# Alif Bank

Alif Bank (full name Alif Bank Open Joint Stock Company, Tajik: Ҷамъияти саҳомии кушодаи “Алиф Бонк”; former name MDO Alif Capital) is a commercial bank and fintech company in Tajikistan. The bank is headquartered in Dushanbe and has three branches and 14 service centers in various cities of Tajikistan.

## History

After several years of studying and working abroad, Abdullo Kurbanov, Zuhursho Rahmatulloev, and Firdavs Mirzoev founded Alif in Tajikistan in 2014. According to the company's website, it initially started with three people, offering microloans to the public.
On 19 December 2019, MDO Alif Capital LLC was transformed into Alif Bank OJSC then, by the decision of the Board of the National Bank of Tajikistan dated 3 January 2020, under No. 1, Alif Bank OJSC was granted a License to conduct banking operations in national and foreign currencies.

## Timeline

2014
* April 29 — Alif Capital was founded and signed a car loan agreement with its first client.
2015
* October 7 — The first Customer Relationship Management (CRM) software was designed, which was later launched in 2016.
2016
* March 14 — Alif Capital was granted a banking license, enabling it to open savings accounts and conduct financial transactions domestically and internationally.
* April 1 — The first savings account was opened.
2017
* January 1 — Alif launched core banking system, developed by its in-house programming team.
* March 17 — Joined the National Payment System Korti milli and began issuing its payment cards.
* June 3 — Alif Shop, one of the first marketplaces in Tajikistan offering purchases by installments, was launched.
* August 1 — Alif Academy was established, offering free programming courses to promote IT development in Tajikistan.
* October 16 — Alif Capital opened its first banking service center in Khujand.
* November 4 — Alif launched its first online acquiring platform, Alif Pay, enabling cardholders of the National Payment System Korti milli to make online transactions.Alif launched its first online acquiring platform, Alif Pay, allowing Korti milli cardholders to make online payments.
2018
* January 6 — Alif Mobi, a mobile wallet, was launched.
* January 29 — Alif Capital joined the international money transfer system.
* August 20 — Alif launched the Salom installment card, which allows customers to purchase goods and services online and offline.
* October 26 — Alif Online’s website was developed with a personal account feature for tracking operations and services used.
2019
* Khofiz Shakhidi acquired 25% of Alif Bank's shares and became the chairman of the supervisory board.
2020
* January 3 — Alif Capital received a banking license under No. 0000114 from the National Bank of Tajikistan and became Alif Bank.
* June — The Italian rating agency MicroFinanza Rating confirmed Alif Bank's operational capacity and assigned it a BBB/Stable financial rating.
* July 7 — Alif Bank and Visa became strategic partners to develop the digital payment ecosystem in Tajikistan.
2021
* August 13 — Alif Business Internet banking passed an information security test (pentest) from the Swiss company ImmuniWeb.
2022
* November 2 — Gulanor Atobek was appointed as the new CEO of Alif Bank.
2023
* Alif received three licenses for operations in the securities market, thereby broadening its range of services.
* Alif Bank established investment agreements with Mashreq Bank (UAE) and Aktif Bank (Turkiye).
* In September, Alif received an α- Medium rating from the Italian rating agency MicroFinanza Rating.
2024
* Alif Mobi passed cybersecurity tests by the international company Snapsec (UK), reaffirming Alif's commitment to digital security.
* Alif Bank and Mastercard signed an agreement to expand cashless payments in Tajikistan, launching Mastercard issuance.
* Celebrated its 10th anniversary, reflecting on a decade of achievements and growth.
* Alif Bank and Visa introduced Google Pay services in Tajikistan for the first time, advancing digital payment options.

## Management

* The Chairman of Alif Bank OJSC is Gulanor Atobek.
* The deputy chairman is Daler Karimov.

## Shareholders

The sole shareholder of Alif Bank OJSC is Alif Capital Holdings Limited, a legal entity established under the laws of the United Kingdom. As of December 5, 2024, the paid-up authorized capital of Alif Bank OJSC amounts to 153,600,000 somoni.

## Issues

On 20 June 2020, the National Bank of Tajikistan imposed a fine of 500,000 somoni on Alif Bank due to shortcomings in its personnel policy. Abdullo Kurbanov emphasized the bank's "transparency in operations" and its "responsibility to society".
In 2021, the Tax Committee under the Government of the Republic of Tajikistan demanded additional tax payments from Alif Bank amounting to approximately 1.6 million somoni (including fines) for the year 2019. As a result of legal proceedings, the bank was required to pay the specified amount.

## Awards and Recognitions

2020
* Winner in the categories Fastest Growing Retail Bank in Tajikistan 2020 and Best Digital Wallet 2020 by Global Banking & Finance.
2021
* Alif Bank received the ICD's Global Finnovation Award 2020 for its Alif Mobi app and Salom installment card at the annual meeting of the Islamic Development Bank Group.
2022
* Received the GENStarters Award 2022 at the annual Global Entrepreneurship Network award event in Riyadh, Saudi Arabia.
2023
* Alif Shop became the only marketplace from the CIS to be included in the top 100 of EWC 2022 out of 30,000 startups.
* The Golden Award “Brand of the Year-2022” in the nomination Banking Financial Organizations.
2024
* Winner of Global Islamic Finance Awards 2024 in the category Islamic Debit Card Of The Year by The Digital Banker.
* Alif Bank received awards for Best Fintech Project and Best Marketplace in Tajikistan.
* Banks portal