الهيئة العامة للرقابة المالية

Prime Minister Dr. Mostafa Madbouly has issued Decree No. 1013 of 2026, defining the composition and mandates of the Economic Ministerial Group. Under the Decree, the Group is chaired by the Prime Minister and comprises Deputy Prime Minister for Economic Affairs, Governor of the Central Bank of Egypt, Ministers of Finance, Supply and Internal Trade, Investment and Foreign Trade, Planning and Economic Development, and Industry, alongside Chairman of the Financial Regulatory Authority (FRA).

The Decree mandates weekly meetings for the Economic Ministerial Group, with the flexibility to convene as circumstances dictate. Additionally, the Group may call upon specialized experts to contribute to its sessions as necessary.

The appointment of Dr. Islam Azzam to the Economic Ministerial Group underscores his extensive and multifaceted expertise in financial regulation. Dr. Islam was appointed Chairman of the Financial Regulatory Authority (FRA) in March 2026, pursuant to Presidential Decree No. 116 of 2026. His distinguished career includes serving as Chairman of the Egyptian Exchange (EGX) in late 2025, following a successful four-year tenure as FRA Vice Chairman from 2021 to August 2025, where he oversaw the capital markets, insurance, and non-banking financial services sectors.

Dr. Islam’s career includes several high-level leadership roles, notably serving as Advisor to the Chairman of the Mortgage Finance Authority (2007–2009) and Assistant to the Chairman of the Capital Market Authority (2003–2005). He also served as Managing Director of Bedaya SME Fund.

He has held board seats at several prominent financial and economic institutions, including the Board of Trustees of the Money Laundering and Terrorist Financing Combating Unit (MLCU), the Board of the Egyptian Arab Land Bank, and the Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes. Additionally, he has served on the boards of major corporations, including Misr Insurance Holding Company, Dakahlia Sugar, Egyptian Resorts Company (ERC) and Al Shams Housing and Development.

In the academic sphere, Dr. Azzam led the Graduate Finance Department at the American University in Cairo (2005 – 2021). His international academic footprint includes engagements with the London School of Economics (LSE), the University of California, Irvine (UCI), and Stellenbosch University, South Africa. Additionally, he has held faculty roles at Cairo University and the Arab Academy for Science, Technology and Maritime Transport (AASTMT).

Dr. Islam earned his Ph.D. in Economics from the University of California, Irvine in 2003, specializing in Econometrics, Economic Forecasting, and Monetary Policy. His academic credentials also include a Diploma in Mortgage Finance from the University of Pennsylvania, an M.A. in Economics from UC Irvine, an M.A. in Economics from AUC, and a B.Sc. in Economics from Cairo University (1993).

The Financial Regulatory Authority is the statutory body responsible for the regulation and supervision of Egypt’s non-banking financial markets and instruments. FRA was established to consolidate three former regulatory bodies: the Egyptian Insurance Supervisory Authority, the Capital Market Authority, and the Mortgage Finance Authority. Its regulatory scope also extends to pivotal sectors including leasing, factoring.