Emirates NBD launches Mazid fund at EGP 100mn

Tuesday 06 November 2018 11:07 AM

Emirates NBD
Emirates NBD

By Mohamed Salem:
Emirates NBD – Egypt has announced launching its first investment fund with cumulative periodic return in the local market under the name “Mazid”. The fund is specialized in money markets, and is capitalized at EGP 100mn spread over 100,000 certificates at a price of EGP 1000 per each.
The banking institution has subscribed to 5000 certificates amounting to EGP 5mn.
The size of the fund can be raised to EGP 250mn provided that the approvals of the Central Bank of Egypt and Financial Regulatory Authority are obtained.
The investment bank EFG-Hermes is managing the fund in accordance with investment controls, and ratios determined by Emirates NBD. The fund provides daily cash liquidity through calculating a daily return on the invested funds, with the possibility of an offering and redemption in the fund’s certificates on a daily basis.
An official at Emirates NBD said that average return on subscriptions is 14% to be daily added to the certificate value, adding that investor’s minimum subscription is EGP 25000 through opening an account at Emirates NBD, then depositing the money and submitting a request to purchase the certificate finally.