Egypt’s financial regulator announced Sunday the approval of Delta Life Insurance’s newest mutual fund.
According to Mohamed Maait – Deputy Chairman of the Egyptian Financial Supervisory Authority (EFSA), Delta has been granted the regulatory approval to launch its fund.
Delta Life Insurance is seeking to launch a mutual fund with a capital of EGP50 million (US$7 million).
Speaking to Amwal Al Ghad on Sunday, the Egyptian official revealed that Delta’s cumulative return obtain the regulatory approval to be officially launched as pursuant to the EFSA board’s decree No. 46/2014.
Furthermore, Maait also referred that the EFSA recently approved five new mutual funds for insurance firms, with total capitals of EGP 350 million.
The below table demonstrates the list of the six insurance firms that recently obtained EFSA’s approval for the launch of their mutual funds:
|
Company’s Name |
Fund’s Type |
Fund’s Capital (in EGP) |
|
Misr Insurance |
Money Market open-end mutual fund with cumulative return |
100 million |
|
Egyptian Saudi Insurance House (ESIH) |
Open-end equity Shariah-compliant mutual fund with periodic cumulative return |
50 million |
|
Egyptian Saudi Insurance House (ESIH) |
Open-end mutual fund with periodic cumulative return |
50 million |
|
Royal Insurance Company |
Money Market open-end mutual fund |
50 million |
|
Arope Insurance – Life |
Money Market open-end mutual fund |
100 million |
|
Delta Life Insurance |
Money Market open-end mutual fund with cumulative return |
50 million |
