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Banque Misr Fund IV "In accordance with provisions of Islamic Sharia Law" | ||
General Data | ||
General Data | Fund Name | Banque Misr Fund IV "In accordance with provisions of Islamic Sharia Law" |
Fund Category open | Islamic Equity Fund with periodic return | |
Fund Objective | Investing in accordance with provisions of Islamic Sharia Law, and the decisions and recommendations of the Fund's permanent Sharia Supervision Committee also maximizing the profits and minimizing risk through A portion not exceeding 50% of the Funds assets could be invested in foreign investments in stock markets that are subjected to governmental supervisory authority similar to the Capital Market Authority, and should be in conformity with the decisions and recommendations of the Fund's Permanent Sharia Supervision Committee. | |
Dividends | The Fund may distribute semi annually dividends in case of realizing profits | |
Inception Date | 22 October 2006 | |
Subscription & Redemption | Applications are submitted on Wednesday by the end of day price of Thursday and the transactions are implemented on the first working day of each week. | |
NAV Publishing | On the firstbusiness day of each week in Al-Ahram newspaper | |
Fund Manager | CI Asset Management | |
Custodian | Arab African International Bank (AAIB) | |
Auditors | PKF | |
Financial Data | ||
Financial Data | Fund Size at Inception | EGP 200 million |
Seed Capital by Banque Misr | EGP 10 million | |
Initial NAV per Certificate | EGP100 | |
Minimum Subscription | 10 Certificates (for first time subscription ) then 1 certificate | |
Fund manager fees | ||
1-Management Fees | 0.45% Annually of Net Asset Value (NAV) | |
2-Performance Fees | 7.5% of annual net profits above 10%annual return or average return of 3 months BM Islamic deposits+3%(whichever is more)and not calculated in case the market value of the certificate is less than its face value | |
Bank Fees | 0.5% annually of Net Asset Value (NAV) | |
Subscription Fees | none | |
Redemption Fees | none | |
Assets Allocation | ||
Assets Allocation | Allocation Equities % | Max. Allocation: (95% of NAV) |
Securities Per Issuer | Max. Allocation: (15% of total assets) & (20% of issue) | |
Securities Per Sector | Max. Allocation: (30% of total assets) | |
Global Depositary Receipts-(GDR) | Max. Allocation: (20% of total assets) | |
Foreign Securities | Max. Allocation: (50% of total assets) | |
Other Islamic Funds | Max. Allocation: (20% of total assets) & (5% of issue) of any other Islamic fund |