Ashraf Salman: 90% of Investment Funds are investing in fixed income instruments

Ashraf Salman, CEO of Cairo Holding for Financial Investments, said that there are 70 investment funds in Egypt in value to EGP 52 billion, 90.4% of which invest in short-and-long term fixed income instruments in value to EGP 47 billion.

Salman added that investment funds in Egypt are still at its beginning, noting that financial institutions exceed 60% against individual percentage in efficient markets.

Salman said that the value of investment funds investing in the stocks is low as it is in only EGP 5 billion, while the capital market is EGP 400 billion and the volume of transactions is about EGP 200 billion.

Investment funds give customers a daily return and exempt the Bank from the 14% obligatory reserve set by Central Bank of Egypt.

This came after the conference to launch wealth fund held by Ahli United Bank, in the presence of Nevine El-Mesery, CEO of AUB, Mervat Francis, head of treasury, transactions chamber and international institutions, and Ashraf Shebib, vice CEO of retail banking and private banking services.