Egyptian fintech Bokra has successfully raised EGP 3 billion ($58.9 million) through its first-ever Mudaraba sukuk issuance for Aman Project Finance, a subsidiary of Aman Holding.
Launched in 2023, this Sharia-compliant bond marks Bokra’s bold entry into project financing. It aims to empower SMEs and boost financial inclusion across Egypt.
Bokra enters Islamic project finance
Completed in April 2025 and listed on the Egyptian Stock Exchange, this sukuk issuance marks Bokra’s official entry into the Sharia-compliant project finance space. With a tenure of 84 months, the move supports the company’s broader strategy to grow its portfolio of Islamic, asset-backed financial products. These offerings are tailored for retail and SME investors seeking ethical and inflation-protected investment options.
What is a Mudaraba sukuk?
A Mudaraba sukuk is a Sharia-compliant investment certificate rooted in a profit-sharing partnership. In this structure, one party provides the capital, usually a group of investors, while the other party, such as an entrepreneur or a company, is responsible for managing the project or business activity.
The core principle behind Mudaraba is collaboration: profits generated from the venture are shared between both parties based on a pre-agreed ratio, while any financial losses are absorbed solely by the capital providers, unless the managing party is found guilty of negligence or misconduct.
In the case of Bokra’s recent issuance, the investors are financing Aman Project Finance’s lending portfolio, which focuses on providing Sharia-compliant loans to small and medium-sized enterprises (SMEs) in Egypt. Bokra, through its subsidiaries, structured and managed the entire process, ensuring the sukuk complies with Islamic financial principles while delivering value to both the issuer and the investors.
This model avoids interest-based lending and aligns with Islamic principles, making it appealing to faith-driven and alternative investors alike.
Driving SME financing and financial inclusion
Bokra structured and managed the issuance internally through its subsidiaries, taking on dual roles as issuer and investment manager. Proceeds will help Aman Project Finance offer Sharia-compliant loans to Egypt’s SMEs, an essential step in boosting entrepreneurship.
The sukuks received a BBB+ rating from MERIS and attracted participation from major institutions like Suez Canal Bank, Arab African International Bank, and Al Ahly Pharos, which also acted as lead arranger. Legal, financial, and compliance advisors included Alieldean Weshahi, Moore, and Baker Tilly.
Bokra’s growth plans in Islamic fintech
CEO Ayman El Sawy sees the issuance as part of Bokra’s broader vision: to make asset-backed, inflation-protected investment tools accessible to the wider population. Founded in 2023, Bokra is licensed by the Financial Regulatory Authority and enables digital investment in fractional ownership of real estate, gold, and other assets.
Backed by DisrupTech Ventures and SS Capital in a $4.6 million pre-seed round in 2024, Bokra is now eyeing regional growth across the MENA region, with plans to reshape Islamic fintech through innovation, accessibility, and financial inclusion.
