Cairo – Mubasher: The Financial Regulatory Authority (FRA) has recently approved the launch of Azimut Precious Metals Fund under the name az-Gold, which marks the first gold investment fund in Egypt.
Mubasher Trade, which is licensed by the Egyptian Exchange (EGX) under the name Mubasher for Securities and Bonds, will enable investors to trade gold by opening an account through the hotline 16699.
The fund offers both cash and physical redemption of gold investment certificates, with zero subscription fees.
az-Gold operates under Sharia Supervision and follows a passive investment policy, tracking a reliable price index to ensure fulfilling a fund’s performance that mimics the index.
How to Invest in az-Gold?
Those willing to be part of the gold investment fund, which is under the supervision of the FRA, can buy a certificate of the certain gold amount they desire in grams at a net asset value (NAV) of EGP 10 per each investment certificate. The NAV is calculated based on the gold price announced by EGX.
Subscription and launch date of az-Gold is expected to be 21 May 2023. Mubasher Trade will allow investors to purchase the gold investment certificates at the set minimum initial amount of 100 units at a total value of EGP 100 and without a maximum limit.
The fund, introduced by Azimut Egypt Asset Management, offers the subscription and redemption frequency on Mondays and Thursdays until 12 pm (Cairo local time).
Payment and Settlement Transactions
The proceeds of selling certificates should be settled in two days from the day of executing the order, yet the money directed to the purchase orders is settled on the same day of the buy order.
Therefore, if the client purchases 10 certificates on a Monday, the payment and settlement transactions will be carried out on the same day.
Meanwhile, in case of selling certificates on a Monday, the settlement will reflect on Wednesday. Investors are allowed to sell only part of the certificates and not the entire investment.
Investors can keep the certificate value either as a document or physically as gold if the minimum investment amount is 50 grams.
People can track the investment value online and live through Mubasher Pro application.