CI Capital Asset Management to launch 1st fund mimicking EGX's sharia-compliant index
Updated 6/12/2024 6:30:00 AM
Arab Finance: CI Capital's subsidiary CI Capital Asset Management is planning to launch the first investment fund that mimics the index compliant with Islamic Sharia principles, pending the requisite regulatory approvals, as per an emailed press release.
This fund marks the second of its kind by CI Capital, following the successful launch of the Egypt Equity fund in October 2022.
The launch of this fund is part of the company’s plan to offer new investment channels to meet the growing demand of investors, both institutions and individuals inside and outside Egypt.
CI Capital Asset Management concluded 2023 as Egypt's largest asset manager in terms of the number of funds, managed portfolios, and asset volume.
Its total managed assets surged to EGP 69.5 billion at the end of the first quarter (Q1) of 2024.
Additionally, the company garnered acclaim as the top asset manager in Egypt, the Middle East, and Africa from numerous international financial institutions specializing in fund and portfolio management.
The new sharia-compliant index will include Shariah-compliant firms, which will be decided upon by the Sharia Supervisory Committee at the Financial Regulatory Authority (FRA).
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