GRANITE Financial Holding, a digitally-driven asset management company, announced it has received approval from Egypt’s Financial Regulatory Authority (FRA) to launch its multi-currency fixed-income fund platform.
The company’s first product under this license is the GRANITE EGP-Denominated Money Market Fund, launched in partnership with Naeem Holding for Investments. This marks a significant milestone for GRANITE as it introduces one of Egypt’s first fully digital money market offerings.
The fund’s rollout will be supported by a fully digital Money Market Account (MMA) — a key component of GRANITE’s broader strategy to provide accessible, efficient tools for cash management through an integrated digital platform. The MMA is designed to offer users a seamless way to optimize returns on their liquid cash while maintaining daily liquidity.
Looking ahead, GRANITE plans to apply for an additional FRA license to launch a USD-denominated Money Market Fund via the same digital platform by year-end, underscoring the company’s commitment to expanding within the fast-growing “CashTech” space. This initiative builds on the team’s deep expertise in asset management, fixed-income instruments, and financial technology.
Hisham Akram, Founder and CEO of GRANITE Financial Holding, commented: “Receiving the FRA’s approval is a key step in aligning our model with regulatory standards and introducing tech-enabled financial solutions tailored to local market needs. We’re focused on building tools that help individuals and businesses manage liquidity more effectively, while contributing to the ongoing development of Egypt’s capital markets.”
The GRANITE Money Market Fund invests exclusively in Egyptian Treasury bills and government securities, providing a low-risk alternative to traditional bank deposits. It offers tax-exempt returns for corporate investors and daily liquidity with competitive yields for individuals, aiming to protect purchasing power amid macroeconomic pressures.
Hussein El Sheikh, Co-Founder and Managing Director at GRANITE, said: “This fund reflects our mission to deliver practical, transparent financial solutions that support both individual savers and institutional investors. By leveraging technology, we’re enabling easier access to stable returns and helping shape the future of Egypt’s financial sector.”
In parallel, the FRA is reviewing GRANITE’s application for a digital license, which would authorize the full deployment of its digital Money Market Account. This move aligns with Egypt’s broader digital transformation goals and increasing demand for regulated, secure savings alternatives.
Through its innovative offerings, GRANITE aims to promote financial inclusion and deepen participation in Egypt’s capital markets.
