Egyptian Fintech Bokra Issues $58.9M Sukuk to Boost Islamic Fintech

Egyptian fintech startup Bokra has issued its first Sharia-compliant sukuk (Islamic bond), raising EGP 3 billion (approximately $58.9 million) to support small and medium-sized enterprises (SMEs) through Aman Project Finance, a subsidiary of Aman Holding. The 84-month Mudaraba sukuk, structured and managed entirely by Bokra, has been rated BBB+ by MERIS and is listed on the Egyptian Stock Exchange.

Institutional investors such as Suez Canal Bank, Arab African International Bank, and Al Baraka Bank participated in the issuance, with Al Ahly Pharos acting as lead arranger.

This marks Bokra’s entry into the project finance space and expands its asset-backed product offerings aimed at providing inflation-hedged investment options. Aman Holding CEO Hazem Moghazi stated that the funds will be used to diversify the company’s Islamic lending portfolio, with a particular focus on Egypt’s underserved SME segment.

Bokra received its fintech license from Egypt’s Financial Regulatory Authority (FRA) in 2024, enabling fully digital onboarding and electronic contracting. This development follows its $4.6 million pre-seed round in 2023, led by DisrupTech Ventures and SS Capital, which financed the launch of its app and early-stage expansion into the MENA region.

Founded in 2023, Bokra offers fractional investment opportunities tailored to users’ risk profiles, aiming to reach Egypt’s unbanked majority, an estimated 63% of adults.

The sukuk also introduces a new pricing model designed to offer SMEs a viable financing alternative amid Egypt’s high-interest rate environment.