Egyptian Proptech Nawy Expands Debt Program as Institutional Demand Surges
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Egyptian proptech Nawy closed a second EGP633mn Sharia-compliant fixed-income fund backed by mortgage receivables, taking total issuance above EGP1bn and establishing a repeatable capital-markets channel to fund home financing.
Egyptian property technology company Nawy has closed a second Sharia-compliant fixed-income fund backed by its mortgage receivables, taking total issuance under the programme above EGP1bn in under a year and giving the company a repeatable channel to fund its home-financing business.
The EGP633mn closing, announced in September 2026, follows an oversubscribed EGP443mn first issuance in October 2025. The structure is managed by Synergy Capital through its asset management arm Misr Financial Investments, and is backed by Ijara — an Islamic lease-to-own contract — originated by Nawy Now, the company's real estate finance unit.
Rather than raising traditional venture capital, Nawy is using the capital markets to recycle its balance sheet. It originates Ijara financing for homebuyers, pools the future receivables, sells them into a regulated fixed-income fund, and uses the cash to originate new contracts. The first fund has distributed approximately EGP118mn to unit holders across three scheduled payment cycles without delay or default, with returns of 6.63% in Q1 2026 and 6.25% in Q2.
Nawy began as a digital property listings platform and has since layered on brokerage tools, fractional ownership, renovation financing and an on-balance-sheet mortgage originator. The company says it facilitated more than $1.4bn in cumulative transaction volume by the end of 2024 and counts more than 1mn monthly users.