{"id":623947,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/13\/the-a-z-of-the-newly-launched-shariah-compliant-index\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"the-a-z-of-the-newly-launched-shariah-compliant-index","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/13\/the-a-z-of-the-newly-launched-shariah-compliant-index\/","title":{"rendered":"The A-Z of the newly launched shariah-compliant index"},"content":{"rendered":"

Say hello to the EGX33 Shariah: <\/strong>The bourse\u2019s new shariah-compliant index \u2014 dubbed the EGX33 \u2014 that was officially launched yesterday<\/a> was followed by a statement (pdf)<\/a> from EGX boss Ahmed El Sheikh laying out the ins and outs of the long-awaited index.<\/p>\n

The Shariah index will have 33 components each capped at 15%: <\/strong>The index\u2019s 33 listed companies will represent 16 different sectors and have a maximum weight of 15% for any of them. Talaat Mousta Group maxes out cap as the index\u2019s largest component with 15.0%, followed by Elsewedy Electric with 10.3%, and Abu Qir Fertilizers is third largest component with a 9.1% weight.<\/p>\n

The selection criteria: <\/strong>Sheikh explained that for the sake of market stability and creating an attractive offer for investors, the index\u2019s components were chosen from EGX100-listed companies whose activities are at least \u2014 by revenue \u2014 90% compliant with the shariah will be eligible to join the EGX33, the EGX said in a separate handout (pdf)<\/a>. Companies that are not listed in the EGX100 but have a shariah supervisory board can also be included in the EGX33 provided they meet a minimum liquidity requirement.<\/p>\n

The small print:<\/strong> The ratio of interest-bearing investments and loans \u2014 including long- and short-term ones \u2014 to the company\u2019s total assets or average market value \u2014 whichever is bigger \u2014 shouldn\u2019t exceed 33%. The company\u2019s liquid assets to total assets ratio also shouldn\u2019t exceed 70%.<\/p>\n

In safe hands: <\/strong>The Shariah Supervisory Committee overseeing the index and the methodology to choose its companies is made up of Islamic finance experts and scholars in Islamic law.<\/p>\n

It could be popular with investors: <\/strong>Since the start of the year, the index is already outperforming its fellow indices on the EGX, according to the statement. It is hoped that the index will not just be of interest to local investors, but also attract others in the region and globally. Before its launch, there were already \u201crepeated requests from a large number of local, regional, and international investors\u201d for a shariah-compliant index, El Sheikh said.<\/p>\n

The index will undergo semi-annual reviews<\/strong> at the end of January and July, with changes reflected at the start of February and August.<\/p>\n

HERE COMES THE SHARIAH FUNDS-<\/p>\n

We have a timeline on CI Capital\u2019s new fund:<\/strong> CI Capital\u2019s asset management arm CI Capital Asset Management\u2019s new shariah-compliant fund will be launched in 3Q this year, CEO Amr Abol Enein, told CNBC Arabic in an interview (watch, runtime: 4:25<\/a>). Enien is looking to make the fund one of the country\u2019s five largest and added that his company is looking to drum up most of the fund\u2019s capital from Gulf countries.<\/p>\n

AND- Azimut\u2019s shariah fund asks for regulator\u2019s blessing:<\/strong> Asset manager Azimut has filed an application with the Financial Regulatory Authority to launch its new shariah-compliant fund in the EGX33, Azimut Managing Director Ahmed Abou El Saad told Al Borsa<\/a>. Investors can buy into the new fund right after it secures the required regulatory approvals, he confirmed. The new fund is one of three new investment funds<\/a> the asset manager wants to launch before the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGX33-eligible companies have to be included in the EGX100 or have a shariah supervisory board<\/p>\n","protected":false},"author":1,"featured_media":623948,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7303],"tags":[7134,3305,102,136,68,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-ahmed-el-sheikh","tag-azimut-egypt-asset-management","tag-capital-markets","tag-ci-capital","tag-egx","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"74effee2-a8f2-48ca-b477-5a6fd4c8ca67","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1219.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The A-Z of Egypt\u2019s newly launched shariah-compliant index","related_issue":[623938],"teaser":"EGX33-eligible companies have to be included in the EGX100 or have a shariah supervisory board","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.ff6d10f4-46d0-48ed-9e82-57cb95a091d9.mp3"},"yoast_head":"\nThe A-Z of the newly launched shariah-compliant index - 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We\u2019re racing towards the end of the week and the extended Eid Al Adha vacation, which will see the country take all of next week off.THE BIG STORY TODAY Introducing the EGX33: The EGX has launched Egypt\u2019s maiden shariah-compliant index \u2014 dubbed the EGX33\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/83.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623863,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/egx-launches-its-maiden-shariah-compliant-index-report\/","url_meta":{"origin":623947,"position":2},"title":"EGX launches its maiden shariah-compliant index -report","author":"enterpriseam admin","date":"12 June 2024","format":false,"excerpt":"The index will include 30-50 listed companies","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631962,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/azimut-one-step-closer-to-launching-shariah-compliant-fund-after-getting-fra-approval-plus-neom-lrt-adeer-hassan-allam-properties-melee-development\/","url_meta":{"origin":623947,"position":3},"title":"Azimut one step closer to launching shariah-compliant fund after getting FRA approval. PLUS: Neom, LRT, Adeer + Hassan Allam Properties + Melee Development","author":"enterpriseam admin","date":"8 July 2024","format":false,"excerpt":"The fund will invest in stocks listed on the EGX\u2019s newly-launched shariah-compliant EGX33","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623987,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/13\/this-evening-turkish-denim-giant-sirikcioglu-to-invest-usd-700-mn-in-a-port-said-factory\/","url_meta":{"origin":623947,"position":4},"title":"THIS EVENING: Turkish denim giant \u015eirik\u00e7io\u011flu to invest USD 700 mn in a Port Said factory","author":"enterpriseam admin","date":"13 June 2024","format":false,"excerpt":"Good afternoon, folks and happy Thursday. Yes, the weekend has finally arrived and we can\u2019t wait to pack up and zoom off into this extended holiday.EnterprisePM Egypt will be taking a week off. We will be back at the usual time and place on Sunday 23 June.THE BIG STORY TODAY\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":663954,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/17\/egx-closed-1q-in-the-green-with-strong-backing-from-local-institutions-fueling-the-gains\/","url_meta":{"origin":623947,"position":5},"title":"EGX closed 1Q in the green, with strong backing from local institutions fueling the gains","author":"enterpriseam admin","date":"17 April 2025","format":false,"excerpt":"Banknote dividends rose 47% y-o-y in 1Q","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/400.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=623947"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623947\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/623938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/623948"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=623947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=623947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=623947"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=623947"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=623947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}