NBK launches first Islamic monetary fund



Manager-General of the Personal Banking Service Group Adel Al-Magid told a news conference on Tuesday on the occasion of the fund-launching that the fund was one of the innovated tools that were developed by the NBK in response to growing demand at the market.



Unlike other competitive funds, the new fund is run by the NBK, and its operations are to be overseen by an independent authority of funds promoted by the NBK in Egypt in order to guarantee that its investments would be in harmony with the Islamic Shariaa, he added.



In a related development, Al-Magid expressed hope that the NBK would be permitted by the Central Bank of Kuwait (CBK) in the immediate future to establish a subsidiary to be active in Islamic banking activities.



For his part, Sheikh Khalid Al-Mathkour, who chairs the independent authority, said the new national fund, just like other Islamic national funds, would be placed under the oversight of the independent authority.



Salah Yussef Al-Flaij of the Investment Services and Treasury Group said the fund’s investment goal is to achieve competitive revenues by means of investment in short and long term financial tools that run compatible with the Islamic Shariaa. The fund will also be allowed to invest in other investment funds that wield the same investment goals and observe the Islamic Shariaa, he concluded.



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