Market regulator approves Suez Canal Insurance’s $6.4mn fund

Egypt’s leading composite insurer, Suez Canal Insurance has obtained a regulatory approval to establish its cash mutual fund, general manager Ahmed Shehab said Saturday.

The Egyptian Financial Supervisory Authority (EFSA) has approved Suez Canal Insurance’s request to establish its mutual fund with capital worth 50 million Egyptian pounds (US$6.4 million).

Suez Canal Insurance will begin soon finalising all the procedures required for the new fund, Amwal Al Ghad quoted Shehab as saying.

The fund will be managed by Alpha Capital, an Egyptian investment bank established in 2009, he added.

Moreover, Shehab said Suez Canal’s fund is set to invest in governmental debt instruments such as treasury bills, in addition to deposits and other investment channels.