Egyptian savings-focused fintech secures regulatory license to launch Shariah compliant investment platform

EGYPT: PALM, an Egyptian investment platform, has formally launched in the country after receiving its portfolio management license from the Financial Regulatory Authority (FRA), allowing it to manage investments for retail clients. The platform focuses on savings solutions and will also offer users an option to invest in Shariah compliant financial products.

Users can save in portfolios in the Egyptian pound or US dollar currencies, the company noted. “Users can choose to save in locked or unlocked plans, save in Shariah compliant financial products only, use their invested amount at any merchant within PALM’s exclusive network and decide if they want to have a flexible or instalment-like saving plan.”

PALM invests funds across different asset classes including gold, fixed income products like treasury bills and bonds as well as Egyptian companies’ shares traded through the Egyptian stock market.

“Obtaining the FRA license is not just a regulatory milestone – it’s a validation of our mission to democratize access to professional investment management,” Mazen El Kerdany, the co-founder and CEO of PALM, said.