Banque Misr Defers Launching New Fund To End Of 2012

Banque Misr delayed launching a new fund, which will invest in fixed income instruments, to the end of this year.

Launching the Fund, which will have capital ranging from EGP 100 million to EGP 200 million, was postponed due to the repercussions of the current political instability and security chaos on investment flows, said Suzan Hamdi, General Manager of Financial Markets and Investment and member of executive committee of the bank.

She revealed that Banque Misr awaits the approval of sukuk law in order to take the necessary procedures to launch the first investment fund that will invest in sukuk. The capital of the fund will be determined after realizing the volume of project that will be financed through sukuk, she added.