The Egyptian Exchange (EGX) intends to launch a Sharia-compliant index during the third quarter (Q3) of 2023, EGX’s Chairman Rami El-Dokany told Asharq Business on June 20th.
The move is part of the EGX’s endeavor to attract new investors to the Egyptian market, according to El-Dokany.
El-Dokany added that the EGX is considering launching new contracts for investing in gold, in addition to starting trading in the derivatives market in Q3 2023.
The FRA, EGX, and Misr for Central Clearing and Depository (MCDR) are working to launch the futures exchange. The plan is for the exchange to initially allow traders to buy and sell index futures contracts, before launching stock futures and stock and index options at a later date. The shariah-compliant index, meanwhile, is set to replace the EGX50 index.
