Arab Banking Union award The United Bank

09/05/2018

Arab Banking Union award The United Bank
Rakhaa Fund, the best Islamic fund compliant with Shariaa for 2018

Ashraf El Kady – Chairman of The United Bank
• The Bank's strategy is based on development and innovation to provide the best banking solutions.
• The "Rakhaa" Fund ensures safe and Shariaa compliant investment mechanisms at the same time.
• The "Rakhaa" Fund guarantees investors a daily cumulative and tax-deductible return
• Bank team ... the cornerstone of success

Cairo: 10 May 2018
Arab Banking Union is to award the United Banks with the Arab Banking Excellence and Achievement Award for 2018 for Rakhaa fund as the best Islamic fund compliant with Shariaa.
The award was handed over to The United Arab Bank team from the Secretary General of the Arab Banking Union - Wissam Fattouh - in the Lebanese capital Beirut, on Friday 6 July 2018.
The award was received by : Farag Abdel Hamid - Vice Chairman and Managing Director, Nevine Kashmiri - Deputy Managing Director of Business sector, Dr. Ahmed El Ghandour - Assistant Managing Director, Ahmed Hablas - General Manager of the Treasury and Capital Markets Sector, and Hassan Al-Hawari, Assistant General Manager of Investment Funds and Custodian, in the presence of a large crowd of senior bankers, international figures and oversight from international and regional institutions.
Mr. Ashraf El Kady, Chairman of The United Bank, said: "We are very pleased with this prestigious award, which has put The United Bank and its products, especially Shariaa compliant, in a distinguished position in the Egyptian market.
The "Rakhaa" Monetary Fund is one of the best Islamic investment mechanisms in the Egyptian market, according to the report of the Egyptian Association for Investment Management, because it gives its clients the opportunity to invest in safe and compliant with the provisions of the law at the same time.
A strategy based on creativity and innovation in banking solutions
El Kady pointed out that the strategy of The United Bank is based on the idea of continuous diligence, research and renewal of the best Shariaa compliant financial and banking solutions to suit customers, both individuals and companies of all sizes, activities and aspirations.
The human element is the cornerstone of the success of the institution
The bank was assisted in implementing this strategy by the professional human elements, which are characterized by a high ability to learn and develop and keep abreast of the latest findings of the global banking activity. As well as applying the latest systems of computer systems according to the highest level of technical and technical. Moreover, the expansion of the bank branch network that reaches 54 branches spread throughout the Republic, ATMs that provide a range of quality services worldwide. In addition to the electronic banking channels that give the customer a unique experience to enjoy the advantages of banking transactions without time constraints and place such as: Internet banking - mobile banking - the digital wallet with its advantages - electronic payment service. As well as cash flow management through corporate Internet banking.
The United Bank Awards 2018
It is worth mentioning that The United Bank received this year the third place for the best banks that provide banking and technological services and digital in Egypt and the Middle East from The Arab Banking Union in May 2018.
Characteristics of the Shariaa-compliant "Rakhaa" Fund
As for the advantages of the "Rakhaa" fund, Ashraf El Kady says that "Rakhaa" fund gives a cumulative daily tax return. Prompting companies and individuals to subscribe. The minimum subscription for the fund is 50 for new customers.
The "Rakhaa" Fund is classified as an open fund that allows free movement in terms of purchase / redemption on a daily basis until 12 noon at all branches of the 54 The United Bank. Without any expenses for the subscription or redemption process, this provides the required liquidity for the customers. As well as he does not deal in stocks at all. Customers can borrow guaranteed by the fund.
The prospectus was approved by Shariaa Board approved by the General Authority for Financial Supervision as one of the investment mechanisms available to customers. The Shariaa-compliant Rakhaa fund is comprised of a range of safe cash investment instruments such as treasury bills and bonds.
Islamic banking is a Winner Horse
Ashraf El Kady expected that Islamic banking will witness a great development in Egypt during the coming period, for many reasons, most notably the high demand by individuals and companies, especially with the introduction of new products in the market to suit customers and meet their contemporary needs in various walks of life.
He added that Islamic banking is a powerful tool to build large economic entities, especially as it requires direct investment by pumping its money into sustainable development projects.