Allowing trading in the first gold fund in Egypt through the “Mubasher Trade” company – Economics

Today, Sunday, the Egyptian Financial Supervisory Authority, headed by Dr. Mohamed Farid, approved the launch of the first fund to invest in gold on the stock exchange, “compliant with Islamic law,” which allows institutions and individuals, for the first time in Egypt, to invest in gold, without buying physical gold itself.

How do we invest in the gold fund?

Ehab Rashad, Vice Chairman of the Board of Directors of Mubasher Capital Holding Company for Financial Investments, said that it is possible to invest in the gold fund by purchasing a document issued by the fund that determines the amount of grams owned by each investor, and the Financial Supervisory Authority allows investment in the gold fund through Mubasher Trade. », by opening an account with the company authorized by the Authority.

Steps to purchase the document

It is expected that the subscription to the gold fund will begin as of May 21, provided that the nominal value of the document is 10 pounds. It is assumed that the documents will be made available for purchase and sale after the end of the initial subscription in the fund on Mondays and Thursdays of each week, until 12 noon.

Buying and selling in the gold fund

It is scheduled that the sale funds for the documents will be settled two days after the completion of the process, but the settlement for the money for the purchase of the gold document will take place on the same day, and this means that if the customer buys 10 documents on Monday, the payment and settlement process will take place on the same day, while the settlement of the sale process takes place on the day Wednesday, and the customer can sell part of the documents, not all of them, that is, he can sell 10 documents out of the 50 documents he bought.

How do you get your money?

Whoever buys gold fund documents can keep the value of the document as paper, or obtain gold physically, provided that the minimum investment is 50 grams, and the value of the investment can be monitored online and in real time through the “Mubasher Pro” application.

Commissions due for investment in the gold fund

The investment in the fund is distinguished by the fact that there is no commission on the purchase of the gold fund document, but expenses are calculated at 4.9% of the value of the transaction in the event of a sale, which decreases with the retention of the investment value, and is consumed over three years, so whoever keeps his investment in the gold fund for a full 3 years, He will not bear any expenses for the sale.