Bokra Secures $60M Sukuk to Power SME Growth in Egypt

In a big move for Egypt’s growing fintech scene, Cairo-based startup Bokra has teamed up with Aman Holding to arrange a Sharia-compliant sukuk worth nearly $60 million.

The goal is to boost access to credit for the country’s underserved small and medium-sized enterprises (SMEs), a sector often left out of traditional financing.

The sukuk, valued at EGP 3 billion, was structured in partnership with Aman Project Finance, a unit of Aman Holding, and backed by several prominent banks, including Suez Canal Bank, Arab African International Bank, and Al Baraka Bank.

If you are wondering what a Sukuk is, it’s essentially an Islamic version of a bond. But unlike conventional bonds, sukuk follow Sharia law, which prohibits interest (riba), excessive uncertainty (gharar), and investments in forbidden (haram) sectors like gambling and alcohol. It makes sukuk a more ethical and transparent alternative for many regional investors.

Bokra’s digital platform makes it easy for users to invest in Sharia-compliant assets like gold and real estate through fractional investing. That means people can co-invest in assets based on their risk profiles, breaking barriers for everyday investors.

According to Aman Holding CEO Hazem Moghazi, the funds will be used to grow Bokra’s Islamic lending portfolio, focusing on supporting Egypt’s SME segment, many of which lack access to reliable financing.

This sukuk issuance also marks Bokra’s official entry into the project finance space following its approval for a fintech license in 2024. The company has been gaining momentum since its $5 million pre-seed round in 2023, and it’s now doubling down on ethical finance as a key growth strategy.

The timing couldn’t have been better. According to Statista, as of 2021, only 30% of Egypt’s adult population had a bank account. Fintech companies like Bokra sees this gap as an opportunity to bring more Egyptians into the formal financial system ethically, digitally, and accessible.