were not correct. According to the company's position, these decisions were made on the basis of the offer in force at that time, and it was found out after the audit that some of them were not acceptable from the point of view of Sharia.
Where did the $20 million come from?
The materials published by «IFCB» LLC present several financial indicators related to IMAN's activities.
In particular, problem loans in the BNPL portfolio — $9.5 million, the management company's debt to the fund — $2.97 million, as well as future income in the amount of 140 billion soms provided for in trade were mentioned.
IMAN Holding, in turn, does not agree with combining these amounts into one place and drawing the conclusion that «$20 million of real damage was caused».
According to the company, part of these figures relates to NPLs, i.e. problem loans, part to debt relations between the fund and the management company, and another part to income expected to be received in the future.
What are the figures regarding NPL?
The objection of «IFCB» noted that as of May 31, 2026, there were $9.5 million of non-performing problem loans in the BNPL portfolio.
IMAN emphasizes that here it is necessary to distinguish between overdue loans and NPL indicators.
According to the company's information, as of May 31, 2026, the NPL was 58.79 billion soms. This is equal to 9.5 percent of the 618.41 billion som portfolio.
As of October 1, the company stated that the amount of NPL was 71.65 billion soms, and the portfolio volume was 1,105.78 billion soms, as a result of which the share of NPL dropped to 6.5 percent.
At the same time, it is stated that an ECL reserve of 31.91 billion soms was formed to cover risks.
The $2.97 million debt was also acknowledged
Another issue raised in the audit is the management company's $2.97 million interest-free debt to the fund.
«IFCB» criticized the fact that these funds were used to finance the operating expenses of the management company at the expense of fund assets.
IMAN states that this practice was a business decision made on the basis of a public offer valid during that period. The company's statement notes that the fact that this practice was not correct from the point of view of Sharia was revealed as a result of the audit and was stopped in July.
According to the company's announcement, the existing debt will be fully repaid to the fund within six months starting from November.
The issue of cars related to the leader
Among the objections, there are also two car transactions related to the company's founder Rustam Rakhmatov.
In the first case, we are talking about a Mercedes-Benz S500. «IFCB» stated that $128 thousand was transferred from fund assets for this car, and the funds went to the bank account of «FOUNDERS TRUST 1» LLC, which was related to an employee of the company.
IMAN explained this operation as having been carried out on the basis of the offer valid at that time. However, after the representatives of the advisory board stated that such a structure was not correct, the deal was reconsidered.
According to the company's information, the car was sold on August 12, 2026, and the purchase amount and rental payments for the period of use were fully returned to the fund.
The company also states that the relevant offer clause that allowed preferential financing for management company employees has been removed.
Debt regarding BYD Champion has also been paid
Another case relates to the BYD Champion car.
The document of the Audit Commission notes that Rustam Rakhmatov purchased the car on December 1, 2023 on the basis of a 36-month installment payment, and later payments stopped.
According to the commission's information, at the time of the inspection, the overdue debt was 306.5 million soms, and the total debt until the expiration of the contract was 366.94 million soms.
IMAN Holding announced that this amount was fully covered after the audit.
According to the document provided by the company, on July 31, 2026, 366.94 million soms were directly transferred to the bank account of «KT IMAN Halal Investments» and the contract was closed.
Was income recognized before being received?
Another part of the objections relates to the practice of recognizing income and calculating dividends to investors in the company.
«IFCB» criticized the recognition of income and calculation of dividends at the expense of funds not yet actually received on BNPL transactions.
IMAN announced that starting from July, it has transitioned to IFRS — international financial reporting standards.
According to the figures provided by the company, 285,952 contracts have been signed to date, of which 195,061 are active.
It was reported that the installment trade portfolio is 1.105 trillion soms, and the investor portfolio is 965.02 billion soms. The company explains the difference of 140.75 billion soms between these two indicators as income expected to be received in the future.
The error in the IRR reserve was also acknowledged
Another important situation was openly acknowledged in the company's statement.
In May and June 2026, allocations to the IRR reserve were higher than the 5 percent limit specified in the contract. In the «IFCB» information, it was stated that approximately 23 percent in May and nearly 50 percent in June of income was directed to the reserve.
IMAN evaluated this situation as an error made by an employee. According to the company, employment relations with this employee were terminated at the beginning of August.
Starting from July, allocations to the IRR reserve were returned to the 5 percent contract limit.
There are also changes in the matter of expenses
The audit also criticized the use of fund assets for management expenses.
According to IMAN's explanation, previously there was a practice of classifying certain sales, marketing, IT, scoring, and other expenses as expenses related to the fund.
After the audit, work began on clearly separating expenses into the direct expenses of the fund and the expenses of the management company.
The company planned to correct this process within three months.
What happens now?
A number of future measures were also announced in the IMAN Holding statement.
The company plans to:
— hand over management to experienced specialists;
— establish a Sharia Board consisting of three scholars;
— conduct an external Sharia audit;
— attract independent financial auditors;
— fully publish the results at the end of the audit;
— fully register the composition of shareholders in the holding and investors who entered on the basis of SAFE agreements.
The company also announced that the practice of lending fund assets to the management company and covering certain management expenses at the expense of the fund has been stopped.
Conclusion
Current situation regarding the issues identified in July:
In July, finance and accounting were transitioned to international standards, and future expected profits in the amount of 140 billion soms were identified.
In October, 3% transactions between companies were guaranteed through Holding shares.
During July and August, 2 car rental agreements were fully closed based on a Sharia conclusion that it is not permissible for a business owner from the point of view of Islamic finance, and the funds along with rental payments were returned to the fund.
In July, the practice of lending fund assets to the management company and covering management expenses at the expense of the fund was stopped.
In July, allocations to the IRR reserve were returned to the contract scope.
Next steps:
Rustam Rakhmatov announces that management will be handed over to experienced specialists and continues his activity as a member of the Supervisory Board. The chairman and members of the Supervisory Board will be announced in the coming days.
The company made a decision to establish a Sharia Board consisting of 3 scholars. In addition, it signed an agreement with the international auditing company Usmani's and began conducting an external Sharia audit. Work is also underway to attract international independent financial auditors. After the audit is completed, the results will be fully published.
A decision was made to fully register the composition of shareholders in the holding and investors who entered on the basis of SAFE agreements, and it will be implemented within 1 month.
The objections presented in the material are based on documents published by «IFCB» LLC, and the responses are based on the official statement of IMAN Holding. The final legal and financial evaluation depends on the conclusion of an authorized audit or relevant bodies.
