Mubasher Insurance: Iskan Insurance Company has invited the policyholders of its Daily Accumulative Cash Investment Fund to attend the fund’s meeting the day after tomorrow, Tuesday.
The meeting is scheduled to consider the election of a representative and deputy representative of the policyholders’ group, as well as amending some investment ratios in the fund’s prospectus. The meeting will also inform the fund group of all transactions that may involve a conflict of interest by parties associated with the fund.
The company drew the attention of the fund’s shareholders that each policyholder has the right to attend the meeting in person or by proxy, provided that the proxy is valid and supported by an approved power of attorney.
The company stated that if the legal quorum required for a valid meeting is not met, it will be postponed to the following day at the same time and place. The meeting will be deemed valid regardless of the number of policies represented.
It is worth noting that Iskan Insurance Company’s cash investment fund with cumulative daily returns was established pursuant to Financial Regulatory Authority Decision No. 899 dated February 12, 2023, pursuant to the provisions of the Capital Market Law promulgated by Law No. 95 of 1992 and its executive regulations and amendments.
Hisham Mohsen, Managing Director of Iskan Insurance Company, stated in previous statements to Mubasher Insurance that the company’s cash fund subscriptions – every day – amounted to approximately EGP 160 million by the end of last December. He added that the fund ranked first among all cash investment funds by the end of last December, in addition to being among the top 10 cash funds in terms of profitability, with an average return of 22.5%.
Iskan began offering subscriptions to the fund in April of the year before last, with the aim of providing investment and savings products to individuals and institutions, in addition to the company’s insurance services in cooperation with the Arab African International Investment Management Company, which manages the fund, while the National United Bank was selected as the fund’s custodian.
The Housing Fund is one of five cash funds for insurance companies in the market, comprising Misr Insurance, GIG Insurance, GIG Life Takaful, Misr Takaful Insurance – Property and Liability, and Wethaq Insurance Company’s fund. The
shareholder structure of Housing Insurance includes a group of shareholders in the banking and aviation sectors; the list includes: Housing and Development Bank, Agricultural Bank, Real Estate Bank, and Nasser Social Bank; in addition to the Financial Holding Company for Aviation, the Egyptian Airports Company, and the Air Navigation Company, in addition to the employee funds of the Housing and Development Bank and the Civil Aviation Bank, as well as the Arab Investment Company, a subsidiary of Talaat Moustafa Group.