Synergy Capital and Nawy Now raise EGP 633 million in second issuance

Synergy Capital and Nawy Now closed a second Shariah-compliant issuance worth EGP 633 million, pushing the programme past EGP 1 billion in under a year. The fund’s Ijarah structure is the first of its kind for a fixed-income securities fund in Egypt and the Middle East, and the companies are now targeting wider institutional and regional investor participation.

Why it matters: - The second close shows investor appetite for a Shariah-compliant, fixed-income real estate product in Egypt. - Passing EGP 1 billion in total capital raised in less than a year signals that the programme has moved beyond a one-off transaction. - The structure gives institutional investors a regulated route to real-estate-backed returns through a lease-to-own model.

What happened: - Synergy Capital, through its regulated asset-management arm Misr for Financial Investments (MFIC), and Nawy Now closed the second issuance of MFIC’s Shariah-compliant, Ijarah-based fixed-income fund at EGP 633 million. - The second issuance took total capital raised under the programme past EGP 1 billion. - The close came less than a year after the programme launched. - Quarterly distributions for the second issuance are scheduled to begin in September 2026.

The details: - The programme uses an Ijarah, or lease-to-own, model. - Synergy Capital describes the structure as the first of its kind for a fixed-income securities fund in Egypt and the Middle East. - The fund offers Shariah-compliant fixed-income returns backed by real-estate mortgage receivables. - The fund targets returns above the market average for fixed-income instruments over a five-year term. - MFIC manages the portfolio within a regulated, closed-end structure. - The second issuance drew a broader investor base than the first. - Returning institutional investors participated again, and new investors joined the round. - Non-governmental, non-profit organisations subscribed for the first time under this programme. - The programme currently targets institutional and qualified investors in Egypt. - Synergy Capital plans to extend distribution to Gulf and other international markets through licensed placement partners.

Between the lines: - The first issuance created momentum for the second close. - That earlier fund was oversubscribed and closed early in October 2025 at EGP 443 million. - The first issuance has distributed about EGP 118 million across three scheduled payment cycles with no missed or delayed payments. - Data published by Egypt’s Financial Regulatory Authority shows the first fund returned 6.63% in the first quarter of 2026 and 6.25% in the second quarter. - That equals a cumulative return of about 12.9% in Egyptian-pound terms in the first half of 2026. - Repeat participation from first-issuance investors suggests confidence in the structure and execution. - The programme’s growth also shows demand for alternative funding channels tied to real estate finance.

What’s next: - Synergy Capital and Nawy Now plan additional issuances as Nawy Now’s origination portfolio grows. - The companies are aiming for successive issuances under an EGP 5 billion programme. - Broader investor outreach in Egypt and across the region remains a stated priority. - Nawy Now expects the programme to remain a long-term funding channel for mortgage finance.

The bottom line: - The second issuance turns the programme into a scaled fundraising platform, not just a pilot, and gives Synergy Capital and Nawy Now a stronger base to expand institutional real-estate finance in Egypt and beyond.