Egyptian Islamic invoice financing startup Agel has closed an undisclosed seven-figure pre-seed round of funding to help it roll out customised, digital, cashless, and Sharia-compliant financing products, including Murabaha, a cost-plus financing model that complies with Islamic principles. It also assists suppliers in increasing their sales by allowing them to sell on-credit and managing their commercial transactions effortlessly through the app. In its first year of operations, Agel tapped into Egypt’s annual US$15 billion textiles industry, establishing the largest suppliers’ fashion-focused network. Agel will also launch a merchant co-branded banking card service in partnership with Abu Dhabi Islamic Bank (ADIB) and other value-added services. While limited financing options remain a constraint to MSMEs in Egypt, Agel is a powerful, innovative solution for quick and easy Sharia-compliant payment options.

Source: The North Africa Journal June 28, 2023 15:01 UTC