{"id":13768018,"date":"2024-04-27T09:30:07","date_gmt":"2024-04-27T09:30:07","guid":{"rendered":"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b3%d8%aa%d8%b9%d8%b1%d8%b6-%d8%aa%d8%ac%d8%b1%d8%a8%d8%a9-%d8%aa%d9%86%d8%b8%d9%8a%d9%85-%d8%a5%d8%b7\/"},"modified":"2024-05-14T08:03:12","modified_gmt":"2024-05-14T08:03:12","slug":"%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b3%d8%aa%d8%b9%d8%b1%d8%b6-%d8%aa%d8%ac%d8%b1%d8%a8%d8%a9-%d8%aa%d9%86%d8%b8%d9%8a%d9%85-%d8%a5%d8%b7","status":"publish","type":"fra_news","link":"https:\/\/fra.gov.eg\/en\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b3%d8%aa%d8%b9%d8%b1%d8%b6-%d8%aa%d8%ac%d8%b1%d8%a8%d8%a9-%d8%aa%d9%86%d8%b8%d9%8a%d9%85-%d8%a5%d8%b7\/","title":{"rendered":"\/FRA presents the Egyptian experience in launching gold investment funds, collaborating with the World Gold Council \u2013 Saturday 27 April 2024"},"content":{"rendered":"

\u2022 Dr Mohamed Farid \u2013 FRA\u2019s Chairman: FRA set a legislative and regulatory framework designed to facilitate the launch of two gold investment funds, with the approval of a third fund currently under review<\/strong><\/span>
\n\u2022 The Authority utilizes gold funds as one of several financial instruments to expand access to financial, investment, and insurance products and services.<\/strong><\/span>
\n\u2022 FRA ensures that Trading and Catalyst Management Services Companies meet all the necessary requirements throughout the process of establishing and operating investment funds<\/strong><\/span>
\n\u2022 Dr. Sameh El Torgoman, Chairman and CEO of Evolve Investment: We acknowledge FRA\u2019s critical role in establishing a secure and transparent environment, which is instrumental in motivating the creation and management of investment funds by all stakeholders<\/strong><\/span>
\n\u2022 We have observed a significant increase in citizen demand for gold investment through investment funds<\/strong><\/span>
\n\u2022 Ms. Kurtulus Taskale – Director, Central Banks and Public Policy- World Gold Council: We commend Egypt’s remarkable approach to regulating gold investment and see significant potential for mutually beneficial cooperation<\/strong><\/span>.<\/p>\n

FRA\u2019s Chairman along with representatives from the World Gold Council and Evolve Holding reviewed the Egyptian experience adopted and applied by FRA to regulate investment in gold, especially minerals, as a movable asset through investment funds that play a key role by converting physical gold into financial instruments with specific features and tradable financial asset.<\/p>\n

Dr. Mohamed Farid credited the Authority’s initiatives for establishing a conducive environment that paved the way for launching the first gold investment fund. He pointed out that FRA\u2019s Board issued number of decisions in this regard including decision No. 50 of 2023 to amend regulations set for treating Minerals Investment Funds as movable assets as well as Decision No. 51 of 2023 on listing and delisting rules for minerals\u2019 custodians. That is besides FRA\u2019s Board decision No. 52 of 2023 on listing and delisting rules set for Minerals investment funds.<\/p>\n

Drawing on Article 35 of the Capital Market Law, the Authority’s Board of Directors allowed the fund to trade in movable financial assets, including minerals paving the way for the launching the first gold investment fund.<\/p>\n

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Dr. Sameh El Torgoman, Chairman and CEO of Evolve Investment and a delegation from the World Gold Council, attended the meeting. (WGC) delegation included Mr. Ajit Mauskar Director, World Gold Council, Mr. John Reid – Europe and Asia Market Research Officer, Ms. Kurtulus Taskale – Director, Central Banks and Public Policy and Andrew Naylor -Head of Middle East and Public Policy, in addition to Mr. Mohamed Ayad, Director of the Media Center of the Financial Regulatory Authority.<\/p>\n

Dr. Farid stated that May 2023 witnessed the establishment of the first Egyptian fund, the EZ-Gold Fund (AZ-Gold) by Azimut. Then in 2024, after gaining FRA\u2019s approval, Beltone Financial Holding\u2019s subsidiary Beltone Asset Management announced the launch of a new gold investment called \u201cSabayek\u201d, that is besides a potential third fund under consideration by a subsidiary of the National Bank of Egypt .<\/p>\n

Dr. Farid added that reports showed that there is strong initial interest in gold investment funds, with over 102,925 customers joining the two existing funds.<\/p>\n

The meeting participants applauded the Authority’s efforts in establishing a clear framework for gold investment funds and this attracted local banks and boosted market participation.<\/p>\n

Dr. Sameh Al-Torgoman, CEO of Evolve Investment Holding, expressed the company’s wish to work closely with both FRA and the World Gold Council, adding that this collaboration aims to develop and launch innovative gold investment products.<\/p>\n

Dr. Sameh Al-Torgoman acknowledged the Financial Regulatory Authority’s key role in launching multiple gold investment funds. The Authority’s successful establishment of legal and operational frameworks for these funds catered to the long-standing tradition of Egyptians saving through gold purchases.<\/p>\n

Ms. Kurtulus Taskale WGC\u2019s Director, Central Banks and Public Policy applauded Egypt’s initiative to launch gold investment funds, noting that this approach effectively transforms gold from a tradable good into a readily accessible investment tool.<\/p>\n

Dr. Farid discussed how these gold investment funds are a significant step forward in the Egyptian government’s push for financial inclusion. He emphasized that these funds allow individuals to invest in gold with smaller amounts, starting from just 100 pounds. Additionally, they offer flexible payment options, accepting both electronic and traditional payment methods.<\/p>\n

Dr. Farid pointed out that qualified fund management companies, licensed by the FRA, are entrusted with managing these gold investment funds.<\/p>\n

Dr. Farid elaborated on the overall value of investment funds, highlighting their appeal to a broad range of citizens seeking transparent and secure investment options. He emphasized that these funds, including those focused on precious metals like gold, are overseen and regulated by the Authority. This regulatory framework helps protect customer rights by mitigating non-commercial risks.<\/p>\n

Dr. Farid acknowledged that these structured and secure investment vehicles prevent customer from risks of gold price fluctuations. He emphasized that the availability of these gold investment funds aligns with the Egyptian State’s broader economic reform efforts across various sectors.<\/p>\n","protected":false},"author":7,"featured_media":13767600,"parent":0,"template":"","format":"standard","categories":[142,144],"tags":[],"fra_news_taxonomy":[2137,2138],"news_paper_taxonomy":[],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news\/13768018"}],"collection":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news"}],"about":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/types\/fra_news"}],"author":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/users\/7"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media\/13767600"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=13768018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=13768018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=13768018"},{"taxonomy":"fra_news_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news_taxonomy?post=13768018"},{"taxonomy":"news_paper_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/news_paper_taxonomy?post=13768018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}