The United Bank’s Chairman : Rakhaa Fund achieved a return exceeding 10.75% on an annual basis since the beginning of the year
Cairo: July 12th, 2020
Ashraf El-Kady, Chairman of The United Bank, confirmed that Rakhaa Fund has achieved a return of more than 10.75% on an annual basis since the beginning of the year 2020
Ashraf El- Kady added that Rakhaa Fund competes strongly in the market in the proceeds of cash funds that are compatible with the provisions of Shariaa since its establishment, pointing out that the investor can subscribe to or spend part or all of his investments and returns on a daily basis without any commissions or expenses. It is well suited for managing daily excess liquidity for companies and individuals.
He added that The United Bank granted the investor in Rakhaa Fund an additional advantage that he could perform the process of subscription and redemption through the bank mobile or the bank Internet with ease and at once and from anywhere.
He emphasized that the returns of "Rakhaa" cash fund are exempted from taxes for individuals, adding: "The fund grants a daily return, and invests its money in investment instruments that are compatible with the provisions of Islamic Sharia, and does not enter into any investments in shares, and therefore the investor's capital is not eroded, and this cash fund was issued in 2013, and it is ranked first in the return granted to its investors among the funds that comply with the provisions of Islamic Sharia.
For his part, Amr Abu El-Enein, CEO of Asset Management Sector at CI Capital, stressed that the "Rakhaa" cash fund is one of the best Islamic investment mechanisms in the Egyptian market, because it gives the customer the opportunity of safe and Sharia-compliant investment at the same time.
Amr Abu El-Enein explained that the performance indicators of the "Rakhaa" monetary fund resulted as the leading fund for being represented locally and regionally, with the certification of global financial institutions including EMEA Finance in 2016, the MENA Fund Manager in 2017 and 2018 and the Global Investors of the Euromoney Foundation, which awarded Rakhaa Fund the Best Cash Fund in accordance with the principles of Islamic Sharia in the Middle East for the year 2018, which is prepared by experts in the field of asset management in the Middle East and North Africa in the field of asset management. In 2019, it won the award for the best investment mechanism compatible with the provisions of Sharia in the Middle East for the second year in a row.
He added: The continuity of the leadership of the Rakhaa Fund for managed funds according to the principles of Islamic Sharia in the Egyptian market, in addition to these awards and international recognition at the level of the Middle East and North Africa, comes as a demonstration of the efforts of the team working with the bank’s management and investment manager.