الهيئة العامة للرقابة المالية

• Nine research projects received awards named in memory of late industry icons Dr. Ashraf El-Sharkawy, Dr. Ahmed Saad and Dr. Sayed Abdel-Fadel.

Dr. Islam Azzam, FRA Chairman

• “Scientific research is the core engine for strategic decision-making and policy modernization to advance the national economy.”
• “We aim to build a research ecosystem that connects theory with practice, keeping pace with evolving non-banking financial markets.”
• “The competition will expand into new disciplines and practical market challenges, adding a new award named after the late Abdul Hamid Ibrahim.”

Mr. Omar Radwan, EGX Chairman

• “This initiative is vital for driving young talent toward market-driven scientific research.”

Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman

• “Following a successful first edition with 77 projects, we are motivated to launch the next round later this year.”
• “This marks a sustainable pathway to turn academic ideas into real-world solutions. True knowledge extends far beyond the classroom.”

 Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, hosted a prestigious ceremony to honor the winners of the inaugural FRA Scientific Research Competition (2025). The event also paid tribute to the enduring legacies of three iconic pioneers from the non-banking financial sector (NBFS). The ceremony brought together executive leaders from FRA, a distinguished assembly of academics and researchers, and the families of the honorees.

A central highlight of the event was a heartfelt tribute dedicated to Dr. Ashraf El-Sharkawy, Dr. Ahmed Saad, and Dr. Sayed Abdel-Fadel, celebrating their profound academic and professional contributions to the evolution of the NBFS and the growth of the Authority. In recognition of their lifetime of service, memorial shields were presented to their families.

Three core research categories were officially named in their honor:  Dr. Ashraf El-Sharkawy Award for the best comparative study on non-banking financial activities.

In addition to, Dr. Ahmed Saad Award for the best comprehensive study on capital markets and Dr. Sayed Abdel-Fadel Award for the outstanding research paper on Islamic finance.

In his keynote address, FRA Chairman Dr. Islam Azzam reaffirmed that the Authority views scientific research as an indispensable foundation for advancing non-banking financial markets and shaping evidence-based regulatory policies. He emphasized that given the accelerating pace of global financial developments, strategic investment in research is no longer optional—it is a critical necessity to spark innovation and maintain market competitiveness.

He highlighted that while global data shows approximately 80% of financial institutions prioritize innovation to sustain growth, local research capabilities must scale up. He noted that despite a global surge in FinTech, non-banking finance, and sustainability research, domestic academic and applied research has yet to catch up with the extraordinary boom Egypt’s NBFS has experienced. This market expansion continues to be powerfully driven by surging market demand, rapid technological adoption, and the modernized legislative frameworks implemented by FRA.

FRA Chairman highlighted that these rapid market dynamics demand robust scientific research to modernize legislation, develop financial products, enhance regulatory frameworks and align with global best practices. He emphasized that the competition aims to encourage researchers to provide innovative, decision-ready insights, cultivate a vibrant community of young scholars, and bridge the gap between academic theory and practical, real-world application.

Looking ahead, Dr. Islam Azzam announced that the competition will expand next year to include new disciplines, most notably insurance. The next edition will also pinpoint specific market challenges and operational gaps, challenging researchers to deliver practical solutions FRA can implement directly. Additionally, the Authority will launch a new award named after the late Mr. Abdul Hamid Ibrahim, a prominent pioneer in the capital markets, former head of the Capital Market Authority (CMA), and former board member of the FRA.

Participating in the ceremony, Mr. Omar Radwan, Chairman of the Egyptian Exchange (EGX), shared heartfelt reflections on working closely with the honored pioneers. He lauded the competition as a vital initiative for driving young talent toward research that addresses genuine market needs. Mr. Radwan stressed the importance of translating these novel academic concepts into tangible market applications, noting that doing so will directly boost the performance of financial activities and inspire researchers to generate further innovation.

Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman, reaffirmed that promoting financial literacy and advancing scientific research are twin pillars of FRA’s strategy to build a more efficient and sustainable NBFS. He noted that academic research serves as an invaluable reservoir for ideas that fuel sector development and bolster the Authority’s efforts to update legislative frameworks in line with global shifts.

He concluded by stating that the overwhelming success of the inaugural edition—reflected in both the high caliber of submissions and strong participation—has motivated FRA to launch the next round later this year. This upcoming edition will invite broader participation from researchers and university students alike, deepening the synergy between academia and the non-banking financial sector to establish a permanent foundation for innovation and future policy-making.

He added that naming the awards after these late pioneers is not merely a tribute to their personal careers, but a reaffirmation that real knowledge extends far beyond the classroom. Through practical application and cumulative expertise, academic theory transforms into impactful policies, institutions, and tools that leave a profound, lasting footprint on society.

The ceremony also featured a panel discussion titled “From Concept to Policy: How Scientific Research Shapes the Future of the Financial Sector.” The panel included Dr. Rehab Taha, Assistant to FRA Chairman; Dr. Amr Ragab, Assistant Lecturer at Nile University; and Mr. Hany Genena, Chief Economist. The session was moderated by Ms. Dina Kamal, Deputy Head of the Central Dep. for Financial Literacy and Awareness. Discussions centered on strategies to maximize the impact of scientific research, academic studies and emerging innovations on non-banking financial activities. The panelists also highlighted under-researched sectors and outlined the critical elements required for successful, market-ready economic research.

The inaugural edition of the competition witnessed strong engagement, receiving a total of 77 research papers. The submissions were distributed across three key categories: 39 papers focused on the Capital Market , 21 papers dedicated to Non-Banking Financial Activities and 17 papers exploring Islamic Finance. Participants represented a diverse mix of recent graduates, postgraduate degree holders and faculty members from both public and private universities. The submitted topics reflected a growing interest in developing exchanges, launching innovative financing tools inspired by international benchmarks, and expanding the integration of FinTech—specifically to broaden ownership bases and stimulate domestic investments.