Egyptian pound, British pound sterling, and US dollar banknotes. Photo: AFP
The company's first offering, the "GRANITE EGP-Denominated Money Market Fund," will be launched in collaboration with Naeem Holding for Investments.
Fixed-income funds are a type of mutual fund or exchange-traded fund (ETF) that primarily invest in fixed-income securities, including bonds, Treasury bills, corporate debt, and municipal bonds. These funds provide investors with a regular income through interest payments from the securities in which they invest.
In times of economic uncertainty, such as during periods of inflation, market volatility, or geopolitical instability, fixed-income funds become a vital tool for savings and investments.
GRANITE's immediate focus is to roll out its fully digital Money Market Account (MMA) via a user-friendly digital platform. This step is designed to provide an efficient way for users to maximise returns on their liquid cash in the most straightforward possible manner.
In addition to the EGP-denominated fund, GRANITE has plans to apply for an FRA license to introduce a USD Money Market Fund by the end of the year. This move places the company at the forefront of the CashTech sector, blending the expertise of its founders in asset management and fixed-income instruments with innovative digital solutions.
Hisham Akram, Founder and CEO of GRANITE Financial Holding, emphasised the importance of regulatory approval, stating, "This license is a vital milestone that demonstrates our commitment to operating under strict regulatory oversight while advancing our vision to reshape financial asset management in Egypt. We aim to use technology to offer products that turn idle liquidity into financial power, benefiting both individuals and businesses."
The GRANITE Money Market Fund will primarily invest in Egyptian Treasury bills and government securities, providing investors with a safer option compared to traditional bank deposits. The fund offers tax-free returns for corporate investors, as well as higher daily yields and full liquidity for individual investors, which can help protect against inflation and preserve purchasing power in an uncertain economic climate.
Hussein El Sheikh, Co-Founder and Managing Director of GRANITE, explained, "The launch of the Money Market Fund is the result of a strategic vision focused on delivering practical financial solutions. We aim to offer a simple, reliable way for both individuals and businesses to transform their idle cash into a high-yield asset."
Currently, GRANITE is awaiting the FRA's review of its application for a digital license, which will enable the company to launch its MMA platform. This platform will be a significant step in Egypt's growing digital transformation, offering a trusted alternative to conventional savings products and aligning with the rising demand for secure financial options. Through this, GRANITE aims to support the development of Egypt's capital markets and promote greater financial inclusion.
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