{"id":115736,"date":"2026-06-12T00:00:00","date_gmt":"2026-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?p=115736"},"modified":"2026-06-12T07:12:39","modified_gmt":"2026-06-12T07:12:39","slug":"one-of-the-most-vanilla-financial-instruments-in-mena-is-critical-to-the-regions-booming-consumer-and-small-business-finance-industries","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/12\/one-of-the-most-vanilla-financial-instruments-in-mena-is-critical-to-the-regions-booming-consumer-and-small-business-finance-industries\/","title":{"rendered":"One of the most vanilla financial instruments in MENA+ is critical to the region\u2019s booming consumer and small-business finance industries"},"content":{"rendered":"

The UAE and Saudi Arabia<\/strong>, the two Gulf real estate and financial services heavyweights, <\/strong>are writing new securitization rulebooks <\/strong>this summer.<\/strong> Tadawul has drafted amendments<\/a> out for consultation until 14 June that would give securitization and asset-backed issuances their own framework \u2014 splitting<\/a> rules on debt offerings from those for equities and adding disclosure requirements tailored to structured deals. The UAE, meanwhile, has the regulatory framework on the books for publicly listed securitized issuances, but the market remains embryonic. A rule change could bring the asset class to life from Abu Dhabi to Dubai and beyond. <\/p>\n

The market both are of them are trying to build already exists a two- or three-hour flight <\/strong>to the west: Egypt is home to<\/strong> the region\u2019s deepest and most sophisticated market for securitized debt<\/strong> \u2014 and it has recently become the first in MENA+ to confront what happens when the product really takes off.<\/p>\n

Why it matters:<\/strong> Securitization is the funding engine of non-banking financial institutions (NBFIs) \u2014 the consumer lenders, leasing firms, microfinance players, and fintechs that reach the borrowers to whom banks are less likely to lend. How the Gulf sets up these frameworks will shape market-wide access to liquidity for consumers and small businesses, constrain how the fintech and consumer-credit booms get funded, and determine whether the next wave of capital comes from local banks, global houses like JPMorgan and Goldman, or the private credit funds circling the region. Egypt\u2019s decade of experience<\/strong> \u2014 including its current regulatory correction \u2014 is the closest thing we have to a regional field manual.<\/strong><\/p>\n

SOUND SMART-<\/strong> Securitization turns buckets of small, illiquid loans into a single tradable security. An issuer bundles car loans, installment plans, or lease receivables into a pool, then usually sells it to an investor through a special purpose vehicle (SPV). The SPV issues bonds or sukuk backed by the monthly payments. The issuer gets cash today instead of collecting for years, giving it the option of putting that liquidity back to work in the form of new lending. Hatem Samir, CEO of GlobalCorp, one of the top NBFI platforms in Egypt and a pioneer of the industry, previously told our Egypt desk<\/a> that securitization is one of the most efficient tools for \u201coffloading and recycling bank debt.\u201d <\/p>\n

(Egypt\u2019s NBFI sector is so attractive that GlobalCorp\u2019s anchor investors have \u2014 despite the ongoing war in the Gulf \u2014 kept alive alive an exit process that has attracted significant interest from regional players including at least one UAE financial institution, as we reported last month<\/a>.)<\/p>\n

\n

Egypt got here first <\/h4>\n<\/p>\n

Egypt was the first of the Big Three regional markets to grow a sophisticated non-bank <\/strong>financial services industry. <\/strong>Contact, now a diversified EGX-listed platform, was the early pioneer, pushing into consumer finance with car loans. The tipping point for the industry came when EFG Hermes (the biggest homegrown investment bank in the region \u2014 also EGX-listed) launched a leasing business in 2015<\/a>, targeting SMEs as well as large companies impatient with the notoriously slow turnaround times of most Egyptian banks. <\/p>\n

EFG Hermes saw the push into consumer and corporate lending as a great way to both <\/strong>cross-sell <\/strong>to existing clients and smooth-out its earnings \u2014 investment banking is, by nature, a feast-or-famine game. Its competitors loved what they saw and launched ventures of their own in a few short years. Everyone from real estate players to car distributors and home electronics retailers followed suit.<\/p>\n

Investment bankers may have pioneered the Egyptian industry, but they didn\u2019t have it to <\/strong>themselves for long: <\/strong>The same startup boom that aimed to \u201cdisrupt\u201d everything from logistics to food came for finance, too, and no venture-backed industry was hotter than fintech. <\/p>\n

Any company pushing into consumer finance quickly finds that its own equity is a <\/strong>really inefficient (and expensive) way of financing a loan book. <\/strong>With banks reticent to provide working capital, most companies turned to securitization, which soon morphed from a cottage industry into a mainstay that keeps armies of lawyers and consultants employed. <\/p>\n

Who buys securitized offerings?<\/strong> Mostly those slow, risk-averse banks, which are more than happy to buy portfolios after someone else does the dirty work of building quality portfolios. <\/p>\n

Securitization became even more important when the end of \u201cfree money\u201d saw venture <\/strong>funding dry up. <\/strong>Securitization is at the heart of the 57% y-o-y growth of Egypt\u2019s consumer finance market posted in 2025, closing the year with EGP 96.3 bn on the books, with some 48 licensed companies having extended credit to more than 10.8 mn customers. Financing extended to MSMEs and microfinance clients rose 24% y-o-y to EGP 106.9 bn, though the number of beneficiaries edged down slightly to 3.6 mn. And total financed portfolios across all NBFI verticals closed at c. EGP 417 bn for the year, according to the Financial Regulatory Authority (FRA), which regulates the industry. <\/p>\n

A tool for growth: <\/strong>\u201cSecuritization was once used primarily to optimize the balance sheet,\u201d Imane Raouf, partner and lead securitization expert at Matouk Bassiouny, tells EnterpriseAM. says. \u201cNow, it plays an important role in improving liquidity, boosting revenues, and managing regulatory ratios. It has evolved into a strategic tool for growth.\u201d<\/p>\n

The scale of issuances tell the story:<\/strong> From fintech player Valu, a unit of EFG Holding and itself now listed on the EGX, to EFG Corp-Solutions, Contact, GlobalCorp, GB Lease, units of fintech unicorn MNT-Halan, and real estate giant Talaat Moustafa Group, every blue-chip NBFI in Egypt has offloaded portfolios with bns and bns of EGP using the tool. The asset class now draws interest not just from Egyptian banks, but from global investors<\/a>. <\/p>\n

The FRA has spent more than a decade constantly tweaking and updating its regulatory <\/strong>framework <\/strong>in a bid to keep pace with companies that are both innovating and hungrily borrowing structures and ideas from markets around the world. From SPVs and asset transfers to disclosure and issuance procedures, it had to build the airplane while flying it. <\/p>\n

\u201cOne of the strengths of the Egyptian framework is that it has evolved with the market <\/strong>rather than remaining static,\u201d<\/strong> Raouf says. As fintech and consumer finance created new asset classes, she notes, the rules adapted to accommodate them \u2014 \u201callowing securitization to remain a relevant funding mechanism for evolving business models while maintaining appropriate safeguards.\u201d<\/p>\n

In the process, the FRA has gone from being the stodgy regulator of the Egyptian <\/strong>Exchange<\/strong> (yes, we\u2019re oversimplifying \u2014 but not by much) to the overseer of a massive shadow lending pool that exists outside the banking system<\/strong>, but that counts on banks as its biggest \u201cofftakers.\u201d <\/p>\n

Now, the Central Bank of Egypt is pushing back.<\/p>\n

\n

Egypt\u2019s regulatory correction<\/h4>\n<\/p>\n

By most estimates, domestic banks buy about 90% of the paper issued by Egyptian <\/strong>NBFIs<\/strong>, and the Central Bank of Egypt (CBE) has grown wary of how much bank liquidity the sector is absorbing. The result? It moved to cap banks\u2019 exposure to securitized portfolios at 5% of a bank\u2019s given loan portfolio, limit each one\u2019s exposure to any single leasing company to 1%, and tightened oversight of banks' NBFI-related transactions \u2014 setting up a jurisdictional tug-of-war with the FRA.<\/p>\n

One of Egypt\u2019s most prominent bankers lit a match a few weeks back. <\/strong>Hisham Ezz Al-Arab leads CIB, the EGX-listed bank loved by foreign investors as a proxy for the wider Egyptian economy. It\u2019s also the largest bank in the country not owned by the state. <\/p>\n

Ezz Al-Arab is best known to normals as <\/strong>the most-visible Egyptian banker on<\/a><\/strong>X<\/a><\/strong>, where he regularly addresses customer complaints and jousts with critics. Ezz Al-Arab kicked over an ant hill when he recently warned that \u201ca small spark in the non-bank financial sector could shake the entire economy,\u201d setting off a brouhaha that roared to life on social media and the nation\u2019s still-influential nighttime talk shows. <\/p>\n

The central bank had handed down in April <\/strong>measures<\/a><\/strong> to tighten how commercial banks <\/strong>finance the NBFI industry<\/strong>, and parliament has since joined the fray, with lawmakers demanding hearings on the \u201cunregulated expansion\u201d of consumer finance firms. After Ezz Al-Arab\u2019s remarks, the Financial Regulatory Authority moved to publicly name NBFI violators<\/a>, setting up a registry of individuals and companies in breach of regulations and threatening to pull licenses. <\/p>\n

Pundits are <\/strong>divided<\/a><\/strong> about the central bank\u2019s motivations <\/strong>\u2014 whether it\u2019s just trying to tamp-down risk, or whether it\u2019s also aiming to curtail inflation. <\/p>\n

The<\/strong> regulatory friction could be read as a feature of a maturing market.<\/strong> \u201cThis sector has grown significantly over the last five years. The volume of transactions and issuances we witnessed was massive, with a broader range of asset classes being securitized. The recent rate-cutting cycle has been a positive driver for debt capital markets,\u201d Raouf says. \u201cAs inflation has moderated, lower interest rates have improved financing conditions for issuers while allowing investors to lock in attractive yields, supporting strong demand for debt instruments.\u201d<\/p>\n

So, where do <\/strong>Saudi and<\/strong> the UAE stand? <\/strong><\/p>\n

\n

Saudi is building the regulatory base<\/h4>\n<\/p>\n

Tadawul\u2019s draft framework is about one thing: letting investors take risk on a defined <\/strong>asset pool rather than the issuer<\/strong> \u2014 which Fitch\u2019s Bashar Al Natoor calls the precondition for a genuine asset-backed sukuk market. It also builds on last year\u2019s overhaul of special purpose vehicles<\/a> by separating the framework regulating securitization SPVs from other debt issuances. <\/p>\n

Why now? <\/strong>As the Kingdom recalibrates its gigaproject ambitions and trims public spending, securitization could help local banks free up liquidity for other purposes<\/strong>, and the need is perhaps most acute in the mortgage industry. (There\u2019s no meaningful market for mortgage-backed securities in Egypt \u2014 the country\u2019s sky-high interest rates have choked the mortgage market in its crib.)<\/p>\n

\u201cThe scale of [Saudi\u2019s] ambition will require significant foreign funding, and <\/strong>securitization is a sensible strategic tool<\/strong> that they seem to have recognized,\u201d Chris Taylor, CEO of UAE consumer lender Deem Finance<\/a>, tells us. <\/p>\n

The ball is rolling now: <\/strong>The PIF\u2019s Saudi Real Estate Refinance Company has acquired two pools of mortgages worth SAR 10 bn from AlRajhi Bank. But most Saudi transactions are currently taking place<\/a> almost entirely through private placements. The next step is to expand the securitization market to allow the securities to be traded on Tadawul<\/p>\n

\n

The UAE is doing deals in the gaps<\/h4>\n<\/p>\n

There\u2019s a wrinkle in the UAE: Its statutory true-sale framework doesn\u2019t cover <\/strong>private placements<\/strong>, which account for most of the market activity. The country\u2019s 2023 securitization rules formally recognize the true-sale framework, but only for listed transactions. Private placements, which make up the bulk of the market currently, fall outside it and lean<\/a> on the 2021 Factoring Law and deal documentation instead. <\/p>\n

SOUND SMART-<\/strong>The true-sale concept means the receivables have legally and irrevocably left the originator\u2019s balance sheet \u2014 sold outright to the SPV, not pledged as collateral. If the lender later goes bust, its creditors can\u2019t claw the assets back and bondholders keep getting paid from the pool. Agreements are negotiated on a case-by-case basis, and each needs approval from the Central Bank of the UAE. <\/p>\n

True sale \u2014 getting the assets off the originator\u2019s balance sheet \u2014 is key. <\/strong>The pool of future payments on the receivables needs to be out of the reach of creditors if the company goes belly-up. That\u2019s what lets an investor price the paper on the collection data in the pool rather than the issuer\u2019s creditworthiness \u2014 and it\u2019s why the due diligence on a securitization is brutal.<\/p>\n

Deem\u2019s <\/strong>UDS 400 mn deal with JPMorgan late last year<\/a><\/strong> shows how it\u2019s done right now:<\/strong> Deem bundled credit cards, personal loans, and SME loans into a single SPV \u2014 a multi-asset structure designed to give one of the UAE\u2019s first deals enough scale and flexibility. JPMorgan bought the issuance after the deal (formally a senior revolving facility) got central bank approval. \u201cWe have sold the assets into an SPV, so it is a true sale. There is no recourse for those assets back to Deem,\u201d Taylor tells us. The structure is a classic waterfall: JPMorgan holds the senior tranche and gets repaid first, and Deem retains the junior tranche. \u201cYou create access to an evergreen funding structure that eliminates the mismatch between your assets and liabilities. Instead of borrowing money, you are effectively selling the asset,\u201d Taylor explains. <\/p>\n

\u201cThe level of diligence that JPMorgan went through with us was absolutely intense,\u201d<\/strong> Taylor says. <\/p>\n

Deem isn\u2019t alone.<\/strong> Quantix<\/a>, a unit of AstraTech, raised USD 500 mn in an asset-backed securitization last year, while Beehive<\/a> raised AED 500 mn in structured finance from Goldman Sachs and Magellan Capital.<\/p>\n

Raouf notes that the UAE\u2019s regulations are \u201cvery similar to the Egyptian securitization <\/strong>framework\u201d<\/strong> with true-sale assignment, the SPV structure, and off-balance-sheet treatment. The need to go to the central bank and get approvals on a case-by-case basis when you\u2019re doing a private placement is a significant obstacle \u2014 and one industry players we spoke with hope changes soon. <\/p>\n

Domestic banks are nowhere to be seen: <\/strong>Bulge bracket banks including Citi, Goldman, and JPM account for the lion\u2019s share of the deals we reviewed for this story, with domestic banks sitting on the sidelines \u2014 for now. Deem\u2019s Taylor believes that, too, could soon change. The key here is that global majors aren\u2019t going to look at smaller transactions that might be worthwhile for domestic banks to pick up. A JPMorgan \u201cisn\u2019t going to do a USD 50 mn deal; it is simply not big enough to interest them,\u201d Taylor says. But the domestic banks won\u2019t bother if the regulatory burden isn\u2019t made clearer \u2014 and less costly to satisfy. <\/p>\n

\n

Private now, public later?<\/h4>\n<\/p>\n

So far, Saudi and the UAE are mostly private-placement markets, but for different <\/strong>reasons.<\/strong> In the UAE, the investor base is too shallow for public deals \u2014 \u201cwe will likely need to see double-digit numbers of private deals first,\u201d Taylor says. <\/p>\n

In Egypt, bonds are listed on the EGX but placed privately<\/strong>, and the holders don\u2019t trade \u2014 they act as a buy-and-hold base, with the banks attracted to fixed, fully-visible returns. The secondary market is going to pick up, Raouf argues, only \u201cas the investor base expands and issuance volumes grow.\u201d<\/p>\n

So, what\u2019s next? <\/strong>Tadawul\u2019s consultation closes 14 June, but it could be months before we see the final framework, let alone a test issuance. In the UAE, the trigger will be new executive regulations that expand the rules to allow private placements. <\/p>\n

Perhaps the most interesting signal, though, comes from Taylor, who says that two <\/strong>domestic banks have kicked the tires on existing deals <\/strong>\u2014 and one of them has gone so far as to hire a team of specialists. He thinks it likely we\u2019ll see them transact \u201cfairly soon.\u201d<\/p>\n

Asset classes to watch in the Gulf:<\/strong> BNPL, earned-wage access, and car finance now that movable-asset security rules are clearer \u2014 with SME lending lagging given the challenging data aspect, Taylor says. <\/p>\n

And in Egypt?<\/strong> Pundits have been openly questioning for years whether North Africa\u2019s largest market is in the midst of a consumer finance bubble, and you can practically hear the bears salivating at the prospects that one of the more cowboy NBFI lenders goes bust as the FRA and central bank continue their clampdown. That aside, the big maturity tests are future-flow securitization<\/a> (think: telecom receivables or tuition fees) and whether a real secondary market ever develops out of the buy-and-hold base.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia is drafting a new securitization framework and UAE companies are closing private deals with JPMorgan and Goldman. Egypt got there first \u2014 and is now living through a central bank clampdown and parliamentary hearings. 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