Egyptian Life Takaful Launches 1st Mutual Fund Worth EGP100 mln

Egyptian Life Takaful Company launched today its first mutual fund, with an initial capitalization of EGP 100 million.

Within the upcoming period, the Egyptian Life Takaful is targeting a capital rise for its first fund to EGP 250 million through an initial public offering (IPO), managing director Hesham Abdel Shakour told Amwal Al Ghad on Sunday.

Egyptian Life Takaful’s fund is managed by Egypt-based asset management company Madar Capital, he noted.

Moreover, Abdel Shakour further said: “The fund aims to provide several investment and saving pools that grant customers more privileges through securing an accumulated daily return.”