Menthum, CI Capital Asset Management launch US Dollar fixed income fund in Egypt

Menthum, Egypt’s digital savings platform, has launched the “Menthum USD Fixed Income Fund,” a US dollar-denominated fixed-income mutual fund designed to provide individuals and businesses with a secure, high-yield, and liquid savings opportunity. The fund is a joint venture with CI Capital Asset Management.

The Menthum USD Fixed Income Fund aims to deliver stable returns by investing in low-risk, high-quality fixed-income securities, including US Dollar-denominated T-Bills and Eurobonds issued by the Egyptian government.

The fund is fully regulated under the Financial Regulatory Authority of Egypt (FRA), making it an ideal choice for those seeking to preserve and grow their wealth and manage cash in foreign currency.

The fund offers daily liquidity, allowing fund certificates to be purchased or redeemed at any time, offering customers unmatched flexibility. The fund also serves as a building block of the “Menthum USD Savings Account,” offering a user-friendly experience comparable to a conventional savings account. Customers can track their total savings, daily gains, and transaction history on the Menthum app.

“At Menthum, our mission is to create innovative financial solutions that cater to the evolving needs of people in Egypt,” said Himanshu Shrimali, Co-Founder and CEO of Menthum. “The launch of the “Menthum USD Savings Account”, powered by the Menthum USD Fixed Income Fund, represents a significant milestone in our quest to empower Egyptians by providing financial products that make their money work harder, thereby improving their financial well-being. We take this opportunity to express our gratitude to the FRA for their pragmatic regulations and supportive approach that areconducive to innovation and progressive governance.”

Amr Aboul Enein, CEO and Managing Director of CI Capital Asset Management, added: “CI Capital Asset Management is pleased to be the investment partner and manager of the fund, that caters to investors searching for attractive returns, diversification of investments in a modern, accessible manner, and offering liquidity for cash management purposes for those holding foreign currency.”

Ismail Sarhank, Co-Founder and COO of Menthum, said: “Our partnership with CI Capital Asset Management, a renowned investment manager, aligns perfectly with our vision to expand financial inclusion and offer accessible, transparent, and efficient saving and investment solutions. This product is a direct response to the needs expressed by our clients, who require a reliable US Dollar savings vehicle for varied purposes such as saving for international education fees, proceeds from exports or startup funding etc. We are confident that this fund, offering both stability and growth, is a significant value-add for them.”

Tarek Shahin, Chief Investment Officer of CI Capital Asset Management, said of the fund’s planned investment strategy: “The fund aims to diversify and target optimal duration across the yield curve to achieve the highest possible return while ensuring liquidity to align with the customers’ needs for seamless purchase and redemption.”

The Menthum USD Fixed Income Fund will be open for subscription on August 26th, 2024. Customers can easily access it via the Menthum Mobile App, available on both iOS and Android platforms.