Azimut Wilzy Fund

Azimut Wilzy (AZ Wilzy) is the fifth issue of the Azimut Fixed Income Fund (Multi-Issue). It is a cash fund denominated in Egyptian pounds, with a daily cumulative return, and is compliant with the principles of Islamic Sharia. It is managed by Azimut Investments – Egypt, while Wilzy Securities Trading Company is responsible for marketing it. An independent Sharia Supervisory Committee monitors the compliance of its investments with Sharia principles, approves the permitted instruments, and periodically monitors the portfolio.

The issue’s investments are concentrated in short-term government and banking instruments. Treasury bills, government bonds, and government-guaranteed securities may account for the entirety of the issue’s funds. However, investments in Egyptian Treasury bonds and sovereign sukuk combined may not exceed 49%, meaning that short-term Treasury bills can remain the instrument representing the largest share of the portfolio.

Up to 75% of the funds may be allocated to deposits, interest-bearing current accounts, and savings accounts at Islamic banks or Islamic branches of commercial banks, in addition to savings and investment certificates issued by banks. The fund may also invest up to 20% in corporate sukuk and up to 20% in units of Sharia-compliant money market funds, provided that its investment in any such fund does not exceed 5% of that fund’s issued units.

The investment manager is entitled to allocate no more than 25% to other investments approved by the Financial Regulatory Authority and consistent with the fund’s objective. This requires the approval of the Sharia Supervisory Committee, prior consultation with the Authority, and prior disclosure to the unit holders.