At a Glance
- Tasaheel plans EGP9 billion sukuk to scale Sharia-compliant SME financing in Egypt.
- National Bank of Egypt, Banque Misr, and CIB anchor landmark non-bank sukuk.
- Issuance supports MNT-Halan’s strategy to diversify funding and deepen SME credit.
Tasaheel, the non-bank lending arm of Egyptian fintech unicorn MNT-Halan, plans to issue a $189 million sukuk in 2026 as it scales Sharia-compliant financing for small and medium-sized enterprises in Egypt.
The planned EGP9 billion ($189 million) issuance, expected in January and subject to approval from Egypt’s Financial Regulatory Authority, will be structured as a single tranche with a maturity of up to 45 months, according to people familiar with the matter. Proceeds are expected to strengthen funding for SMEs, a segment that remains underserved by traditional banks.
Anchored by local lenders
State-owned National Bank of Egypt and Banque Misr, alongside Commercial International Bank, have agreed to underwrite the sukuk, with discussions ongoing to include an additional Islamic bank.
CIB, CI Capital, and Al Ahly Pharos are acting as arrangers and promoters. If completed, the deal would rank among the largest sukuk issuances in Egypt’s non-banking financial sector, highlighting a growing appetite for Islamic finance instruments as lenders seek longer-term local-currency funding.
A core pillar in MNT-Halan’s ecosystem
Founded in 2015, Tasaheel focuses on financing entrepreneurs and owners of productive and service-based businesses. It serves as a key cash-generating unit within MNT-Halan, whose loan book has expanded alongside rising demand from micro and small enterprises.
MNT-Halan was established in 2017 by Mounir Nakhla and Ahmed Mohsen and became Egypt’s first fintech unicorn in 2023 following a $400 million funding round that pushed its valuation above $1 billion. The planned sukuk follows earlier bond issuances and reflects MNT-Halan’s strategy to diversify funding sources while scaling lending to Egypt’s vast SME economy.
