In the latest episode of the TajTech podcast, we spoke with Abdullo Kurbonov, a prominent Tajik businessman who co-founded Alif Bank and is now leading a new ambitious financial venture in the UK, Ayan Capital.  The project has already attracted around £25 million in investments and is taking its first steps on the British market.

But Kurbonov’s entrepreneurial journey began in a very different direction—one that almost led him to a career in medicine.

 

From white coat to numbers

Abdullo was born into a family of doctors.  His parents, brother, sister, and even his wife are all medical professionals. He initially enrolled in Tajikistan's Medical University but only stayed for a week. Shortly after, he received an invitation from Bosphorus University in Turkey and decided to take the opportunity.

Kurbonov initially chose to study chemistry education, later switching to mathematics, then economics, and management. During his studies, he was on a quest to find a field where he could return to Tajikistan and make a real difference.

 

Switzerland, Mongolia, and the path home

While studying and working abroad, Kurbonov visited various countries, including Mongolia, where he gained experience in the mining sector, which he considered especially promising for Tajikistan.

“I often thought, what would bring me joy in the final days of my life? Income? A successful career abroad? No. What mattered was doing something useful. That thought led me to return home,” he says.

In 2012, he returned to Dushanbe, marking the beginning of a new chapter in his life.

 

The birth of Alif Bank

The idea for Alif Bank, according to Kurbonov, stemmed from a simple yet frustrating daily inconvenience: the need to visit a bank branch in person to pay bills.

“People were often required to physically go to a bank or cashier to pay bills, even though modern technology could save them time,” he recalls. Together with friends Firdavs and Zuhursho, they decided to create a service that would make life easier. In 2014, Alif Bank was born.

Since then, more than a decade has passed. Today, Alif employs around 1,400 people and operates in three countries: Tajikistan, Uzbekistan, and Pakistan. Kurbonov believes this is just the beginning.

“Now it’s time for Alif to think big. We want to create something global, something that will benefit people for centuries,” he says.

 

From failures to success

Kurbonov is quick to acknowledge that success in business doesn’t come overnight. Before launching Alif Bank, he and his team tried launching around 13 different projects in Tajikistan, with varying degrees of success.

“Not all of them survived. Some projects failed due to a lack of focus, others due to a lack of a favorable environment or timing,” he reflects. One example was a project called Maskan—an online platform for finding housing, which failed due to a lack of a stable legal framework to protect both sides of the transaction, unlike in other countries.

Kurbonov also recalls the project Shaftolu.tj, a universal marketplace. Despite the initial ambitions, the team failed to focus on it fully.

“None of us could give the project our full attention, because we had other ventures. Business requires full commitment, otherwise it won’t work,” he shares.

Over time, he realized that mistakes are part of the growth process. The key is not to fear failure but to learn from it.

“Now I know that about 95% of projects don’t last past five years, and that’s normal. Every project teaches you something. One of the main lessons is that a project can’t be 'half-hearted.' If you want it to survive, you have to give it everything,” says Kurbonov.

The hardest mistakes, he admits, are those made in hiring decisions. That’s why Alif Bank is very careful when selecting new team members. Potential employees go through several rounds of interviews, internships, and exams.

“It always upsets me when we can’t make it work with someone. Sometimes, I can’t sleep at night, thinking about how to improve things,” he admits.

For the team, it’s especially important to hire not just professionals but people who share the company’s values. According to Kurbonov, the team is the most valuable asset of any project.

 

Islamic banking: not just marketing

Although Alif Bank doesn’t have an official Islamic banking license, the company strives to operate according to Islamic principles. Kurbonov stresses that this isn’t a strategy or a marketing tool, nor does Alif Bank highlight it in their communications.

“We simply believe there are areas with which we shouldn’t engage, even if it’s difficult or limits our possibilities. By the way, most clients come to Alif not because of these principles, but because of the quality of our services,” he explains.

 

Transparency and taxes

Kurbonov believes that business transparency in Tajikistan is not just about corporate culture—it’s a result of the favorable conditions created by the state. The financial sector, he argues, has been in a more advantageous position compared to other industries, allowing fintech to thrive.

“Why is the financial sector in Tajikistan developing relatively successfully? First, because the National Bank is performing its functions well. Second, there is no VAT in this sector,” he explains.

However, he points out that tax burdens remain too high, which stifles private enterprise and often drives businesses into the shadow economy.

“For example, last year we paid $5 million in taxes in Tajikistan and $10 million in Uzbekistan. But it’s in Uzbekistan where our team was able to offer more services. It may seem paradoxical, but it’s actually an economic law: the lower the tax rate, the faster business develops, and the more taxes ultimately come in,” he says.

Kurbonov advocates for a general reduction in tax burden and the creation of a more transparent and stable legal framework, especially in emerging sectors.

“Lower tax rates encourage business growth and honesty, leading to greater tax contributions in the long run,” he concludes.

 

Ayan Capital: a new chapter

Ayan Capital, a new project from the founders of Alif, is registered in the UK. The teams working on it are based in both London and Dushanbe, many of them former Alif employees.

“There were different opinions among the shareholders and team members of Alif—some wanted to improve existing projects, while others wanted to enter the global market. We agreed that those who wanted to try something new should do it separately. That’s how Ayan Capital was born,” Kurbonov explains.

 

Competition is good

Kurbonov is a strong believer in the importance of healthy competition. He sees it as a key driver of market development and progress. It motivates companies to innovate, improve their services, and better understand their clients.

“Competition is like school. If the best student in the class doesn’t have any peers, they eventually get bored and lose motivation. But when there’s someone on par with them, real growth and development begin,” he says.

Inside the company, Kurbonov places great importance on creating values and a culture that bind the team together and make it stronger. One of the key tools for achieving this is sharing ownership through stock allocation. Today, more than 500 people at Alif Bank are co-owners of the company.

“I believe that this culture of involvement and collective responsibility is what helps the company not only succeed but also set a high standard for the industry,” he says.

 

The philosophy of success

For Kurbonov, the philosophy of his team is more important than any business strategy. He believes success begins not with an idea, a market, or even a plan—but with the people behind the project.

“I always start any new project by gathering the right people on the ‘bus,’ and then figuring out where to go,” he explains. “Your life’s path can change. Today, you may be heading one way, tomorrow another. But if you’re surrounded by people with similar values, you can accomplish anything.”

 

The main challenges

When asked about the main challenges for the future of the financial industry in Tajikistan, Kurbonov responds without hesitation: the lack of unity—both within the region and globally.

“Many global challenges require collaboration—whether it’s on cryptocurrencies or the environment. If we don’t learn to tackle these issues together, it will only get harder,” he says.

He believes that without coordinated dialogue and efforts between Central Asian countries, real progress is impossible. That’s why he sees great potential in creating intergovernmental mechanisms—such as educational programs and tax harmonization—that would help build trust and cooperation within the region.

“We’ve already started this journey. For example, today, Tajik company Alif can operate in Uzbekistan without any obstacles. This has become possible thanks to improved relations and growing trust between the two countries,” he says.

He also emphasizes the importance of educational programs that foster mutual understanding and cooperation from an early age.

“We need to introduce friendship programs between countries in the region, so that children grow up seeing each other as friends. It’s not about forgetting your roots, language, or history. It’s about looking to the future and raising a generation that will solve problems at the negotiation table, not through conflict,” he concludes.

 

Final advice

For those just starting out in business, Kurbonov advises reading more and listening to the stories of successful entrepreneurs to strengthen theoretical knowledge and learn from others’ mistakes. He stresses the importance of giving honest feedback and keeping calm, remembering that both failures and successes are temporary.