Misr Life Ins. to launch an investment fund
Thursday, 05 06 2021, Category: Insurance and Reinsurance, Country: Egypt
Misr Life Insurance, a subsidiary of Misr Insurance Holding, has partnered with Misr Capital, the investment arm of Banque Misr, have announced the launch of the investment fund Misr Life Insurance for Liquidity in Egyptian Pound.
The fund is set to receive an initial volume of EGP 100m, and serves as Misr Life Insurance’s first investment fund. It can be subscribed to through Misr Capital and Misr Capital Fixed Income Brokerage.
Ahmed Abdelaziz, CEO of Misr Life Insurance, said that the fund is the first investment vessel to be launched by the company in the Egyptian capital market. It aims to provide an investment method for individuals and institutions alike.
He added that the fund’s assets will be invested in highly liquid monetary financial instruments, whether short- or medium-term, such as debt instruments issued by the government and companies. This is in addition to repurchase agreements and other money market fund documents, with average maturities of 150 days.