Launch Partners

Launch Partners

EGX33 index fund coming with Azinvest digital platform

The EGX33 Shariah Index launched by the Egyptian Exchange (EGX) in June 2024 is already drawing significant interest among asset managers with Azimut Investments set to launch its own fund with constituent stocks drawn from this index.

Ahmed Abou El Saad, Azimut’s CEO for MENA and Turkiye, told IFN Investor the firm had submitted its plans for this new index-linked fund to Egypt’s Financial Regulatory Authority (FRA) and was hopeful approvals would be received soon for the fund’s launch.

“This will be an active management fund that will apply the methodology of the EGX 33 Shariah Index but will not stick to the same weights of the index.”

IFN Investor had earlier reported that another Egyptian firm, CI Asset Management, had submitted its plans and was awaiting the FRA’s approval with the aim to launch its EGX33-linked fund within the next few weeks.

For Azimut Investments, Ahmed said its EGX33-linked fund will be offered via its new Azinvest service, which he described as being Egypt’s first digital mutual funds platform.

“The new application will enable investors to have all their funds available in one place. In fact, some of the features such as fund prices, buy and sell options are just basic requirements for such an application.”

Ahmed said the list of asset classes on this Azinvest platform will include equity funds, fixed income funds, precious metals funds, balanced funds as well as US dollar-denominated funds that are FRA-approved.

Pitched as a one-stop digital investing solution, Azinvest is expected to provide full transaction capabilities with funds inflow from bank accounts for purchases.

Azinvest will also allow investment exits and after the selling transaction is successfully executed, the funds can remain in the Azinvest wallet to be reinvested or remitted to the bank account.

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