who we are


About the Authority

 FRA was established pursuant to Presidential Decree No. 192 of 2009 and by Law No. 10 of 2009. The Authority replaced the Egyptian Insurance Supervisory Authority (EISA), Capital Market Authority (CMA), Egyptian Mortgage Finance Authority (MFA) and The General Authority for Investment (GAFI) in supervising financial leasing and factoring activities

The Authority regulates and supervises non-banking financial markets and instruments, this includes but not limited to capital markets, futures exchanges, insurance activities, mortgage finance, financial leasing, factoring and securitization, as well as MSMEs finance and the Egyptian Collateral Registry. 

FRA has replaced the Egyptian Insurance Supervisory Authority (EISA), Capital Market Authority (CMA), and Egyptian Mortgage Finance Authority (MFA). The Authority maintains the safety and stability of non-banking financial markets, its legislations and development; protecting rights of its clients and issuing the rules that ensure the efficiency of markets and transparency of the activities. 

 Financial Regulatory Authority (FRA) in the Egyptian Constitution:

Article 221 of the Egyptian Constitution stipulates that: “Financial Regulatory Authority is responsible for monitoring and supervising financial non-banking markets and instruments including capital markets, futures exchanges, insurance activities, mortgage finance, financial leasing, and factoring and securitization, as regulated by Law.”

Article 217 of the Egyptian Constitution stipulates that: “Independent bodies and regulatory entities shall submit annual reports to the President of the Republic, the House of Representatives and the Prime Minister, immediately after their issuance.

The House of Representatives shall examine these reports and take the appropriate action within a period not exceeding four months from the date of receipt.

 The reports shall be made available to the public. Independent bodies and regulatory entities shall notify the competent investigation authorities of any evidence discovered in relation to violations or crimes. They shall take the necessary measures with regards to these reports within a specified period of time. Law shall regulate the foregoing. “

FRA’s terms of reference:

1-      Approving companies’ establishment and granting licenses

2-      Regulating and Supervising

3-      Inspecting and regulating

4-      Protecting customers’ rights

5-      Financial Awareness and literacy

6-      Developing non-banking financial markets

Activities under the Authority’s supervision and control and its objectives:

–          Capital Market : Trading, Investment, Finance and Cumulative Savings

–          Insurance :  hedge against future risks to preserve financial assets

–          Mortgage finance:  facilitate purchase and ownership of built up units

–          Financial leasing : enabling the lessee to buy the productive asset at the lease term’s end and transfers ownership after the lease period

–          Factoring: a type of finance in which a business would sell its accounts receivable (invoices) to a third party to meet its short-term liquidity needs.

Capital Market

It plays a vital role in  the national economy through encouraging transformation of accumulated savings into investments in new projects for economic and social development. Thus, the Capital Market which owns high technology and strong legislation creates an attractive investment climate.

Private equity funds are one of investment funds that invest in listed and unlisted securities and it may engage in capital venture activity. This activity is one of the unique activities in non-banking financial sector, providing finance for high-risk and high-value-added project, including advanced technology activities such as biotechnology, information technology and software.

Success of these types of enterprises contributes to the rapid transformation of the national economy into an economy that is based on knowledge and innovation, which the Government seeks to be able to increase the competitiveness of the Egyptian economy and to build knowledge component of its products and exports.


Insurance sector is one of the most important non-banking financial services and has great contribution to GDP where it is integrally linked to other economic sectors. It plays a vital role in managing risks faced by economic assets, making it the most important tool that provides the stability and continuity of these sectors’ activities.

 Private insurance funds are one of the main components of insurance sector in Egypt and plays a complementary role of insurance companies. Private insurance funds provide variety of savings and retirement schemes, varying in patterns between defined benefits and limited subscriptions. Other funds provide additional pensions along with State pension schemes.

Private insurance funds are an important savings tool that is established apart from the originator entity for granting insurance benefits, additional pensions, social benefits or health care to the originator’s employees.

On the other hand, government insurance funds are one of the main components of insurance activities in Egypt. It manages risk that are not normally accepted by insurance companies or these risks that the Government decides to manage by itself

Real Estate Finance

Non-banking financial sector offers broad range of funding opportunities and mechanisms, thus contributing to closing the economy’s financing gap and driving growth. Real estate finance is one of the most important financing tools as it enhances the ability of individuals and institutions to own real estate assets.

Egypt’s real estate sector is one of the most important sectors affecting the Egyptian economy. In addition, laws regulating the real estate market are of paramount importance as it constitutes the legal framework governing the market. One of the most important laws regulating real estate market is Real Estate Finance Law No. 148 of 2001, as amended by Law No. 55 of 2014.

On the other hand, real estate finance provides medium and long-term financing for the acquisition of real estate, whether for economic purposes or for housing finance, restoration, repair or maintenance

Financial leasing and Factoring

The Financial Leasing and Factoring issued in August 2018 enhances financial inclusion and ensures that non-banking financial instruments reach different segments of society. On the other hand, the provisions of Law No. 141 of 2014 allows companies, associations and NGOs authorized to engage in microfinance activity to provide microfinance leasing services in the light of the regulations established by the Authority’s Board of Directors.

Such step aims at supporting and developing microfinance providers and expanding their non-banking financial services by using their database to reach more customers in small or craft industries which is an additional incentive for complementary small industries and opens up broader prospects for creating new jobs.

Financial leasing provides financing for productive enterprises to purchase costly assets.  It permits the use of the asset and transfers ownership after the lease period is completed. The financial leasing sector supports financing of capital expenditure and boosts productive assets at the national level. This sector also plays a prominent role in supporting medium and small industries wishing to purchase machinery, equipment and start-up supplies.

Micro, Small & Medium Enterprises

The Authority introduced microfinance activity during 2014 as part of the State’s financial

inclusion strategy in which microfinance institutions seek to encourage low-income groups to contribute to formal economic activity, by granting financing to individuals and micro-enterprises through accessible means, thereby reducing unemployment and helping to improve the incomes of the poorest families.   Accordingly , this activity contributes to increasing the volume of investment and improving  macroeconomic performance.

It is worth mentioning that Law No. 201 of 2020 was promulgated to amend certain provisions of Law No. (141) of 2014 on regulating microfinance activity. The new Law amends the name of the law from  “Microfinance Law” to ” Micro, Small and Medium Enterprises (MSME) Finance Law “, with the aim of extending the umbrella of financial inclusion to the clients of medium and small enterprises as well as micro-enterprises.

Consumer Finance

Consumer finance is all forms of financing that tend to enable the borrower to purchase a commodity or service for consumption and to pay for it over a period of time of not less than six months. It primarily addresses the family sector and can benefit legal persons. At the national economic level, consumer finance mechanisms help increase domestic demand and thus increase investment, employment and economic growth, and drive the family sector to make better use of resources and to increase its capacity to plan and save.

Consumer finance, on the other hand, is one of the main tools to access finance, it gives middle and low-income classes access to financial services, thus achieving financial inclusion which is one of the important pillars of UN SDGs. It is also a key component of the Sustainable Development Strategy: Egypt Vision 2030. Consumer finance activity is subjected to  FRA’s Supervision in accordance with Consumer Finance Law promulgated by Law No. 18 of 2020.

Egyptian Collateral Registry

 Based on the Authority’s keenness to develop non-banking financial services and provide financing for various activities such as real estate finance and financial leasing, the Authority contracted by  the end of 2017 with the Egyptian Credit Bureau I-Score to establish and  operate the Electronic Collateral Registry which  was first launched in March 2018.

FRA’s Independent Affiliates

 Financial Services Institute : Raising awareness and qualifying professionals

Regional Centre for Sustainable Finance (RCSF):  Improving sustainability practices and achieving a green economy

The Egyptian Institute of Directors (EIoD): Enhancing governance levels

The Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes (ECAS): The Center is specialized in  arbitration and settlement of  disputes  that arise  due to the application of  laws related to non-banking financial transactions,  in particular disputes arise among partners, shareholders or members of companies and non-banking financial entities , Whether between them, or between those companies and entities, as well as disputes between clients or beneficiaries of non-banking financial activities with those companies and entities.

Last modified: April 28, 2024