ALC Advises Misr Investment Fund on Second Ijarah-based Issuance against receivables from Nawy

An Ijarah-based fund structure applied for the first time to fixed-income securities in Egypt and the Middle East.

ALC – Alieldean Weshahi & Partners, after serving as the legal counsel for the first issuance, is pleased to announce that it served as legal advisor to Misr for Financial Investments (MFIC) on the second issuance of its fixed-income securities fund, which raised EGP 633 million. The fund is managed by Synergy Capital, and the transaction was carried out in cooperation with Nawy Now, Nawy’s mortgage-financing subsidiary.

With this latest close, total proceeds under the program have exceeded EGP 1 billion within its first year — a milestone reflecting strong institutional demand and the credibility the fund has built since launch.
The fund is built on an Ijarah (lease-to-own) structure — the first such application in the Egyptian and Middle Eastern fixed-income securities markets. It offers investors a Shariah-compliant, fixed-income return supported by a portfolio of real-estate mortgage receivables, held within a regulated, closed-end vehicle managed by MFIC, with a five-year term.

The strong performance of the first issuance helped broaden participation: repeat investors were joined by new institutional entrants, including non-governmental, non-profit organizations subscribing to a Shariah-compliant, institutionally structured fixed-income fund in Egypt for the first time.

ALC served as legal advisor to MFIC on the transaction, advising on the structuring and closing of the second issuance in cooperation with Synergy Capital and Nawy Now. The firm’s success in capital markets practice reflects the dedication and expertise of its team in navigating complex legal and regulatory frameworks, and its deep understanding of the Egyptian market and its financial regulations enabled it to offer its client tailored legal advice and guidance throughout the entire issuance process.

The transaction was led by Partner and Head of Capital Markets, Mahmoud El Araby, with the assistance of Associate, Mariam Romana, and Junior Associate, Abdelrahaman El Morshdy.