FRA approves establishment of five new firms for investment fund management, SME financing    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's Environment Minister attends AMCEN conference in Nairobi    Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation    Egyptian, Belarusian officials discuss drug registration, market access    Egypt's ARC, Italy's AICS sign deal to boost wheat production    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



CIAM targets EGP 10bn asset management portfolio year-end
We intend to bring our electronic expertise to funds we manage, similar to Suez Canal Bank fund, says Aboul Enien
Alyaa Stohy Published in Daily News Egypt on 04 - 07 - 2020

CI Asset Management (CIAM) aims to bring the size of its asset management portfolio to EGP 10bn by the end of 2020, according to Amr Aboul Enein, Managing Director of CIAM. This figure compares to the EGP 8.6bn reported at the end of March.
Aboul Enein added that subscriptions are being allowed for Suez Canal Bank Fund securities for the first time in Egypt through mobile banking.
The move coincides with Egypt's current push for digital transformation, which requires methods that allow for online banking.
This has become the focus of much discussion and action in light of the novel coronavirus (COVID-19) pandemic, where mobile banking is being encouraged over cash exchanges. The focus has shifted to the need to generalise electronic transactions as much as possible to reduce gatherings, which will enhance the demand for this mechanism and its significant success in the current period.
Aboul Enein told Daily News Egypt that his company will work to circulate the mechanism of dealing electronically to the rest of the funds that it intends to manage. It will address banks that own these funds to provide this mechanism, praising the role of the Financial Regulatory Authority (FRA) and its cooperation in providing all requirements to enable dealing electronically.
CIAM, a subsidiary of CI Capital Holding, manages several similar cash funds, such as the Commercial International Bank's (CIB) Mutual Fund since 2005, and Blom Bank Fund since 2009. It also manages the first cash fund consistent with the principles of Islamic law, set up by the United Bank of Egypt Rakhaa in 2012.

Clic here to read the story from its source.