Al Ahly Pharos Investment Banking has been awarded the Global Economics Awards’ Most Innovative Sukuk Structuring Platform, in recognition of its leadership in Egypt’s Sukuk market during 2025.
The award follows the successful execution of four innovative, tailor-made Sukuk issuances with a total value of EGP 14 billion. Confirming its leading position in debt capital markets, Al Ahly Pharos Investment Banking the investment banking arm of the National Bank of Egypt dominated Egyptian Sukuk issuances in 2025 through the delivery of tailored structures designed to meet diverse client needs.
The transactions included two Musharaka issuances, one Mudaraba issuance, and the first-of-its-kind Mudaraba Sukuk in the Middle East incorporating Istisnaa elements. This landmark structure was used to finance the acquisition of a portfolio of under-construction units, with proceeds directed toward funding the construction of the underlying assets.
This achievement reinforces Al Ahly Pharos’ role as a leading force in Egypt’s debt capital markets and reflects its continued progress toward delivering a comprehensive, integrated financial services platform. The recognition underscores the firm’s commitment to innovation, client-centric solutions, and staying at the forefront of evolving market developments.
Ahmed Heider, the CEO of Al Ahly Pharos, expressed his happiness with this achievement and commended the efforts made by the company’s team for their hard work, which resulted in outcomes that exceeded expectations. He added that, thanks to the skills and expertise of Al Ahly Pharos DCM team, these issuances were successfully completed, reflecting the trust that the company and its team enjoy from their clients. Heidar also extended his gratitude to all the parties involved in the transactions, including regulatory authorities, banks, investors, legal advisors, auditors and credit rating agency considering them all partners in success and concluded that this milestone is fully aligned with the company’s growth strategy and expansionary stance.
On that Regard, Heba Sabry, Head of structured finance and Islamic products said “We are extremely proud of this achievement, which reflects years of dedicated hard work by our team, alongside the unwavering support and collaboration of all parties involved. Each Sukuk structure we delivered was distinct and purpose-built, carefully tailored to meet specific client’s needs and required efforts that often go far beyond what is visible to the market. Winning this award is only the beginning and merely scratches the surface of what we are building. Today, Al Ahly Pharos is shaping the future of Egypt’s debt capital markets by leading the way as the most innovative Sukuk structuring platform, and we remain firmly committed to pushing boundaries and setting new standards for the market.”
Ms. Sabry added that while this award represents an important milestone, it is only the beginning of what the company aims to build. Today, Al Ahly Pharos is contributing to shaping the future of Egypt’s debt capital markets by leading the market as the most innovative sukuk structuring platform, with a firm commitment to continuously pushing boundaries and setting new market benchmarks.
About the Sukuk Issuances concluded:
Tamweel Mortgage EGP 5.5 bn Mudaraba Sukuk Issuance:
The first-of-its-kind issuance in the middle east under a Mudaraba structure to finance the acquisition of an under-development unit portfolio providing the necessary cashflow to complete the construction of the underlying units, which gives this issuance the structure of Mudaraba with aspects of Istisna’a.
This landmark transaction constitutes a significant milestone in the path of innovation in structured finance instruments and is an important achievement in Egypt’s growing debt capital market, given its unique and complex structure designed for a specific purpose. It paves the way for similar projects to enter the Debt Capital Market and expand the scope of innovative financing and debt solutions. This issuance represents a historic precedent in the Egyptian Market, being the first Mudaraba Sukuk issuance in the middle east for a mortgage company in which cashflows are used to acquire a portfolio of non-delivered units, conditional on the developer using the proceeds of the portfolio purchase to complete the construction for TMG’s units.
Bab Masr EGP 2.8 bn Musharaka Sukuk Issuance:
The issuance is a project finance issuance structured to finance Bab Masr project, developed by Bab Masr Development S.A.E., a company fully owned by Hassan Allam Construction S.A.E.
Given its purpose to finance a greenfield mixed-use real estate project. It sets a precedent for similar ventures to access the debt capital market, broadening the landscape of financing opportunities and innovative debt instruments. Bab Misr is a Mixed-Use Complex Project located in Mohandiseen. The project, developed by Hassan Allam Holding, spans 100,000 m² and includes 17 buildings dedicated to commercial, administrative, residential, medical, and garage spaces. It forms a key part of the development surrounding the Upper Egypt railway station, Egypt’s largest railway station. The station reduces congestion for southbound commuters and connects to Cairo Metro’s third line, monorail, and BRT system.
