Ashraf Salman, CEO of Cairo Holding for Financial Investments, said that there are 70 investment funds in Egypt in value to EGP 52 billion, 90.4% of which invest in short-and-long term fixed income instruments in value to EGP 47 billion.
Salman added that investment funds in Egypt are still at its beginning, noting that financial institutions exceed 60% against individual percentage in efficient markets.
Salman said that the value of investment funds investing in the stocks is low as it is in only EGP 5 billion, while the capital market is EGP 400 billion and the volume of transactions is about EGP 200 billion.
Investment funds give customers a daily return and exempt the Bank from the 14% obligatory reserve set by Central Bank of Egypt.
This came after the conference to launch wealth fund held by Ahli United Bank, in the presence of Nevine El-Mesery, CEO of AUB, Mervat Francis, head of treasury, transactions chamber and international institutions, and Ashraf Shebib, vice CEO of retail banking and private banking services.
