Press Release
The Arab Bank and Beltone Asset Management establish the Arab Bank Money
Market Fund, capitalized at 100 million Egyptian Pounds
The Arab Bank and Beltone Asset Management, a subsidiary of Beltone Financial Holding have completed the establishment of the Arab Bank Money
Market Fund 'Yomaty', denominated in Egyptian Pound. The fund is open ended, licensed by the Central Bank of Egypt, will be operated under the supervision of the Egyptian Financial Supervisory Authority (EFSA). It will be capitalized at 100 million Egyptian Pounds, with a certificate par value of 10 Egyptian Pounds.
Mr. Aladdin Saba, CEO of Beltone Financial said that the fund is considered a special low risk investment tool providing liquidity through investing in government, bank and corporate dept instruments, bank deposits, repurchase agreements as well as other money market funds.
Ms. Samar Almulla, Egypt Country and Branches Manager for the Arab Bank, added that the fund is the first to be launched by the Arab Bank and will combine the flexibility of a current account and the returns of a savings account. She also mentioned that the fund will enjoy a competitive distribution network through the number of branches, teller machines, checks, bank transfers, internet banking, all being channels through which investors can use to subscribe and redeem in and out of the fund. This will allow subscribers a unique capacity to access and control their investment.