IslamicFinance.de

Alpha Capital Holding (AC) has been chosen to manage Wethaq Takaful Insurance - Egypt's launched-to-be mutual fund. Wethaq's planned fund will be at an initial capitalisation amounting to EGP 50 million. It is expected to be launched in local markets within the next three months. The Egyptian Financial Supervisory Authority (EFSA) has recently given its regulatory approval for the launch of six open-ended mutual funds by insurance companies, with total capitalisations worth EGP 450 million. Wethaq is currently completing the regulatory procedures required to launch its mutual fund. The fund's investment objective is to provide a savings and investment pool in order to give daily liquidity through accumulating daily returns on the fund's investments.