الهيئة العامة للرقابة المالية

أحداث وفاعليات الهيئة

Dr. Islam Azzam Chairs Consultative Meeting to Boost Cooperation Between FRA, EGX and Tax Authority – Wednesday 8 July 2026

Dr. Islam Azzam – FRA Chairman:

• FRA, EGX and Tax Authority will launch joint training initiatives to enhance institutional capabilities.

• Forming a joint committee and drafting a MoU to establish clear regulatory guidelines to strengthen trust with market participants.

Dr. Islam Azzam, FRA Chairman hosted Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA) and Omar Radwan, EGX Chairman for an expanded, high-level meeting. Joined by senior officials from all three institutions, the session focused on deepening joint cooperation to boost capital market efficiency, streamline business operations in FRA-regulated sectors and elevate the competitiveness of the Egyptian market.

FRA Chairman emphasized the Authority’s commitment to coordinate with all state institutions tied to the investment ecosystem. He noted that integrating the roles of regulatory and executive authorities is crucial to remove obstacles for investors, ensure market stability, and drive market depth.

In this context, FRA Chairman stressed the importance of fostering trust and partnership between tax authority and the non-banking financial sector (NBFS) business community. He highlighted the need for FRA, EGX and Tax Authority to collaborate on capacity building and training regarding the latest legislative and regulatory frameworks. This includes improving the efficiency of government personnel handling markets and investors through newly agreed-upon mechanisms.

The meeting concluded with an agreement to form a joint working group tasked with studying and implementing several proposed collaborative mechanisms. Chief among these are establishing a joint coordination committee, signing a detailed Memorandum of Understanding (MoU) for mutual training and personnel development and drafting comprehensive guidelines outlining the regulatory and practical frameworks of capital markets.

Ms. Rasha Abdel-Aal welcomed the initiative, stating that equipping tax personnel with a deeper understanding of NBFS investment activities and their technical accounting details is vital. This cooperation will optimize tax assessment procedures and reinforce market trust – mirroring successful joint committees currently operating between the Tax Authority and chambers of commerce federations for other sectors.

On the other hand, Mr. Omar Radwan highlighted several proposed incentives to support investors on the Egyptian Exchange (EGX) and within investment funds. These include resolving the tax treatment for current and future investment funds, clarifying accounting mechanisms for specific tax categories, and clearly defining the tax accounting responsibilities of various financial service providers.

The meeting concluded with discussions on driving the launch of investment funds and establishing a direct communication pipeline to address the capital market’s tax concerns. The parties also agreed to launch training programs, allowing Tax Authority personnel to train at FRA, while NBFS market participants undergo parallel training at the Tax Authority.

FRA Licenses 10 Companies for Non-Banking Financial Activities – Tuesday 7 July 2026

New licenses include Egypt’s second credit rating agency, first specialized medical insurance firm … expanding the number of derivatives brokerages to eight.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has issued 10 new licenses for various non-banking financial activities. The move is part of the Authority’s ongoing efforts to elevate the quality and competitiveness of the sectors under its oversight, boost their investment attractiveness and expand public access to diverse financial services.

FRA licensed the “International Company for Credit Rating Solutions” to provide securities evaluation, rating and ranking service. This makes it the second operational credit rating agency in the Egyptian market, and the first to be licensed under FRA resolution No. 178 of 2025 which set comparative criteria for rating agency licenses.

Additionally, FRA approved licenses for two new firms to operate in futures brokerage: “Sigma Securities Brokerage” and “Aspire Securities and Bonds Brokerage.” This brings the total number of companies licensed to operate in this sector to eight since the launch of derivatives market on the Egyptian Exchange (EGX).

On the other hand, FRA granted a temporary license to “MedRight Health Solutions” to practice specialized medical insurance, making it the first company to receive a temporary license in this field under the Unified Insurance Law No. 155 of 2024 and FRA resolution  No. 90 of 2025. A temporary license was also granted to “NextCare” to manage healthcare programs. This increases the total number of companies operating in this activity under temporary licenses to eight since the enactment of the Unified Insurance Law.

Furthermore, FRA licensed “Co-Wealth Fund Company” to operate as a real estate investment fund. Additionally, “Co-Wealth” was granted a license for securities promotion, underwriting and real estate investment fund management. The Authority also licensed “Thndr for Real Estate Asset Investment” to operate as a real estate investment fund.

Also, “CIB Finance” was granted a license to practice financial leasing as an expansion of its corporate purpose, provided it adheres to standard leasing contract templates approved by FRA. Furthermore, “Halan Non-Banking Finance Services” received licenses to practice both real estate finance and factoring.

FRA issues these approvals in accordance with its constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments. This includes capital markets, futures exchanges, insurance activities, real estate finance, financial leasing, factoring, and securitization, alongside its authority to approve the establishment and licensing of companies operating within these sectors.

FRA Sets Futures Settlement Fees to Drive Growth in Derivatives Market – Monday 6 July 2026

Dr. Islam Azzam- FRA Chairman :

• One-Year fee exemptions to boost market participants during derivatives launch phase.
• Futures contracts mark a pivotal milestone in capital market development, diversifying options across investor segments.

FRA Board of Directors chaired by Dr. Islam Azzam, has issued a resolution determining the clearing and settlement service fees for futures contract operations on the Egyptian Exchange (EGX). Developed in coordination with the EGX Board of Directors, the move finalizes the regulatory framework for derivatives market, ensuring its activation and the readiness of all market participants.

These services will be provided via “Taswyaat Clearing Services (TCS)” FRA-licensed entity authorized to conduct clearing and settlement operations for contracts traded on futures exchanges. The company plays a pivotal role in risk management and assessment at the client account level for financial derivatives trading and settlement members, in addition to managing counterparty risk during trading operations to safeguard the stability and integrity of the capital market.

Resolution No. 110 of 2026, published in Al-Waqa’i’ al-Misriya), mandates a one-year fee exemption for several services. This reflects FRA and EGX’s commitment to upgrade the procedural and technical infrastructure of the capital market, diversify investment instruments and enhance risk management efficiency in alignment with international best practices.

Under the newly issued resolution, several operational services will be exempted from fees for a one-year period starting from its effective date. These temporary exemptions include proxy trade execution, final contract settlements, member-to-member position transfers, account statement issuance, system user additions and automated settlement connectivity. Additionally, the resolution mandates that three key services will remain permanently free of charge: client account opening, cash deposits and cash withdrawals.

Dr. Islam Azzam, FRA Chairman emphasized that commencing futures trading following the launch of derivatives market marks a major milestone in the structural evolution of the Egyptian Exchange (EGX). He noted that futures contracts serve as a primary vehicle for developing Egypt’s capital market infrastructure. By reducing initial cost barriers, the Authority aims to encourage diverse investor segments to adopt these new instruments, establishing them as vital investment options that will diversify investment options and deepen market liquidity.

FRA Chairman added that the resolution strikes a balance between securing appropriate fees for the services provided by the clearing company and encouraging market members and traders to participate in the futures market during its launch phase. Furthermore, the temporary exemption services serves as a practical incentive for investors and brokerage firms licensed to trade in futures contracts derived from securities and financial instruments, ultimately expanding market activity and boosting its attractiveness.

The launch comes at a critical time, as the Egyptian Exchange successfully rolled out its financial derivatives platform concurrently with recent regional geopolitical shifts, including the outbreak of Iran war. This timely execution underscored the resilience, stability and growth prospects of Egypt’s financial sector despite broader regional uncertainties. Building on this momentum, the EGX successfully introduced futures contracts mapped to two of the market’s leading blue-chip stocks this past June. This follows FRA’s earlier issuance of Board Resolution No. 7 of 2026 which laid down the technical, financial and regulatory benchmarks required for licensing futures brokerage activities, an initiative that has already seen multiple qualified firms secure official operational approvals.

Details of Services and Approved Fees:

• Membership Fee: EGP 20,000 (one-time fee)
• Annual Subscription: EGP 10,000 annually (includes access to one settlement system screen)
• Client Account Opening: Free
• Settlement Services: 0.01% (1 basis point) of the transaction value, capped at a maximum of EGP 5,000 or its equivalent in trading or settlement currency
• Cash Deposit Fees: Free
• Cash Withdrawal Fees: Free
• Proxy Trade Execution: 0.1% of the transaction value, capped at a maximum of EGP 5,000 or its equivalent in trading or settlement currency (one-year exemption)
• Final Settlement: 0.01% of the value of open positions on the contract expiration date, capped at a maximum of EGP 5,000 or its equivalent in trading or settlement currency (one-year exemption)
• Position Transfers (from one member to another): 0.1% (10 basis points) of the value of open positions, capped at a maximum of EGP 5,000 or its equivalent in the trading or settlement currency (one-year exemption)
• Account Statement Issuance: EGP 100 per statement (one-year exemption);
• Adding a System User: EGP 5,000 annually (one-year exemption)
• Automated Settlement Connectivity: EGP 50,000 annually (one-year exemption)

مؤتمرات و ندوات

Press Releases

Dr. Islam Azzam Chairs Consultative Meeting to Boost Cooperation Between FRA, EGX and Tax Authority – Wednesday 8 July 2026

Dr. Islam Azzam – FRA Chairman:

• FRA, EGX and Tax Authority will launch joint training initiatives to enhance institutional capabilities.

• Forming a joint committee and drafting a MoU to establish clear regulatory guidelines to strengthen trust with market participants.

Dr. Islam Azzam, FRA Chairman hosted Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA) and Omar Radwan, EGX Chairman for an expanded, high-level meeting. Joined by senior officials from all three institutions, the session focused on deepening joint cooperation to boost capital market efficiency, streamline business operations in FRA-regulated sectors and elevate the competitiveness of the Egyptian market.

FRA Chairman emphasized the Authority’s commitment to coordinate with all state institutions tied to the investment ecosystem. He noted that integrating the roles of regulatory and executive authorities is crucial to remove obstacles for investors, ensure market stability, and drive market depth.

In this context, FRA Chairman stressed the importance of fostering trust and partnership between tax authority and the non-banking financial sector (NBFS) business community. He highlighted the need for FRA, EGX and Tax Authority to collaborate on capacity building and training regarding the latest legislative and regulatory frameworks. This includes improving the efficiency of government personnel handling markets and investors through newly agreed-upon mechanisms.

The meeting concluded with an agreement to form a joint working group tasked with studying and implementing several proposed collaborative mechanisms. Chief among these are establishing a joint coordination committee, signing a detailed Memorandum of Understanding (MoU) for mutual training and personnel development and drafting comprehensive guidelines outlining the regulatory and practical frameworks of capital markets.

Ms. Rasha Abdel-Aal welcomed the initiative, stating that equipping tax personnel with a deeper understanding of NBFS investment activities and their technical accounting details is vital. This cooperation will optimize tax assessment procedures and reinforce market trust – mirroring successful joint committees currently operating between the Tax Authority and chambers of commerce federations for other sectors.

On the other hand, Mr. Omar Radwan highlighted several proposed incentives to support investors on the Egyptian Exchange (EGX) and within investment funds. These include resolving the tax treatment for current and future investment funds, clarifying accounting mechanisms for specific tax categories, and clearly defining the tax accounting responsibilities of various financial service providers.

The meeting concluded with discussions on driving the launch of investment funds and establishing a direct communication pipeline to address the capital market’s tax concerns. The parties also agreed to launch training programs, allowing Tax Authority personnel to train at FRA, while NBFS market participants undergo parallel training at the Tax Authority.

FRA Licenses 10 Companies for Non-Banking Financial Activities – Tuesday 7 July 2026

New licenses include Egypt’s second credit rating agency, first specialized medical insurance firm … expanding the number of derivatives brokerages to eight.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has issued 10 new licenses for various non-banking financial activities. The move is part of the Authority’s ongoing efforts to elevate the quality and competitiveness of the sectors under its oversight, boost their investment attractiveness and expand public access to diverse financial services.

FRA licensed the “International Company for Credit Rating Solutions” to provide securities evaluation, rating and ranking service. This makes it the second operational credit rating agency in the Egyptian market, and the first to be licensed under FRA resolution No. 178 of 2025 which set comparative criteria for rating agency licenses.

Additionally, FRA approved licenses for two new firms to operate in futures brokerage: “Sigma Securities Brokerage” and “Aspire Securities and Bonds Brokerage.” This brings the total number of companies licensed to operate in this sector to eight since the launch of derivatives market on the Egyptian Exchange (EGX).

On the other hand, FRA granted a temporary license to “MedRight Health Solutions” to practice specialized medical insurance, making it the first company to receive a temporary license in this field under the Unified Insurance Law No. 155 of 2024 and FRA resolution  No. 90 of 2025. A temporary license was also granted to “NextCare” to manage healthcare programs. This increases the total number of companies operating in this activity under temporary licenses to eight since the enactment of the Unified Insurance Law.

Furthermore, FRA licensed “Co-Wealth Fund Company” to operate as a real estate investment fund. Additionally, “Co-Wealth” was granted a license for securities promotion, underwriting and real estate investment fund management. The Authority also licensed “Thndr for Real Estate Asset Investment” to operate as a real estate investment fund.

Also, “CIB Finance” was granted a license to practice financial leasing as an expansion of its corporate purpose, provided it adheres to standard leasing contract templates approved by FRA. Furthermore, “Halan Non-Banking Finance Services” received licenses to practice both real estate finance and factoring.

FRA issues these approvals in accordance with its constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments. This includes capital markets, futures exchanges, insurance activities, real estate finance, financial leasing, factoring, and securitization, alongside its authority to approve the establishment and licensing of companies operating within these sectors.

FRA Sets Futures Settlement Fees to Drive Growth in Derivatives Market – Monday 6 July 2026

Dr. Islam Azzam- FRA Chairman :

• One-Year fee exemptions to boost market participants during derivatives launch phase.
• Futures contracts mark a pivotal milestone in capital market development, diversifying options across investor segments.

FRA Board of Directors chaired by Dr. Islam Azzam, has issued a resolution determining the clearing and settlement service fees for futures contract operations on the Egyptian Exchange (EGX). Developed in coordination with the EGX Board of Directors, the move finalizes the regulatory framework for derivatives market, ensuring its activation and the readiness of all market participants.

These services will be provided via “Taswyaat Clearing Services (TCS)” FRA-licensed entity authorized to conduct clearing and settlement operations for contracts traded on futures exchanges. The company plays a pivotal role in risk management and assessment at the client account level for financial derivatives trading and settlement members, in addition to managing counterparty risk during trading operations to safeguard the stability and integrity of the capital market.

Resolution No. 110 of 2026, published in Al-Waqa’i’ al-Misriya), mandates a one-year fee exemption for several services. This reflects FRA and EGX’s commitment to upgrade the procedural and technical infrastructure of the capital market, diversify investment instruments and enhance risk management efficiency in alignment with international best practices.

Under the newly issued resolution, several operational services will be exempted from fees for a one-year period starting from its effective date. These temporary exemptions include proxy trade execution, final contract settlements, member-to-member position transfers, account statement issuance, system user additions and automated settlement connectivity. Additionally, the resolution mandates that three key services will remain permanently free of charge: client account opening, cash deposits and cash withdrawals.

Dr. Islam Azzam, FRA Chairman emphasized that commencing futures trading following the launch of derivatives market marks a major milestone in the structural evolution of the Egyptian Exchange (EGX). He noted that futures contracts serve as a primary vehicle for developing Egypt’s capital market infrastructure. By reducing initial cost barriers, the Authority aims to encourage diverse investor segments to adopt these new instruments, establishing them as vital investment options that will diversify investment options and deepen market liquidity.

FRA Chairman added that the resolution strikes a balance between securing appropriate fees for the services provided by the clearing company and encouraging market members and traders to participate in the futures market during its launch phase. Furthermore, the temporary exemption services serves as a practical incentive for investors and brokerage firms licensed to trade in futures contracts derived from securities and financial instruments, ultimately expanding market activity and boosting its attractiveness.

The launch comes at a critical time, as the Egyptian Exchange successfully rolled out its financial derivatives platform concurrently with recent regional geopolitical shifts, including the outbreak of Iran war. This timely execution underscored the resilience, stability and growth prospects of Egypt’s financial sector despite broader regional uncertainties. Building on this momentum, the EGX successfully introduced futures contracts mapped to two of the market’s leading blue-chip stocks this past June. This follows FRA’s earlier issuance of Board Resolution No. 7 of 2026 which laid down the technical, financial and regulatory benchmarks required for licensing futures brokerage activities, an initiative that has already seen multiple qualified firms secure official operational approvals.

Details of Services and Approved Fees:

• Membership Fee: EGP 20,000 (one-time fee)
• Annual Subscription: EGP 10,000 annually (includes access to one settlement system screen)
• Client Account Opening: Free
• Settlement Services: 0.01% (1 basis point) of the transaction value, capped at a maximum of EGP 5,000 or its equivalent in trading or settlement currency
• Cash Deposit Fees: Free
• Cash Withdrawal Fees: Free
• Proxy Trade Execution: 0.1% of the transaction value, capped at a maximum of EGP 5,000 or its equivalent in trading or settlement currency (one-year exemption)
• Final Settlement: 0.01% of the value of open positions on the contract expiration date, capped at a maximum of EGP 5,000 or its equivalent in trading or settlement currency (one-year exemption)
• Position Transfers (from one member to another): 0.1% (10 basis points) of the value of open positions, capped at a maximum of EGP 5,000 or its equivalent in the trading or settlement currency (one-year exemption)
• Account Statement Issuance: EGP 100 per statement (one-year exemption);
• Adding a System User: EGP 5,000 annually (one-year exemption)
• Automated Settlement Connectivity: EGP 50,000 annually (one-year exemption)

FRA in the News

Smart Village – 10 November 2020

Dr. Mohamed Omran, in his capacity as Chairman of the Board of Trustees of the Financial Services Institute, signed a cooperation agreement with the Spanish Institute of Stock Exchange Studies (IEB) to offer a Master’s Degree in Financial Markets.

The signing ceremony was attended by the Spanish Ambassador to Egypt, as well as Egypt’s Ambassador to Spain, who participated via video conference.

Dr. Islam Azzam Chairs Consultative Meeting to Boost Cooperation Between FRA, EGX and Tax Authority – Wednesday 8 July 2026

Dr. Islam Azzam – FRA Chairman:

• FRA, EGX and Tax Authority will launch joint training initiatives to enhance institutional capabilities.

• Forming a joint committee and drafting a MoU to establish clear regulatory guidelines to strengthen trust with market participants.

Dr. Islam Azzam, FRA Chairman hosted Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA) and Omar Radwan, EGX Chairman for an expanded, high-level meeting. Joined by senior officials from all three institutions, the session focused on deepening joint cooperation to boost capital market efficiency, streamline business operations in FRA-regulated sectors and elevate the competitiveness of the Egyptian market.

FRA Chairman emphasized the Authority’s commitment to coordinate with all state institutions tied to the investment ecosystem. He noted that integrating the roles of regulatory and executive authorities is crucial to remove obstacles for investors, ensure market stability, and drive market depth.

In this context, FRA Chairman stressed the importance of fostering trust and partnership between tax authority and the non-banking financial sector (NBFS) business community. He highlighted the need for FRA, EGX and Tax Authority to collaborate on capacity building and training regarding the latest legislative and regulatory frameworks. This includes improving the efficiency of government personnel handling markets and investors through newly agreed-upon mechanisms.

The meeting concluded with an agreement to form a joint working group tasked with studying and implementing several proposed collaborative mechanisms. Chief among these are establishing a joint coordination committee, signing a detailed Memorandum of Understanding (MoU) for mutual training and personnel development and drafting comprehensive guidelines outlining the regulatory and practical frameworks of capital markets.

Ms. Rasha Abdel-Aal welcomed the initiative, stating that equipping tax personnel with a deeper understanding of NBFS investment activities and their technical accounting details is vital. This cooperation will optimize tax assessment procedures and reinforce market trust – mirroring successful joint committees currently operating between the Tax Authority and chambers of commerce federations for other sectors.

On the other hand, Mr. Omar Radwan highlighted several proposed incentives to support investors on the Egyptian Exchange (EGX) and within investment funds. These include resolving the tax treatment for current and future investment funds, clarifying accounting mechanisms for specific tax categories, and clearly defining the tax accounting responsibilities of various financial service providers.

The meeting concluded with discussions on driving the launch of investment funds and establishing a direct communication pipeline to address the capital market’s tax concerns. The parties also agreed to launch training programs, allowing Tax Authority personnel to train at FRA, while NBFS market participants undergo parallel training at the Tax Authority.