Imali Raises $20M Series A for Islamic Fintech Expansion
Alexander Shlimakov specializes in Salesforce, Tableau, Mulesoft, and Slack consulting for enterprise clients across the CIS region. With a proven track record in technical sales leadership and a results-oriented approach, he focuses on the financial services, high-tech, and pharma/CPG segments. Known for his out-of-the-box thinking and strong presentation skills, he brings extensive experience in solution sales and business development.
Imali raises $20M Series A to expand its Sharia-compliant saving, investing, and lending platform to 300M+ Muslims globally.
Almaty-based Imali raises $20M Series A for Islamic fintech expansion, a landmark deal to scale its Sharia-compliant mobile platform. The 11 April funding round, led by Wa'ed Ventures, the venture arm of Saudi Aramco, will accelerate the rollout of Imali's app across key markets like Kazakhstan, Uzbekistan, and Indonesia. The platform offers users Sharia-compliant savings, halal investments, and zero-interest loans. With this new capital, Imali will also introduce a smart investing service and specialized financing tools for farmers, aiming to make Islamic banking more accessible globally.
What is Imali and how does its Islamic fintech app work?
Imali is a financial technology company offering a mobile app for Islamic finance. The platform provides users with services like halal micro-investments and qard-hassan zero-interest loans. It ensures all transactions are Sharia-compliant through an AAOIFI-certified engine, offering a transparent alternative to conventional banking.
Imali's platform is built on two foundational services: halal micro-investments, which screen out interest-bearing instruments and companies involved in prohibited sectors like alcohol or gambling, and qard-hassan micro-loans, which are offered at zero interest. Every transaction is processed through an AAOIFI-certified profit-calculation engine - the same technology behind the leading Islamic core-banking suite, iMAL. This architecture provides real-time pooling, automated mudarabah profit-sharing, and verifiable sharia-audit trails for unparalleled transparency.
| Feature | Conventional fintech | Imali |
|---|---|---|
| Revenue model | Interest & late fees | Service fee on maturity (no riba) |
| Investment universe | All securities | Sharia-screened sukuk, equities, commodities |
| Compliance | Add-on | By design, AAOIFI-certified |
| Default penalty | Compounding interest | Charity-based penalty paid to a welfare fund |
"The next wave of Islamic fintech will be judged not by how fancy the UI is, but by whether the underlying cash flows can withstand a sharia audit in 30 years."
- market insight shared at the 2025 Salaam Gateway Forum
The $20 million investment will be strategically allocated across three key areas. For Product Development, Imali will launch a Musaqat agricultural financing module and a Wakalah robo-advisor with a minimum investment threshold of just USD 5. In terms of Geographic Expansion, the company will pursue licenses in Kazakhstan, Uzbekistan, and Indonesia, targeting a combined Muslim population of over 300 million. Finally, Imali will build Strategic Partnerships by offering white-label APIs to banks seeking to establish Islamic windows without overhauling their core infrastructure.
Imali's funding is part of a broader investment trend in Islamic finance. Wa'ed Ventures' commitment follows Aramco's decision to increase its venture fund to $7 billion and its previous investment in halal robo-advisor Wahed. This focus aligns with market growth, as total sharia-compliant assets, which reached $4.93 trillion in 2023, are projected to hit $7.53 trillion by 2028, according to the latest sector snapshot.
Kazakhstan provides a fertile ground for Imali's growth. The country offers a supportive regulatory "sandbox," with tax incentives through Astana Hub residency and a central bank "Fintech Road-map" that actively encourages AAOIFI-certified banking solutions. Furthermore, with 86% of SME credit demand in Kazakhstan currently met by informal lenders, there is a significant market opportunity for a transparent, riba-free alternative like Imali.
With regulators from Jakarta to Tashkent clearing the runway, Imali's war-chest could be the catalyst that moves Islamic neobanking from a niche play to a mainstream revenue line.
Imali's app is currently available in beta on Google Play and the App Store. A full public launch across Central Asia is scheduled for Q3 2025, marking the next step in its mission to redefine Islamic finance for a global audience.