Virgin Mobile Middle East and Africa (VMMEA) raised $30 million in pre-IPO funding, cash earmarked to fuel the company’s expansion into new markets in the region.

The financing is in the form of Sukuk certificates, bonds adhering to Islamic law, which mature two years after the completion of an IPO. No date has yet been slated for floating the business.

VMMEA CEO Alan Gow said the cash would be used to back its growth plans, while highlighting the attractiveness of the telecoms sector in the region.

Gow added his company was “uniquely positioned” to export the MVNO model it successfully used in existing markets into new countries.

VMMEA provides MVNO services across South Africa, Oman, Malaysia and Saudi Arabia under a combination of the Virgin Mobile and Friendi brands. It also has an “advisory relationship” with Emirates Integrated Telecommunications Company – which operates du – for Virgin Mobile-branded services in the UAE.

As of October 2017, it served almost 4 million customers across its markets and has several times announced ambitions to expand to become the region’s “digital disruptor”.

The company’s short- to medium-term aim is to add ten new markets to its existing portfolio, though potential destinations have not been disclosed.