الهيئة العامة للرقابة المالية

Dr. Islam Azzam:

• Efforts are underway to build a flexible regulatory environment that drives market expansion and reaches new segments of market participants.
• Integrating youth into non-banking financial activities is vital to keeping pace with modern challenges.

FRA Chairman, Dr. Islam Azzam participated in the seventh edition of the annual marathon organized by the Insurance Federation of Egypt. The event, held at  Gezira Youth Center under the auspices of the Ministry of Youth and Sports and  FRA, carried the theme: “We Run for Tomorrow… and Insure So We Don’t Start Over.” In attendance were Dr. Mohamed Farid, Minister of Investment and Foreign Trade, Mr. Alaa El-Zoheiry, Chairman of the Federation, as well as prominent leaders from the Federation and insurance firms operating in Egypt.

The event witnessed a massive turnout, drawing over 3,500 participants, including insurance sector employees, their families, sports enthusiasts of all ages, and several football stars. Participants actively engaged in the marathon’s sideline activities which aimed to promote financial and insurance inclusion among youth, introduce new products and showcase financial technology (FinTech) applications.

Dr. Islam Azzam expressed his pride in joining the Federation’s annual marathon, emphasizing that such events serve as vital platforms to connect with younger generations. By boosting their engagement with the non-banking financial sector and raising awareness about rapid advancements in investment and technology,  FRA aims to broaden the service beneficiary base and advance financial inclusion.

He added that involving youth in insurance and broader non-banking financial services fosters a deeper understanding of financial planning and risk management. This, in turn, cultivates a generation highly capable of tackling modern disruptions while supporting national economic growth, market competitiveness and investment appeal.

 FRA Chairman noted that the Authority remains steadfast in fostering innovation across the non-banking financial sector – particularly within insurance – by developing an agile regulatory framework that incentivizes the adoption of digital solutions and advanced tech. These efforts align with the milestones set by the Unified Insurance Law No. 155 of 2024 to enhance service efficiency and reach new market segments.

Dr. Azzam concluded by highlighting that FRA prioritizes the expansion of the insurance market by consistently modernizing its legislative and regulatory framework. Recent milestones include restructuring Takaful regulations and establishing robust new regulatory standards for reinsurance. These frameworks are designed to guarantee corporate stability, strengthen solvency  and bolster risk resilience on one hand, while encouraging companies to pioneer innovative products that keep pace with shifting economic and technological landscapes on the other—ultimately driving insurance penetration rates and securing sustainable sector growth.