الهيئة العامة للرقابة المالية

Dr. Islam Azzam:

• Growing demand for local actuaries requires upgraded professional standards.
• We ensure strict quality and competence standards for all actuarial diploma candidates.
• FRA is updating regulations to match international benchmarks.

Dr. Islam Azzam, FRA Chairman reaffirmed the Authority’s commitment to strengthen cooperation with actuaries and develop the actuarial profession in the Egyptian market. He emphasized that the profession is a fundamental pillar for supporting the stability and efficiency of non-banking financial activities, particularly within insurance companies and investment funds.

These remarks were made during an extensive meeting held by the Chairman with Egyptian actuarial experts, attended by Dr. Ahmed Abdel Aziz,  FRA Vice Chairman, along with several senior leaders and relevant department heads. The meeting aligns with the Authority’s dedication to maintain continuous communication with professional stakeholders across regulated sectors to discuss market development proposals, capacity building, and performance enhancement.

The meeting explored ways to renew and strengthen cooperation between FRA and the Society of Actuaries (SOA) – the world’s largest professional actuarial organization – to support the role of experts and improve their professional efficiency. Attendees also stressed the importance of adhering to the highest quality and competence standards upon selecting candidates for the Actuarial Science Diploma at the American University in Cairo (AUC), launched in 2023, to ensure the preparation of qualified cadres that meet market needs.

Dr. Islam Azzam stated that actuarial experts are a cornerstone of risk management and financial stability, especially amidst various fluctuations and rapid changes across sectors. He noted that actuarial expertise provides advanced analytical results that bolster institutional adaptability, resilience, and sustainability, while also increasing and diversifying services provided to clients.

He reaffirmed FRA’s commitment to broaden collaboration with the SOA, government bodies, and academic institutions to underscore the actuarial profession’s critical role in driving the Egyptian economy.

Dr. Azzam explained that the joint collaboration between the Insurance Federation of Egypt (IFE) and several educational institutions- under FRA’s auspices – reflects a strategic move toward qualifying specialized actuarial cadres through postgraduate programs. This aims to bridge the deficit in this vital specialization, particularly given the rising demand driven by legislative developments, most notably the Unified Insurance Law No. 155 of 2024 and recent FRA executive decisions that require actuarial involvement across various non-banking financial sectors.

Additionally, Dr. Azzam highlighted the importance of promoting actuarial awareness among school and university students, particularly in specialized colleges. He called for integrating basic actuarial concepts into finance and commerce curricula to prepare a new generation of talent capable of supporting the growth of the non-banking financial sector and its contribution to the national economy.

The Chairman highlighted FRA’s ongoing efforts to modernize the actuarial profession’s regulatory and professional frameworks. He cited the recent Resolution No. 56 of 2026 as a key milestone, regulating industry participants through robust safeguards that meet global standards.

He concluded by inviting stakeholders to share their insights and strategic proposals. This dialogue addressed critical industry hurdles, including the shortage of graduates, the ‘brain drain’ of local experts, and the market’s reliance on foreign firms. Dr. Azzam reaffirmed FRA’s commitment to back actionable initiatives that enhance the profession’s appeal to young talent and elevate the sector’s competitive standing.