NBD Finance Network

National Bank for Development in collaboration with the Societe Arab International Bank established a fund to invest according to Islamic law Shariaa Compliant Rules, with a cumulative return and a dividend distribution semi-annually as one of the banking activities licensed by the two banks under the license No. 377 issued by the Capital Market in... December 20, 2006, in accordance to rulers of the Capital Market Law No. 95 of 1992 and its implementing regulations. The fund aims to invest its money in a diversified portfolio of domestic securities in Egyptian Pounds or internationally in foreign currency, which are all shariaa compliant on all Fund's investments in stocks listed the Egyptian Stock Exchange, Arab bourses and international subject to the supervision of governmental authority similar to the Capital Market Authority of the Republic of Egypt, Arab. The size of the fund at the IPO reached 100 million Egyptian pounds and nominal value of the document one hundred Egyptian pound. National Development Bank and Societe Arab International Bank have allocated five million Egyptian pounds each to conduct of activities of the fund - representing the value of one hundred thousand documents investment and fully subscribed by two banks and deposited with Societe Arab International Bank both banks cannot recover these documents or disposed of before the Fund's expiry. On December 25, 2007 the Capital Market Authority approved to increase the size of the fund to 300 million Egyptian pounds, December 8, 2008 approved another increase to 400 million Egyptian pounds by increase the seed capital of two banks to 15 million Egyptian pounds. The fund activity has begun as of February 11, 2007 the marketing of its subscription through the branches of banks (20 branches for SAIB, 70 branches for NBD) and the management of the Fund has assigned HC to manage financial investments.Read More