Iskan Insurance Launches Its First Money Market Fund Managed by Arab African Investment Management
29, Mar, 2023
Egypt, Wednesday, 29 March 2023: Iskan Insurance Company announced that subscription in its first investment fund “Iskan Money Market Fund - Every Day” will start on Sunday, April 2, 2023, as part of the company's keenness to provide investment and savings products to individuals and institutions in addition to its insurance services. This marks its cooperation with Arab African Investment Management (AAIM) to manage its first money market fund (Every Day).
Mr. Hisham Mohsen, Managing Director of Iskan Insurance Company, stated: “The launch of the fund at this time comes in light of the company’s strategy to provide an investment product with a distinct return to all institutional and individual clients. The company chose to launch a money market fund to be a low-risk investment product that meets clients’ cash flow and liquidity management needs.”
For his part, Mr. Mohamed Mostafa, Managing Director of AAIM, stated: “The offering of the fund is well timed, especially in light of the high returns on fixed-income instruments. The fund’s assets will be invested in short- and medium-term fixed income instruments that are characterized by their high liquidity, such as Treasury bills, other government debt instruments, and other cash funds, with a maximum average maturity of 13 months. The fund will allow its clients to subscribe and redeem its certificates on a daily basis.”
It is worth noting that the subscription will be received through:
Arab African International Securities (AAIS)
Egyptian Co. for Investment Services, Promotion, and Underwriting
Naeem Securities Brokerage Company
Misr Capital Bond Brokerage Company
HC Securities and Bonds Brokerage Company
Mubasher Securities Brokerage Company
Three Way Securities Brokerage Company
Meanwhile, Ahli United Bank Egypt has been selected as the fund’s custodian.
About ARAB AFRICAN INVESTMENT MANAGEMENT (AAIM)
Since its launch in 2006, Arab African Investment Management (AAIM) has been catering to both private and public institutions as well as high-net-worth individuals, building investment products that provide exposure to equity, fixed-income, and money markets. AAIM is one of the fastest-growing investment management firms in Egypt. Our AUMs grew to EGP12.5 billion by end of 2021, with AUMs and the number of clients growing by a 5-year CAGR of c.40% each. In 2022 alone, our AUMs grew by more than 45% to EGP20 billion.
AAIM is a subsidiary of Arab Africa Investment Holding which is fully owned by Arab African International Bank (AAIB).
For more details, please visit the company’s website:aaim.com.eg