The Egyptian stock market has been developing the index for a while now, with former EGX head Rami El-Dokani telling media in August that it partnered with Standard & Poor’s (S&P) to facilitate the index’s launch between October and November
The Egyptian Exchange (EGX) is preparing to launch its new Sharia-compliant index during the first half of 2024, revealed EGX chairman Ahmed El Sheikh in a statement to regional media.
Companies to be included in the index are required to ensure that their activities and financial and accounting conditions are consistent with the provisions of Islamic Sharia law, with the final selection to come through the Sharia Supervision Committee of the Financial Regulation Authority.
The Egyptian stock market has been developing the index for a while now, with former EGX head Rami El-Dokani telling media in August that it partnered with Standard & Poor’s (S&P) to facilitate the index’s (at the time) expected launch between October and November.
Talking to media on Monday, El Shiekh explained that the EGX is in discussions with up to 4 medium-sized private sector companies for a potential registration on the new Sharia-compliant index, but did not disclose company names or their sectors.
He added that the stock market is looking into launching new promotional campaigns to encourage investing in the stock market through social media to stimulate market trading and attract a new segment of investors.
El Sheikh recently shared that the anticipated real estate exchange could be live within the coming 4 months.
Benchmark index, EGX 30, has seen a significant upward trend since the start of 2023, surging around 58% by Thursday’s session, and breaking its highest record point value of 20K throughout the year. Sunday trading reported that the main index jumped by 2.01% to close at 23,094.69 points.
