Iskan Insurance eyes regulatory approval over new mutual fund

Cairo-based Iskan Insurance Company is considering starting talks with the country’s market regulator so as to launch its new mutual fund, managing director Hammam Badr said Sunday.

Badr further said to Amwal Al Ghad that Iskan completed late June procedures to increase its issued capital to 100 million Egyptian pounds (US$12,8 million).

Iskan’s capital top-up move aims to comply with the Egyptian Financial Supervisory Authority (EFSA)’s technical and financial standards as regards to the launch of mutual and property funds by insurance firms, Badr noted.

In the coming few days, Badr said his company will agree on the mutual fund’s capital as well as the bank and company responsible for running the fund.