Prime Holdings Mulls Islamic Funds Inception By Q4

Prime Holdings and Investments (PRMH.CA) is studying the establishment of investment funds compliant with the provisions of Islamic law within the last quarter of 2012.

Mohamed Maher, Deputy Chairman, said those funds are witnessing growing demand. Therefore, the company has started considering the establishment of those funds within Q4/2012.

“They will contribute to having more investors who are interested in dealing with those types of funds that are compliant with the provisions of Islamic law.” Maher added

“The company has not agreed yet on the capital value for the funds which will be launched by Q4/2012.”

Maher noted that Prime is running around 10 investment funds of which revenues were adversely affected due to the continual drop-off in the Egyptian Exchange’s volume of trades alongside its value.  For instance Prime is running Housing & Development Bank Fund – Mawared (accumulative with daily return), Arab Land Direct Investment Fund, Arab Misr Insurance Group (AMIC) Fund (accumulative with periodical return),  Societe Arabe International De Banque – (No.1 accumulative),  Societe Arabe International De Banque – (No.2 accumulative with periodical return), Al Tameer Fund,  Blom Bank- Egypt Money Market Fund (accumulative), Societe Arabe International De Banque – (No.3), and Egyptian Gulf Bank Fund – Tharaa (periodical return).