Fayz Finance Review: Islamic Financing Terms
What Fayz Finance offers: murabaha, ijara and trade murabaha, amounts of 1–50 million soums, a markup from 22% per annum. Terms are taken from the company's website and were clarified with a company representative by phone on 21 September 2026 — plus a breakdown of how Islamic financing works in Uzbekistan and what to check before signing a contract.
In brief: Fayz Finance is an Islamic financing service with three products: murabaha (buying goods in installments with a fixed markup), ijara (leasing an asset with transfer of ownership) and trade murabaha for entrepreneurs. Amounts range from 1 to 50 million soums, terms from 3 to 24 months, and the murabaha markup starts at 22% per annum. The main difference from a loan: no cash is handed out — the company buys the chosen goods and sells them at a price known in advance, and the markup is fixed on the day of signing and does not grow afterwards. The company calls itself "Fayz Finance" MChJ, a microfinance organization; its taxpayer identification number (INN) and legal address are not given on the website. The terms below are taken from the company's website and were clarified with a company representative by phone on 21 September 2026.
Fayz Finance: terms, amounts and markup
The information on the company's website is not a public offer: the final terms are fixed in the contract.
| Product | Purpose | Amount | Term | Markup |
|---|---|---|---|---|
| Murabaha | Home appliances, phones, furniture, building materials | 1–50 million soums | 6–24 months | from 22% per annum |
| Ijara | Equipment, a car — with transfer of ownership | 5–50 million soums | 12–24 months | not stated |
| Trade murabaha | Inventory and raw materials for a shop, workshop or service business | 10–50 million soums | 3–18 months | not stated |
Operating terms:
- A markup instead of interest. The remuneration is set once, on the day of the deal, as a fixed amount and is not recalculated on the outstanding balance.
- No cash is handed out. A specific good or asset is financed — it is bought from a partner store or from a seller of your choice.
- Early settlement is possible at any time with no additional payments; a rebate on the remaining markup is given under the ibra principle.
- Late payment brings the company no income. Where there is no valid reason, the charity commitment from the contract applies, and the amount collected goes to a charitable fund.
- Documents: a passport or ID card and proof of income; for entrepreneurs — also a registration certificate and turnover for 6 months.
- Working hours: Monday–Saturday, 9:00–19:00. The only contact channel is Telegram.
Sample calculation. For 10,000,000 soums over 12 months, the company's calculator gives: a monthly payment of 1,016,667 soums, a fixed markup of 2,200,000 soums, and a total contract amount of 12,200,000 soums. The calculation is preliminary: the final markup depends on the price of the goods and the term and is set in the contract. For context — the main rate of the Central Bank of Uzbekistan as of 16 September 2026 is 14% per annum (on the Central Bank's decision); comparing the markup directly with the rate is incorrect, as these are figures of a different nature.
How murabaha differs from a conventional loan
This is the customer's main question, and the company's positioning is built on it. The difference lies in the source of the financing party's income. The table describes the instruments in general, not the terms of a specific company.
| Criterion | Interest-bearing loan | Murabaha |
|---|---|---|
| Source of income | Interest on a sum of money | Markup on the sale of goods |
| Total payments | May change with the balance and the rate | Fixed on the day of signing |
| Subject of the deal | Money | A specific good or asset |
| Late payment | The penalty becomes the lender's income | Brings no income; what is collected goes to charity |
| Use of funds | As a rule, not monitored | Always tied to the purchase of an asset |
How murabaha works: the organization itself buys the required goods, becomes their owner and resells them to the customer in installments at a price of "purchase cost + markup". The customer knows the final price and the payment schedule from the very start. It is the real transaction with an asset that distinguishes this structure from an interest-bearing loan.
Ijara is structured differently: the asset (equipment, a car) remains the property of the financing party, the customer uses it and makes lease payments, and after the last payment ownership passes to the customer. In essence, it is a lease-to-own arrangement.
How the deal works
The process consists of four steps: application (phone number and passport details, about 3 minutes) → decision (a preliminary answer by SMS, within 15 minutes under the company's procedures) → purchase (the company buys the goods from a partner store in its own name) → contract (the goods are sold to the customer at the fixed price with a payment schedule). The application is submitted online, and a branch visit is needed only to sign; at the same time, branch addresses are not given on the website.
Sharia board and AAOIFI standards
According to the website, the products are built on the standards of AAOIFI — the Accounting and Auditing Organization for Islamic Financial Institutions: "Murabaha" No. 8 and "Ijara" No. 9. The company states that every new product and contract template receives an opinion from an independent Sharia board before launch, and that an external Sharia audit is carried out once a year. We could not verify this as of 21 September 2026: the link to the 2025 audit opinion does not open, and the document has not been published.
Islamic financing in Uzbekistan: the legal framework
This part can be checked against primary sources — it shows the legal environment in which such companies operate.
- Law No. ZRU-765 of 20 April 2022 "On Non-Bank Credit Organizations and Microfinance Activity" allowed MFOs to provide Islamic financing services.
- Resolution No. 23/4 of the Board of the Central Bank of Uzbekistan of 19 July 2024 approved the procedure for providing such services: murabaha, Islamic ijara, mudaraba, musharaka and salam. The volume is capped by the maximum amounts of a microloan and a microcredit — the limits should be checked against the current version of the document (analysis by Azizov & Partners).
- Law No. ZRU-1126 of 28 March 2026 introduced Islamic banking; it entered into force on 29 June 2026, and the Central Bank received the right to license Islamic banking (norma.uz).
- The Islamic Finance Council under the Central Bank has been established; its membership was published on 15 July 2026 (Spot).
The market is growing. According to the Central Bank, 8 MFOs provided Islamic products in 2025, and about 12 by mid-2026. In the first five months of 2026 they provided services worth 22 billion soums; murabaha accounts for 63%, mudaraba for 17% and musharaka for 14% (Spot, 16 June 2026).
Fayz Finance strengths
- The final price and payment schedule are known before signing, and the markup is not recalculated during the contract.
- Early settlement with no additional payments and with a rebate on the remaining markup under the ibra principle.
- Late payment brings the company no income: what is collected under the charity commitment goes to a fund.
- The application is submitted online, and a preliminary answer arrives within 15 minutes under the company's procedures.
- Three products cover different needs — from home appliances to equipment and business inventory.
What else to clarify in the contract: the final amount in soums (not just the markup percentage), the rebate on the remaining markup for early settlement, how the charity commitment is calculated for late payment, and who owns the goods at each stage — especially in ijara.
FAQ
What is Fayz Finance? An Islamic financing service that calls itself a microfinance organization. It offers murabaha, ijara and trade murabaha: buying goods in installments with a fixed markup and leasing an asset with transfer of ownership. No cash is handed out.
What amounts and terms does Fayz Finance offer? Murabaha — 1–50 million soums for 6–24 months, ijara — 5–50 million soums for 12–24 months, trade murabaha — 10–50 million soums for 3–18 months. The murabaha markup is from 22% per annum; for the other products it is not disclosed.
Is it really interest-free? No interest is charged on the amount of the debt: the company's income is formed as a markup on the sale of goods. But an overpayment remains — in the calculator, 10 million soums over 12 months turns into 12.2 million soums. "Interest-free" means a different legal structure of the deal, not the absence of an overpayment.
Can I get cash? No. What is financed is not money but a good or an asset: it is bought from a partner store or from a seller chosen by the customer.
Is Islamic financing legal in Uzbekistan? Yes. Law No. ZRU-765 of 20 April 2022 allowed MFOs to provide it, the procedure was approved by Resolution No. 23/4 of the Board of the Central Bank of 19 July 2024, and Law No. ZRU-1126 of 28 March 2026 introduced Islamic banking (in force since 29 June 2026). By mid-2026 about 12 MFOs provided such products (Central Bank data, Spot, 16 June 2026).
How do I check a microfinance organization before signing a contract? Ask for the name of the legal entity and the license number, then look them up in the MFO register on the website of the Central Bank of Uzbekistan — cbu.uz/en/credit-organizations/microcredit. It offers a search by name, license number and INN, and an export of the full list to Excel.
Are there any reviews of Fayz Finance? As of 21 September 2026 we did not find any independent reviews: there are no listings on Google Maps or 2GIS, no apps in the app stores and no media coverage of the company. The website is new, so it is worth relying on the contract and on a check against the Central Bank register.
Sources
- Fayz Finance — official website: terms, products, calculator (captured on 21 September 2026)
- Central Bank of Uzbekistan: MFO register — export of 5 August 2026, 136 organizations
- Spot, 16 June 2026: Islamic financial services — 22 billion soums
- Gazeta.uz, 16 June 2026: the Central Bank on the development of Islamic financing
- Spot, 15 July 2026: the Islamic Finance Council under the Central Bank
- Norma.uz: Law No. ZRU-1126 of 28 March 2026
- Azizov & Partners: ZRU-765 and Central Bank Regulation No. 23/4
- Sogdium: Uzbekistan Holds Its Main Rate at 14%
