EFG-Hermes to Run Egyptian Saudi Insurance House’s First Mutual Fund

Egypt’s largest investment bank, EFG-Hermes will run the first mutual fund launched by the Egyptian Saudi Insurance House.

Abdel Raouf Kotb, Vice Chairman and MD at the Egyptian Saudi Insurance House (ESIH), stated that his company has chosen EFG-Hermes Holding to manage its first mutual fund.

“The fund is at an initial capitalization worth EGP 50 million.” Kotb noted, referring that his company is currently undergoing the necessary procedures to obtain the Egyptian Financial Supervisory Authority (EFSA)’s endorsement.

ESIH’s fund is set to be utilised in Shariah-compliant channels in accordance with the nature of the Takaful Islamic insurance activities, he noted.