San Francisco, USA / Cairo, Egypt – July 24st, 2013
IdealRatings, the market leader in providing Shariah Compliant Fund Management solutions globally, announced today that it has been selected by the prominent Cairo based financial group NAEEM Holding as their provider of choice to construct the 1st Real-Time Shariah compliant index for Egyptian stocks. NAEEM Holding will implement its own internal Shariah guidelines defined by the respectful board as well as additional investment parameters for the stock selection process. The new NISE25 Islamic index will apply frequent Shariah rebalancing to make sure of using the most recent compliance status for eligible stocks.
Hazem Kamel, Managing Director of NAEEM Financial Investments (NFI), the asset management arm of NAEEM Holding “We have been using IdealRatings screening platform for the past 2 years through our fund management arm and we are very happy to extend the relationship to include the NISE25 Islamic Index construction utilizing their global Shariah indices experience. NISE25 will include the top 25 Shariah compliant stocks in Egypt that matches our Shariah guidelines on a real-time basis as well as the eligibility criteria defined by NAEEM holding (Board Of Shariah).”
Mohamed Donia, CEO of IdealRatings “We are very pleased to contribute to the growing Islamic finance industry in Egypt and witnessing a financial institution like NAEEM Holding launching a unique real-time Islamic index and we are the selection of choice, This is great for Egypt, NAEEM and IdealRatings”