In February 2014, Acumen Asset Management successfully launched its new Balanced Islamic Fund “Ezdehar” with Bank Audi that was successfully covered 2.5 times. Ezdehar fund is the first equity balanced fund to be launched in Egypt after the June 30th, 2013 revolution. The Islamic Sharia-compliant fund seeks long-term capital appreciation by investing a maximum of 60% of its net assets in Sharia-compliant Egyptian equities, while the rest is invested in Islamic money market instruments such as Modarba, Morabha, Egara and Islamic deposits. Ezdehar certificates are traded on a weekly basis.
Ezdehar Fund abides by Sharia Board regulations that include scholars and members of the Islamic Feqh Academy in Jeddah, Chairman of Sharia Supervision Board of Dubai Islamic Bank, and the CEO of the Islamic Financial Institutions (AAOIFI). The fund also hired Ideal Ratings, a US institutional industry leader in terms of market share, to provide the screening of Sharia-complaint stocks.
Currently, Ezdehar fund ranked as the #1 fund among Islamic Balanced Funds in Egypt.