Finance Egyptian fintech Bokra arranges $60m sukuk By Chris Hamill-Stewart May 6, 2025, 10:34 AM Alamy via Reuters Shops in the souk in Aswan, Egypt. Bokra aims to help finance credit for the country's SMEs Help for SMEs to finance credit Fractional investment platform Bokra earned license last year Egyptian financial technology startup Bokra and Aman Holding have arranged a near $60 million bond to help finance credit to small- and medium-sized enterprises (SMEs) in the country, Aman said. The Cairo-based startup arranged EGP 3 billion ($59 million) worth of shariah-compliant debt in partnership with Egypt’s Aman Project Finance, a unit of Aman Holding. Bokra offers fractional investment opportunities tailored to users’ risk profiles via a digital platform. Fractional investing is when an investor buys a share in an asset unit or property alongside other investors. Aman Holding CEO Hazem Moghazi said that the funds will be used to diversify Bokra’s Islamic lending portfolio, with a particular focus on Egypt’s underserved SME segment. Sharia-compliant investments follow Islamic law, known as Sharia, which set clear guidelines on permissible financial activities. These rules prohibit practices that involve Riba (interest), Gharar (excessive uncertainty) and Haram (forbidden) activities like gambling and alcohol. A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that is Sharia-compliant. Suez Canal Bank, Arab African International Bank and Al Baraka Bank also participated in the loan. The seven-year sukuk, structured and managed by Bokra, was rated BBB+ by MERIS and is listed on the Egyptian Stock Exchange. Funding flows to fintechs wooing Egypt’s eager borrowers Abu Dhabi-backed Egyptian fintech raises $160m The Gulf is ripe for fintechs to serve the underserved The sukuk marks Bokra’s entry into the project finance space after earning its fintech license in 2024. Bokra raised almost $5 million in pre-seed funding in 2023, and has since expanded its offering of Sharia-compliant investment options like gold and sukuk in Egypt. According to Statista, in 2021, just 30 percent of the adult population in Egypt had a bank account. Fintechs like Bokra see this as an opportunity to win new customers. Fintech, or financial technology, is a term that describes the mobile applications, software and other technology that enable users and enterprises to access and manage their finances digitally. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
