We’re thrilled to announce our first Sharia-compliant fund in partnership with Misr Insurance and Arab African Investment Management.
A highly-liquid fund: Misr Takaful Fund is a money market fund that offers daily subscriptions and daily redemption. It is considered a low-risk, liquid investment instrument. Investors enjoy compounded daily returns to ensure that they get the most flexibility out of their investment.
Our first Sharia-compliant fund: The fund invests mainly in Egyptian T-Bills designated as Shariah-compliant by an internal committee led by Dr. Ali Gomaa, the former Grand Mufti of Egypt.
A low-risk way to invest: The fund invests in low-risk instruments, including up to 90% in Egyptian T-bills and 49% in Egyptian T-Bonds. It also has the flexibility to invest in other Shariah-compliant products after the Shariah Committee’s approval. The fund returns are also exempted from tax payments.
How can you start today?
- Download the Thndr app and open an investment account – If you already have an account with Thndr, you are good to go
- Fund your account through Cash Deposit, Wire Transfer, InstaPay, or Fawry. More details here
- Search for Misr Takaful fund – MTF
The fund is undergoing a subscription period that will end on 29/03/2022 at 4 pm, the minimum investment amount is EGP 1,000 during the subscription period. After the subscription closes, you can buy with as little as 1 certificate which is starting at EGP 100.
How does it work ?
Everyone who invests in the fund owns certificates issued by this fund. These certificates give everyone the same mix of investments in the same proportion. As the fund’s value as a whole rises or falls, each person’s certificate value will go up and down with it.
More about the Shariah Committee
In order for the fund to have the Shariah-compliant stamp, an internal Shariah committee needs to be hired in accordance with the FRA regulations. This includes that members should be part of the certified members list of the FRA Shariah Supervisory Committees.
More about the fund manager
The fund is managed by Arab African Investment Management (AAIM). AAIM has over 13 years of experience and more than EGP 12.4 B of assets under management over different asset classes.
More about the fund owner
The fund is owned by Misr Takaful Insurance. Misr Takaful Insurance is one of the subsidiary arms of Misr Insurance Holding Company, Egypt’s largest insurance company that has a portfolio of over EGP 60 B.
What are the risks?
The fund is exposed to various types of risk like interest rate risk and liquidity risk. The fund manager typically manages these risks by diversifying the fund’s investments across different asset classes and maturity ladders that match the liquidity and nature of money inside the fund.
The “Subscription Note“: A tell-all document that includes all information about the fund.