CI Asset Management (CIAM) aims to bring the size of its asset management portfolio to EGP 10bn by the end of 2020, according to Amr Aboul Enein, Managing Director of CIAM. This figure compares to the EGP 8.6bn reported at the end of March.
Aboul Enein added that subscriptions are being allowed for Suez Canal Bank Fund securities for the first time in Egypt through mobile banking.
The move coincides with Egypt’s current push for digital transformation, which requires methods that allow for online banking.
This has become the focus of much discussion and action in light of the novel coronavirus (COVID-19) pandemic, where mobile banking is being encouraged over cash exchanges. The focus has shifted to the need to generalise electronic transactions as much as possible to reduce gatherings, which will enhance the demand for this mechanism and its significant success in the current period.
Aboul Enein told Daily News Egypt that his company will work to circulate the mechanism of dealing electronically to the rest of the funds that it intends to manage. It will address banks that own these funds to provide this mechanism, praising the role of the Financial Regulatory Authority (FRA) and its cooperation in providing all requirements to enable dealing electronically.
CIAM, a subsidiary of CI Capital Holding, manages several similar cash funds, such as the Commercial International Bank’s (CIB) Mutual Fund since 2005, and Blom Bank Fund since 2009. It also manages the first cash fund consistent with the principles of Islamic law, set up by the United Bank of Egypt Rakhaa in 2012.