The total volume of investment funds in the Egyptian Exchange equities reached around $1 billion, the market regulator chief said on Monday.
In a keynote speech at the 1st Annual Funds Conference in Cairo, Sherif Samy – Chairman of the Egyptian Supervisory Financial Authority (EFSA) – further stated that investment funds have been operational in Egypt for almost 20 years. That is why regulatory and legislative amendments were executed to activate investment funds in Egypt at real estate sectors along with other investment funds for securities and financial portfolios, he noted.
The recent amendments include the executive regulation of the capital market law, the issuance of new listing rules, and amendments to capital adequacy for brokerage firms.
Under the title “Mutual Funds’ Role in Supporting Egypt’s Economy”, the event is organized by Money Cycle, a specialized company in promoting the economic products/services in a different effective way that ensures success for the product/service and prosperity for the Egyptian economy.
The one-day event is set to shed the light on the mutual funds industry in Egypt in terms of the importance of such funds, exploring new investment opportunities, financing mechanisms, the risks, and the types classified by investment policy i.e. Equity Funds (traditional and Shariah-compliant stocks), Fixed-income Funds, Cash Liquidity Funds, etc.