In an Egypt where families have long trusted gold more than bank deposits to protect their savings from inflation and currency swings, a new type of “gold shop” has been quietly gaining ground — fully digital, Sharia-compliant, and built for the smartphone era.
That quiet growth just found a louder backer.
Cairo-based Sabika, a digital platform that lets users buy, sell and store real gold and silver in a fully Sharia-compliant way, has secured a six-figure USD strategic investment led by M-Empire Angels, an angel network founded by investor and entrepreneur Dr. Maged Ghoneima.
The round will fund platform enhancements, AI-powered tools and Sabika’s expansion from Egypt into Gulf markets, starting with Saudi Arabia in 2025.
A Digital, Sharia-Compliant Alternative to the Gold Shop
Founded in 2022 by Ibrahim Anwar (CEO) and Mohammed Darwish (CTO), Sabika offers individuals and businesses a way to invest in asset-backed gold and silver via mobile and web, while strictly following AAOIFI’s Shari’ah Standard on Gold.
Instead of buying jewellery or coins over the counter, users can:
- Buy and sell 24K gold and investment-grade silver bars digitally
- Track live prices and set price alerts
- Store metals in secure, audited vaults, with the option to request physical collection once holding thresholds are met
- Manage everything through a unified wallet and portfolio interface
The platform’s Sharia oversight is led by Dr. Basem Elewa, a specialist in Islamic finance and zakat auditing, who ensures all transactions adhere to AAOIFI’s guidance on how gold can be traded and held in modern financial products.
“People have always trusted gold,” Anwar has said, “but they needed a system they could trust just as much.”Sabika’s bet is that digital infrastructure plus clear Sharia governance can turn that trust into a scalable wealth-tech product.
Strong Traction With Zero Paid Marketing
Despite launching in the middle of Egypt’s inflationary crunch, Sabika has grown largely through word of mouth:
- 20,000+ users
- Across 27 cities in Egypt
- More than EGP 120 million (c. $2.4 million) in transaction volume
- Achieved organically, with no paid marketing spend so far
In a market where households have turned to gold and even silver as a hedge against rising prices and currency volatility, digital platforms that make precious metals easier to access are tapping into long-standing behaviour — just with better UI and stronger compliance layers.
Sabika’s early traction suggests there is appetite not only for gold as an asset, but for a values-aligned, technology-driven way to own it.
Inside the Round: M-Empire Angels’ Strategic Thesis
The latest funding round is led by M-Empire Angels, a Cairo-based angel investment network backing mission-driven startups across MENA, with a focus on fintech and deep tech.
Dr. Maged Ghoneima, the network’s founder, has described Sabika as a rare combination of deep market understanding, strong technical execution and clear ethical positioning — a purpose-driven play designed specifically for the region and its values.
For M-Empire Angels, the Sabika deal fits a wider thesis:
- Sharia-compliant wealth-tech is under-served relative to demand in Egypt and the GCC
- Gold and silver are already trusted by consumers; digitisation lowers friction and ticket size
- Platforms that can prove real asset backing and regulatory/Sharia alignment can scale beyond a single country
PitchBook data lists Sabika as a financial software company “generating revenue”, underlining that this is not a pre-product bet but a scale-up play on an already active user base.
Where the Money Will Go: AI, Infrastructure and Saudi Launch
According to Sabika and multiple press reports, the fresh capital will be channelled into three main areas:
- Platform enhancements
- Upgrading core infrastructure to handle larger transaction volumes
- Improving UX across mobile and web to simplify onboarding and portfolio management
- AI-driven features
- Smart tools to help users set targets, understand volatility and manage recurring investment plans
- Better risk and fraud monitoring on the backend
- Regional expansion, starting with Saudi Arabia in 2025
- Localising compliance and operations for the Saudi market
- Building partnerships with vault providers, payment channels and potential distribution partners in the Kingdom
This roadmap aligns with a broader shift in Islamic finance: since AAOIFI’s Shari’ah Standard on Gold was launched, gold-based digital products have effectively become a new, formally recognised asset class for Sharia-compliant investing.
A Team Built for Trust and Storytelling
Sabika’s leadership blends fintech, education and Islamic finance:
- Ibrahim Anwar – CEO
Serial founder with more than 15 years of experience, including previous ventures such as Elmawkaa (acquired), Daleducation and ICanCoachYou. - Mohammed Darwish – CTO & Board Member
A fintech and blockchain specialist focused on secure, scalable financial systems. - Dr. Ashraf Ibrahim – Board Member
Development economist and educator with a large online following, shaping Sabika’s macro narrative and financial education content. - Dr. Basem Elewa – Board Member & Sharia Auditor
Ensures every product design and transaction structure remains aligned with contemporary Islamic jurisprudence on gold and financial contracts.
This mix positions Sabika not just as a transactional app, but as a potential education layer for Egyptians and Gulf savers who want to understand how to use gold and silver more intelligently as part of their portfolios.
Why This Matters for MENA’s Wealth-Tech Story
The Sabika–M-Empire Angels deal is about more than one round and one startup.
It signals three broader shifts in the region’s investment landscape:
- From informal hedging to structured, digital saving
Gold has long been a default store of value in Egypt. Now, platforms like Sabika are formalising that behaviour into regulated, trackable digital products. - From generic fintech to values-anchored wealth-tech
By building directly on AAOIFI’s standards and emphasising Sharia compliance from day one, Sabika is part of a wave of products where ethics and regulation are core features, not afterthoughts. - From local side hustle to regionally scalable asset class
If Sabika’s model proves in Saudi Arabia and the wider Gulf, it could help standardise how digital precious-metal products are designed and governed across MENA — opening the door for more specialised savings and hedging tools for mass-market users.
For founders and investors watching Egypt’s ecosystem, Sabika’s round is a reminder that old habits — like buying gold for security — can become the foundation of new, scalable fintech if they’re digitised with trust and context in mind.
Editor’s Note — The Startups MENA Team
At Startups MENA, we track how the region’s financial habits evolve when they meet technology and regulation. Sabika’s new funding is a snapshot of that transition: a centuries-old instinct to save in gold and silver is being rebuilt as a regulated, app-driven, Sharia-compliant investment product.
In a high-inflation, high-volatility environment, Egyptians and Gulf households are not just looking for yield — they are looking for safety, transparency, and values alignment. By combining real asset backing, AAOIFI-based Sharia governance and modern UX, Sabika and investors like M-Empire Angels are testing a model that could redefine how everyday savers in MENA protect and grow their wealth.
As wealth-tech across the region matures, the frontier is shifting from access to trust: who holds your assets, how they are audited, and whether the rules behind the app truly reflect local expectations. Sabika’s journey into the Gulf will be an important chapter in that story — one that will help show whether digital precious metals can move from niche hedge to mainstream, resilient savings infrastructure for the region.
— The Startups MENA Editorial Team
