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The United Bank “Rakhaa” Fund achieves first the highest growth rates for cash funds compatible with the provisions of Islamic Sharia place in the market

20/11/2023

Ashraf El Kady

 

For the second time this year 2023

The United Bank “Rakhaa” Fund achieves first the highest growth rates for cash funds compatible with the provisions of Islamic Sharia place in the market

 

Ashraf El Kady – Chief Executive Officer & Managing Director, The United Bank

  • Outstanding performance for UB “Rakhaa” Fund in the market.
  • Investors’ confidence in “Rakhaa” Fund’s performance is a good indicator supporting its investment flows.
  • 13 advantages for investing in Rakhaa Fund.
  • “Rakhaa” Fund wins regional awards for the best performance of monetary fund compatible with Islamic Sharia provisions.

 

Cairo, November 20, 2023

 

Market indicators announced that The United Bank’s “Rakhaa” cash fund, with a cumulative daily return, achieved the best progressive performance of Islamic funds by the end of October 2023. With an increase of 17.7%, recording 341.37 pounds. The fund is under the management of CI Capital.

Commenting on the remarkable performance for UB “Rakhaa” Fund, Ashraf El Kady Chief Executive Officer & Managing Director, The United Bank, says that “Rakhaa” Fund was able, to gain the confidence of investors, which makes it the ideal and safe choice for cash investment funds compatible with Islamic Sharia provisions in the market.

El Kady added that “Rakhaa” cash fund provides a good investment mechanism for investors in local markets. The fund is managed by CI Capital through several investment strategies to reduce the risks. The Fund takes into account diversification in investing in short- and medium-term local documents.

Ashraf El Kady pointed out UB “Rakhaa” cash fund with a cumulative daily return that is compatible with Islamic Sharia provisions has 13 advantages:

The first reason: The net assets of “Rakhaa” cash fund with a cumulative daily return have increased to reach 597 million Egyptian pounds, with cumulative returns of 241.37% since the fund’s inception.

The fund's total assets amount is to 32% of the size of Islamic monetary funds in the market

The second reason: The growth in the price increased to reach 341.37 Egyptian pounds at the end of October 2023.

The third reason: The investment return increased by the end of October 2023 to reach 17.77%. With a price, increasing to 39.77 pounds compared to the end of 2022.   “Rakhaa” Fund thus leads the performance of Sharia-compliant cash funds by the end of October 2023 in the market.

Fourth reason: “Rakhaa” cash fund is characterized by selecting the quality of investment tools that maximize clients’ investments. Both treasury bills and cash in banks constitute the highest investment instruments. Which gives more strength, security and confidence to investors.

The fifth reason: “Rakhaa” cash fund with a cumulative daily return is classified as an open-ended fund that allows freedom of movement in terms of (purchase/redemption) on a daily basis until 12 noon according to the terms of the subscription prospectus in all 68 UB branches.

Sixth reason: Customers can subscribe in “Rakhaa” cash fund without any expenses for either the subscription or redemption process, which provides the required liquidity for investors.

 

Seventh reason: UB Rakhaa Cash Fund does not deal in stocks at all.

 

Eighth reason: investors can obtain financing from UB by guaranteeing documents.

 

Ninth reason: increasing Rakhaa cash fund holders compatible with Islamic Sharia provisions by the end of October 2023, to reach 974 clients.

The tenth reason: “Rakhaa” Fund won international and local awards, including:

  • Global Investors, affiliated with Euro money, awarded; the best monetary fund managed in accordance with Islamic Sharia principles in the Middle East and North Africa for 2018 in the field of asset management.
  • Arab Banks Union Awarded as the best investment funds compatible with Islamic Sharia provisions.
  • In addition, the fund was qualified for the award for the best-fixed income fund managed in accordance with Islamic Sharia principles in the Middle East by the international Mena Fund Manager.

The eleventh reason: “Rakhaa” cash fund, compatible with Sharia provisions, provides cumulative daily return granted by the fund is competitive with other funds in the market and is completely exempt from taxes. Which motivates companies and individuals to subscribe to it. The minimum subscription to the fund is 50 certificates for new customers.

 

The twelfth reason: the prospectus for “Rakhaa” cash fund subscription is approved by the fund Sharia Board and the General Authority for Financial Supervision as one of the investment mechanisms available to clients.

 

The thirteenth reason: UB website constantly publish the subscription prospectus updates, as well as the latest approved financial position. www.theubeg.com

 

End