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What is AZ Sharia Opportunities (ASO) ?
AZ Sharia Opportunities is an open-ended fund that invests in the EGX 33 Shariah index.
It is open for daily subscription and redemption, established by Azimut Egypt Asset Management with the approval of the Financial Regulatory Authority (FRA).
You can read more about the fund’s investment guidelines and limits in the fund prospectus here.
What is the EGX 33 Shariah Index?
The EGX33 includes 33 local firms, all of which are already listed in the EGX100
The companies included in the index must not violate Islamic Law, such as the sale of alcohol, pork, or cigarettes etc.
The 33 companies listed on EGX33 represent 16 different sectors, and the relative weight of any company cannot exceed 15 percent of the index.
Subscription details
Subscription start date: 23 July 2024
Subscription end date: 12 August 2024
Number of certificates: 10,000,000 certificates
Certificate price: 1 EGP
Minimum Order: 1,000 certificates
Please note:
- You are only able to cancel your subscription order until 2PM on the same business day you make it. Orders are processed at 2PM daily and will be executed on the subscription end date.
- You cannot sell your certificates until the subscription period ends.
- The certificate price does not change during the subscription period.
- Processed orders can not be cancelled.
How do I subscribe?
- Launch the Thndr app and click on “Explore”
- Search for “Azimut Sharia” or find “ASO” under the mutual funds theme through your explore tab.
- Tap the AZ Sharia Opportunities Fund
- Tap on “Buy”
- Set the amount of certificates or amount of money you would like to subscribe with. There is a minimum of 2 certificates for any buy order.
Buying & Selling
If you place your order before 2pm:
- Your order is sent to Azimut on the same day.
- Your order is executed the next day at the new certificate price.
If you place your order after 2pm:
- Your order will be sent to Azimut the next day.
- Your order is executed two days after the day it was submitted at the new certificate price.
Fees:
The early sale fee is up to 2% of your investment value and is distributed over three years. This means that the longer you hold the investment, the lower the redemption fee you pay.
Here are some examples:
- Example 1: If you sell after one year, you pay a redemption fee of 1.3%
- Example 2: If you sell after 1.5 years, you pay a redemption fee of 1%
- Example 3: If you redeem your investment after 3 years, you pay a redemption fee of 0%
Who manages AZ Sharia Opportunities?
Azimut Egypt Asset Management is one of the Largest asset management companies with over 20 years of Experience and assets under Management Exceeds EGP 10.16 Billion.
Making it one of the largest Equity Managers in Egypt.
What are the investment rules for AZ Sharia Opportunities?
The fund’s assets are invested according to the following rules:
- No more than 15% of the fund’s assets can be invested in the shares of a single company, and this investment should not exceed 20% of that company’s shares.
- No more than 20% of the fund’s assets can be invested in the investment certificates of a single fund, and this investment should not exceed 5% of the total certificates of that fund.
- Investments in securities issued by a related group should not exceed 20% of the fund’s assets.
- Trading in the same session should not exceed 15% of the fund’s daily trading volume.
What are the risks?
AZ Sharia Opportunities is an equities-focused fund which makes it a high risk/high return fund.
The stock market is subject to economic and political risk.
There are also risks associated with investing in limited securities because of the fund investment guidelines. For a detailed overview of risk factors please visit the fund prospectus here.
