The capital of Shariah-compliant Naeem Misr Fund recently surged to 50 million Egyptian pounds (around $7mn), said the managing director of the owner company Naeem Holding.
The Cairo-based investment house Naeem Holding has launched the open-ended equity Shariah-compliant Naeem Misr Fund late 2011, at a capital of 25 million pounds
The fund invests mainly in Shariah-compliant Egyptian equities. The fund will also invest to a lesser extent in Islamic money market instruments to preserve liquidity.
Furthermore, Hazem Kamel – managing director of Naeem Holding – stated that his company is still working on obtaining the UAE financial regulator’s approval to launch its new mutual fund, with a capital of 250 million dirhams.
Naeem Holding is also planning to launch two new mutual funds in Egypt in the coming years, at initial capitals of 25 million Egyptian pounds for each fund.
This comes as part of Naeem’s strategy to boost its portfolio of current assets to US$320 million by the end of the current year, through increasing its presence in Gulf markets in the coming period.