الهيئة العامة للرقابة المالية

• The Authority now permits electronic interviews for candidates seeking positions as Chairman, Managing Director, or heads of the Financial, Credit, Risk and Internal Audit departments.
• Companies that conduct two activities simultaneously may now appoint a single Managing Director, rather than one for each activity.
• This Resolution aims to simplify and speed up the licensing process for companies entering the market.

FRA Board of Directors, chaired by Dr. Mohamed Farid, issued Resolution No. 147 of 2025 to introduce new licensing rules for MSME financing companies. This resolution is a key part of FRA’s commitment to simplify market operations and create a supportive environment for corporate growth. The changes were prompted by the need to amend certain conditions for board members and to facilitate electronic interviews, thereby saving significant time.

The new resolution specifically amends the experience requirements for board members of MSME financing companies. It now permits electronic interviews for candidates for Chairman, Managing Director, and heads of the Financial, Credit, Risk, and Internal Audit departments. This move is a strategic step to accelerate digital transformation, a top priority for the Authority.

Candidates must still successfully complete these interviews as per Resolution No. 164 of 2020. That resolution requires board members to have at least five years of practical experience in banking or non-banking finance and to have previously held a relevant supervisory role at a financial institution.

Board members, with the exception of the Managing Director, may be exempted from the university degree requirement. This is contingent upon a company-provided justification, a minimum of seven years of experience in a relevant field and the member not holding an executive role on the board or its sub-committees.

Under the new resolution, companies that operate in both micro and SME financing can now designate a single Managing Director. This replaces the former requirement of appointing one Managing Director for each activity. An executive director must also be appointed to manage one of the two activities, and this individual must fulfill the same criteria as a Managing Director and successfully complete a personal interview with the Authority.