Alpha Capital Holding (AC) has been chosen to manage Wethaq Takaful Insurance – Egypt’s launched-to-be mutual fund, said Abdel Aziz Labib Wethaq’s General Manager of Financial & Administration Affairs.
Wethaq’s planned fund will be at an initial capitalisation amounting to EGP 50 million, Labib noted, saying it is expected to be launched in local markets within the next three months.
The Egyptian Financial Supervisory Authority (EFSA) has recently given its regulatory approval for the launch of six open-ended mutual funds by insurance companies, with total capitalisations worth EGP 450 million.
In the same vein, Labib referred that his company is currently completed the regulatory procedures required to launch its mutual fund.
About the fund, he stated that its investment objective is to provide a savings and investment pool in order to give daily liquidity through accumulating daily returns on the fund’s investments.
Elsewhere, Alpha Capital (AC) was established in early 2009, and headed by Dr. Abdel Moniem Omran, who has more than 12 years of experience in the field of asset management, from which 4 years as Chairman and Managing Director of EFG-Hermes Fund Management.