Synergy Capital and Nawy now close EGP 633mln second issuance, taking programme past EGP1bln in under a year

Synergy Capital, through its regulated asset-management arm Misr for Financial Investments (MFIC), and Nawy Now have closed the second issuance of MFIC’s Shariah-compliant, Ijarah-based fixed-income fund at EGP 633 million, taking total capital raised under the programme past EGP 1 billion in under a year. The fund, structured around an Ijarah (lease-to-own) model and targeting institutional and qualified investors, forms part of a planned EGP 5 billion, five-year programme and will begin quarterly distributions for the second issuance in September 2026.

"The goal from the outset was to build a programme we could repeat, not a single transaction. Closing a second issuance at a larger size matters — but the strongest signal is that first-issuance investors chose to come back, and new institutions, including non-governmental, non-profit organization for the first time, joined them," said Mohamed Seddiek, Founder & Chief Executive, Synergy Capital; Managing Director, MFIC.

Launched as Egypt’s first Ijarah-based fixed-income securities fund, the programme uses real-estate mortgage receivables to back Shariah-compliant, fixed-income returns. The first issuance, which closed early in October 2025 at EGP 443 million after being oversubscribed, has distributed approximately EGP 118 million to certificate holders across three scheduled payment cycles with no missed or delayed payments. Data published by Egypt’s Financial Regulatory Authority (FRA) shows that the initial issuance returned 6.63% in Q1 2026 and 6.25% in Q2 2026 — a cumulative return of about 12.9% in Egyptian-pound terms for the first half of 2026.

Synergy Capital said the second issuance attracted a broader and more diverse investor base, with returning institutional investors joined by new participants including non-governmental, non-profit organisations subscribing to a Shariah-compliant, institutionally structured fixed-income fund in Egypt for the first time under this programme. The fund is managed within a regulated, closed-end structure by MFIC and targets returns above the market average for fixed-income instruments over its five-year term.

Transaction structure and partners

• Asset Manager: MFIC (Misr for Financial Investments)
• Financial Advisor, Promoter & Placement Lead: Synergy Capital
• Investment fund subscription and redemption services: Mubasher for Securities & Bond Trading
• Legal Counsel: Alliedean Weshahi & Partners (ALC)
• Fund Administrator: Catalyst Partners
• Audit & Tax Advisor: Crowe Hegazy

"Crossing EGP 1 billion within a year of launch — with first-issuance investors choosing to return — validates the structuring discipline behind the programme. Our focus now is on widening the investor base, in Egypt and across the region, while preserving the transparency and governance that made the first issuance work," said Mona Shalaby, Co-Founder, Synergy Capital; Head of Investment Banking.

Executives at Nawy emphasized the role of the programme in scaling mortgage finance. "Building consistent access to institutional capital is central to scaling Nawy Now’s mortgage-financing business. Repeat participation from investors, together with the performance of the first issuance, gives us confidence in the programme as a long-term funding channel for the next stage of our growth," said Amr Malek, CFO of Nawy Group and Chairman of the Board of Nawy Now. Omar El Barouny, Managing Director of Nawy Now, added that each issuance "strengthens a scalable channel that connects institutional capital to real estate."

Further issuances are planned as Nawy Now’s origination portfolio grows. The programme currently targets institutional and qualified investors in Egypt, with plans to extend distribution to Gulf and other international markets through licensed placement partners as it seeks to deploy the targeted EGP 5 billion capacity over the five-year term.