الهيئة العامة للرقابة المالية

• Mohamed Farid-FRA’s Chairman : The core mission of the Authority lies in ensuring stable markets and secure transactions, alongside promoting a variety of financing and investment options
• The total value of Sukuk issuances reached 12.8 billion Egyptian pounds by the end of 2023
• Islam Azzam, FRA Vice Chairman, highlighted that Sukuk offers financing solutions that cater to the expansion needs of businesses and the investment goals of both individuals and companies
• Sami Al-Suwailem, Director General of Islamic Development Bank Institute (IsDBI): Egypt has seen rapid growth in Islamic finance, and promoting awareness and expertise will further accelerate this momentum.

In cooperation with the Islamic Corporation for the Development of the Private Sector (ICD), the Ministry of Planning and Economic Development and the Islamic Development Bank Institute, FRA organizes a “workshop on Islamic instruments” at its headquarters. Dr. Mohammed Farid, FRA’s Chairman attends the workshop as well as Dr. Islam Azam, FRA’s Vice Chairman, Dr. Sayed Abd El Fadil, and ICD representatives.

Dr.  Mohammed Farid holds a meeting before the workshop starts with ICD representatives. He stresses that the Authority is working to diversify financial products and develop innovative financing solutions that meet the evolving needs of the financial and business community from individuals and companies to access the necessary funding for growth and expansion and to achieve their objectives. He adds that Sukuk witnesses a significant turnout, noting that FRA  – as a regulator –   bears in mind the stability of markets and the safety of transactions while continuing to automate and develop regulatory and supervisory frameworks alongside protecting the rights of customers.

Dr. Farid points out that the total value of issuances of Islamic instruments worth EGP 12.8 billion from 2020 until the end of December 2023. He expresses his appreciation for the cooperation with ICD representatives to support Sukuk Market, noting the importance of deepening cooperation with the ICD in this regard.

Dr. Islam Azam, delivers the opening speech, stressing that FRA pays great attention to Sukuk in order to meet the needs of the business community. He points out that FRA exerts more efforts to provide economic entities with different financing sources, he also expresses his appreciation for the outstanding efforts of the Islamic Bank in introducing and developing Islamic sharia-compliant products and financing solutions along aside with enhancing capacities and providing all technical support.

Dr. Azzam commended ICD’s role in promoting awareness of Islamic financial instruments. He noted the significant progress since the legal framework was established in 2018. Starting with an initial issuance of 2 billion Egyptian pounds in 2020, the market saw a surge in 2023 with 6 additional issuances, bringing the total value to around 12.8 billion pounds by year-end.

Director General of Islamic Development Bank Institute (IsDBI), Dr. Sami Al-Suwailem congratulated everyone on the successful workshop. He highlighted Egypt’s remarkable progress in the Islamic finance sector in recent years. By raising awareness and building expertise in Islamic instruments, Egypt can propel even faster growth in the future.