الهيئة العامة للرقابة المالية

President of the Republic has issued Decree No. 116 of 2026, appointing Dr. Islam Azzam as the Acting Chairman of the Board of Directors of the Financial Regulatory Authority (FRA).

Dr. Azzam becomes the sixth Chairman to lead the Authority since its establishment under Law No. 10 of 2009 which regulates oversight of non-banking financial markets and instruments.

This appointment aligns with the State’s mandate to bolster the efficiency and competitiveness of the non-banking financial sector (NBFS), reinforcing its role as a primary driver of economic development. Dr. Azzam brings extensive expertise in non-banking financial markets, regulation, and oversight. He previously served as the Executive Chairman of the Egyptian Exchange (EGX) during the second half of 2025, following his tenure as Vice Chairman of the FRA from January 2021 to August 2025, where he oversaw the capital markets, insurance, and non-banking financial activity sectors.

Dr. Azzam has held several prominent leadership roles, including Advisor to Chairman of Mortgage Finance Authority (2007–2009) and Assistant to Chairman of Capital Market Authority (2003–2005). He also served as Managing Director of the “Bedaya” SME Fund.

His experience extends to board memberships in various prestigious economic and financial institutions, including: Board of Trustees of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) and Board of Directors of the Egyptian Arab Land Bank (EALB), as well as the Egyptian Center for Voluntary Arbitration. Additionally, he served as a board member for several major corporations, including Misr Insurance Holding Company, Dakahlia Sugar Company, Egyptian Resorts Company (ERC), and Al Shams Housing and Development.

During his previous tenure at FRA, Dr. Azzam was instrumental in developing the regulatory framework for the insurance sector following the issuance of the Unified Insurance Law No. 155 of 2024. He led the community dialogue with stakeholders to draft executive regulations which included raising minimum capital requirements for insurance companies, updating investment rules for insurance funds and private pension funds, and establishing solvency margin protocols to ensure sector stability and policyholder protection.

Furthermore, he contributed to executive decisions regarding non-banking finance activities, notably setting minimum capital requirements for financing companies and implementing Basel III standards across their operations.

He announced the launch of the first phase of financial derivatives market, introducing futures contracts to the Egyptian market for the first time – providing advanced hedging and risk management tools to attract global investment.

Dr. Islam Azzam emphasized  FRA’s commitment to develop the non-banking financial sector to support the national economy. His strategy focuses on developing legislative frameworks, strengthening regulatory oversight, and enhancing digital infrastructure to ensure market transparency, efficiency, and stability.

On the academic front, Dr. Azzam served as a Professor of Finance at the American University in Cairo (AUC), where he chaired the Graduate Studies in Finance department from 2005 to 2021. He has held academic and visiting positions at international institutions, including the University of Stellenbosch (South Africa), the London School of Economics (LSE), and the University of California, Irvine (UCI), as well as Cairo University’s Faculty of Economics and Political Science.

He holds a Ph.D. in Economics from UC Irvine (2003), specializing in Econometrics, Economic Forecasting, and Monetary Policy. He also earned a Diploma in Real Estate Finance from the University of Pennsylvania (Wharton), an MA in Economics from UC Irvine, an MA in Economics from AUC, and a BA in Economics from Cairo University (1993).

It is noteworthy that FRA is the sole regulatory body responsible for regulating Egypt’s non-banking financial markets and activities. It was established to integrate three former regulatory bodies: Egyptian Insurance Supervisory Authority, Capital Market Authority, and Mortgage Finance Authority, while also assuming oversight of financial leasing and factoring activities.