Islamic Finance

Egypt's Misr Capital launches fund to invest in debt instruments, with initial size of EGP 100m

Published 02 Sep,2021 via Daily News Egypt - Misr Capital, the investment arm of Banque Misr, on Wednesday announced opening of the subscription for its new fund for investment in debt instruments, with an initial volume of EGP 100m. The subscription was opened through Banque Misr, Misr Capital, and Misr Capital Fixed Income Brokerage exclusively.

Akef El-Maghraby, Vice Chairperson of Banque Misr and Chairperson of Misr Capital, said that launching the fund comes within the bank and the company’s philosophy of providing innovative investment solutions to individual investors, providing Ways to invest in the Egyptian debt market with an investment amount suitable for many segments of retail banking.

He explained that the fund allows investing in low-risk investment channels such as medium and long-term debt instruments, bank deposits in addition to Egyptian treasury bills. The fund provides investors with a distinctive cumulative return in Egyptian pounds and monthly distributions, and also provides the possibility of subscription, daily purchase and monthly redemption for bank and corporate clients.

Al-Maghraby stressed the bank and the company’s efforts to maximize and diversify the investor base in light of the growth of the debt instruments market, supported by the initiatives of the Egyptian government and regulatory bodies to develop it, explaining that this comes within the bank’s plan to introduce new funds targeting various types of assets, such as gold, commodities, and others.

Khalil Al-Bawab, CEO and Managing Director of Misr Capital, expressed his happiness with the company’s launch of a third fund during 2021, as two cash liquidity funds were previously launched at the beginning of the year, in order to enhance the company’s position as the largest asset manager in Egypt, diversify its investment products, and maximize the base of managed assets to reach EGP 40bn by the end of 2022.

He added that the company’s position as the largest asset manager in Egypt requires it to work hand in hand with all concerned parties to support the debt instruments market in Egypt by contributing to attracting new investors to the market through new products that meet their needs.

It is worth noting that Misr Capital is the largest investment fund manager in Egypt with an asset base of more than EGP 30bn and is one of the largest asset managers in the Middle East and North Africa according to Forbes Middle East classification. It is the only company that manages euro and dollar-denominated liquidity funds. The company provides investment services in the areas of asset management from funds and investment portfolios in stocks, Islamic and balanced stocks, capital protection, cash liquidity and fixed income tools. The brokerage activity in bonds has been added through the Misr Capital Brokerage, which provides its services primarily in the stock market.

The company owns a portfolio of direct investments and contributions worth more than EGP 12bn in many fields, including banking, financial technology, financial leasing, real estate, and petrochemicals.

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