The National Bank of Egypt (NBE) and Misr Life Insurance, one of the Misr Insurance Holding companies, launched the “Al-Ahly Life” investment fund under the management of Al-Ahly Financial Investment Management Company.
Hisham Okasha, Chairperson of the NBE, confirmed that the cooperation of the National Bank of Egypt with the Misr Life Insurance Company in launching the “Al-Ahly Life” fund comes within the framework of the bank’s efforts to activate financial inclusion and provide comprehensive insurance services to all segments of society, where the subscription is done through the National Bank of Egypt branches spread throughout the Republic, stressing that the National Bank of Egypt always puts the interests of its customers at the top of its priorities by providing easy investment solutions that suit their financial plans and life requirements with insurance benefits that achieve a decent and safe life for them.
In the same context, Basil El Heni, Chairperson and Managing Director of Misr Insurance Holding, stated that the launch of the “Al-Ahly Life” fund, in cooperation between Misr Life Insurance and the National Bank of Egypt, aims to achieve a well-studied strategy for both parties, whether in terms of investment or insurance.
He added that such partnerships contribute to achieving the goals of financial inclusion and the growth of the national economy, which we all strive to achieve, and undoubtedly contribute to strengthening the position of Misr Insurance Holding, as the largest non-banking financial group in Egypt, and maximizing the state’s return on its investments in the group by adopting a clear and solid investment policy.
Yehia Aboul Fotouh, Vice Chairperson of the NBE, indicated that the “Al-Ahly Life” fund is a balanced stock investment fund that deals with the stock market and aims to achieve a return on the invested money while providing the fund for life insurance coverage, the premiums of which are borne by the fund for the benefit of the insured, whether individuals or workers in institutions.
The amount of insurance in the “Al-Ahly Life” fund is equivalent to the market value of the insured’s documents owned by the client at the end of the month of death, without a minimum and a maximum of EGP 250,000.
The fund’s policy holders are also insured without a medical examination, whether they are individuals or workers in institutions.
He added that the age of the insured ranges from 18 to 65 years, and the fund investment manager can make an annual distribution according to vision. Institutions can subscribe or buy in their name and with insurance coverage of equal shares for the benefit of their employees, provided that the age of the insured does not exceed 56 years at the date of his appointment in the institution.
Ahmed Abdel Aziz, Executive Managing Director of Misr Life Insurance Company, indicated that the “Al-Ahly Life” fund was launched to suit the needs and choices of customers and their financial plans, stressing that this strategic cooperation between Misr Life Insurance and the National Bank of Egypt is not the first; where this cooperation previously resulted in the launch of the “Tomorrow’s Pension” and the Egyptians’ Aman certificate, which is done in an effort to reach the largest base of customers from different segments of Egyptian society and spread the culture of insurance, savings and investment on a larger scale, which contributes significantly to achieving the company’s vision, which aims to insure Egyptian families against risks and help them achieve their financial goals.
Mansour Qallada, Chairperson of Al-Ahly Financial Investments Management Company, also praised the fruitful cooperation between the National Bank of Egypt and the Misr Life Insurance Company, which is positively reflected on the policy holder by achieving a return on investment with the advantage of life insurance, stressing that the assignment of the management of the Al-Ahly Investment Fund is life to Al-Ahly for Financial Investment
Management is a great confidence on both sides of the establishment of the company’s work team, which includes trained cadres, adding that the size of the assets of the Al-Ahly Financial Investment Management Company exceeded EGP 39bn, as the company is the investment arm of the National Bank of Egypt in the field of asset management. The company also manages a group of diversified investment funds and portfolios represented in stocks, balanced stocks, Islamic stocks, cash instruments and fixed income.
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