الهيئة العامة للرقابة المالية

أحداث وفاعليات الهيئة

FRA Chairman Delivers Comprehensive Lecture on Short Selling Mechanism and New Rules – Monday 7 September 2026

Dr. Islam Azzam,  FRA Chairman delivered a comprehensive lecture on short selling mechanism following the release of the updated regulatory framework, paving the way for the full rollout of the newly regulated mechanism on the Egyptian Exchange (EGX) for the first time.

Through a detailed and technical explanation tailored for investors, market specialists and the public, Dr. Azzam highlighted the key characteristics and benefits of short selling, along with its expected positive impact on Egypt’s capital market. He outlined the core obligations of all participating entities, including the lender, borrower, custodian, Misr for Central Clearing, Depository and Registry – MCDR and EGX, while detailing the operational mechanics of the new Central Lending System.

During the session, Dr. Islam Azzam addressed the most frequently asked questions regarding short selling, covering the structure, investment and distribution of financial returns, as well as the fundamental differences between securities lending for short sales and margin trading. He also underscored the advantages of combining both mechanisms on EGX to strengthen price efficiency and boost market liquidity.

Watch the full lecture here

FRA Licenses 4 Companies for FinTech-Driven Financial Services – Monday 7 September 2026

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has licensed four companies to provide non-banking financial services through FinTech platforms. The move aligns with the FRA’s commitment to accelerate digital transformation, broaden financial access and leverage FinTech to enhance product offerings for market participants.

The approvals include granting “Ashal Financial Microfinance” a license to offer microfinance services through integrated FinTech channels, while “Manzil for Consumer and Real Estate Finance” received final authorization to provide consumer finance and mortgage services digitally.

In the investment fund segment, “Menthum Holding for Financial Investments” was approved to process subscriptions, purchases and redemptions for licensed open-ended investment funds via FinTech platforms and “Azimut Egypt Investments” was licensed to establish a dedicated digital platform for private equity and venture capital funds.

These approvals support the development of specialized digital channels across the non-banking financial sector—particularly in private equity and venture capital—while streamlining service delivery through technology.

 The licenses fall under FRA’s constitutional and legal mandate to regulate and supervise non-banking financial markets, including capital markets, futures exchanges, insurance, mortgages, leasing, factoring and securitization, in addition to approving the incorporation and licensing of companies operating across these markets, whether through traditional mechanisms or FinTech platforms.

Financial Regulatory Authority (FRA) reaffirmed its commitment to scaling FinTech adoption across non-banking financial activities, enhancing the sector’s digital infrastructure and delivering agile, efficient financial solutions. This approach aligns with rapid technological advances and evolving market needs while maintaining robust regulatory safeguards to protect investor rights and ensure market stability.

Furthermore, expanding digital non-banking financial services improves access for underserved segments, boosts operational efficiency and streamlines procedures, directly enhancing financial inclusion, investment expansion and digital transformation.

FRA Launches Working Group to Drive Social Responsibility Across Non-Banking Financial Sector – Sunday 6 September 2026

Dr. Islam Azzam,  FRA Chairman:

• Our priority is building partnerships and initiatives that address real societal needs—especially for those most vulnerable.
• We must leverage non-banking financial tools to deliver tangible social impact and unlock the sector’s full capabilities.

Dr. Islam Azzam, FRA Chairman issued a decree forming a dedicated working group to embed social responsibility principles into non-banking financial activities. Chaired by Dr. Tarek Seif, FRA Vice Chairman, the initiative aims to institutionalize social responsibility and sustainability practices across the non-banking financial sector (NBFS) and amplify the social impact of services offered by regulated entities.

 The working group is primarily tasked with formulating FRA’s social responsibility strategy in line with national priorities and Sustainable Development Goals (SDGs), while launching initiatives to expand access to non-banking financial services for underprivileged groups and enhance financial literacy as a core pillar of financial inclusion.

Dr. Islam Azzam emphasized that establishing this working group reflects FRA’s strategic shift toward transitioning social responsibility from isolated initiatives into an integrated, sector-wide institutional framework. This approach ensures sustainable, measurable outcomes while leveraging the sector’s resources to advance national development efforts.

He noted that social responsibility serves as a vital catalyst for financial inclusion, sustainability and social development, stressing the need for initiatives tailored to community needs. Furthermore, he highlighted the importance of fostering collaboration among government bodies, financial institutions, industry associations and civil society, alongside developing regulatory frameworks that incentivize non-banking financial institutions (NBFIs) to broaden their social responsibility initiatives and sustainability practices.

The working group will be vice-chaired by Ms. Rasha Koleib, with FRA members including Ms. Abeer Hamdy, Ms. Dalia Mounir, Mr. Bedeir El-Adawy, Ms. Yasmine Hassan Mostafa, Ms. Amal Salah, Ms. Anne Albert, Ms. Alyaa Sadek, Ms. Heba Eissa, Mr. Saher Ahmed, Ms. Aya Ali, Ms. Doaa Belal, and Ms. Mervat Ahmed. The panel also features Ms. Rania Attia and Mr. Mahmoud Nassim from the Financial Services Institute (FSI), a representative from the National Alliance for Civil Development Work, and two independent experts appointed by the Chair.

 Dr. Mohamed Abdel Aziz, Assistant to Chairman and Vice Chairman of FSI, alongside Dr. Maha Marwan, Senior Advisor to FRA Chairman, will serve as advisors to the group.

The working group’s mandate encompasses executing financial literacy and awareness programs, alongside field initiatives targeting key socio-economic institutions and groups. These efforts aim to broaden understanding of non-banking financial services and facilitate access to them. Additionally, the group will pursue strategic partnerships and protocols with national entities focused on sustainable development and social responsibility to implement joint, measurable-impact initiatives.

The group will also launch collaborative initiatives with industry associations and non-banking financial institutions (NBFIs) to promote social responsibility activities, transforming them into embedded, sector-wide sustainable practices rather than isolated efforts.

To foster knowledge exchange and best practices, the working group will organize an annual Social Responsibility and Sustainability Conference for the non-banking financial sector. The event will showcase global trends and highlight standout initiatives by FRA-regulated entities, encouraging institutions to adopt high-impact practices.

Furthermore, the working group is tasked with refining legal and regulatory frameworks to incentivize social responsibility across NBFIs. This involves identifying legislative gaps, proposing targeted solutions and evaluating the establishment of charitable investment funds as sustainable financing mechanisms for community development.

مؤتمرات و ندوات

Press Releases

FRA Chairman Delivers Comprehensive Lecture on Short Selling Mechanism and New Rules – Monday 7 September 2026

Dr. Islam Azzam,  FRA Chairman delivered a comprehensive lecture on short selling mechanism following the release of the updated regulatory framework, paving the way for the full rollout of the newly regulated mechanism on the Egyptian Exchange (EGX) for the first time.

Through a detailed and technical explanation tailored for investors, market specialists and the public, Dr. Azzam highlighted the key characteristics and benefits of short selling, along with its expected positive impact on Egypt’s capital market. He outlined the core obligations of all participating entities, including the lender, borrower, custodian, Misr for Central Clearing, Depository and Registry – MCDR and EGX, while detailing the operational mechanics of the new Central Lending System.

During the session, Dr. Islam Azzam addressed the most frequently asked questions regarding short selling, covering the structure, investment and distribution of financial returns, as well as the fundamental differences between securities lending for short sales and margin trading. He also underscored the advantages of combining both mechanisms on EGX to strengthen price efficiency and boost market liquidity.

Watch the full lecture here

FRA Licenses 4 Companies for FinTech-Driven Financial Services – Monday 7 September 2026

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has licensed four companies to provide non-banking financial services through FinTech platforms. The move aligns with the FRA’s commitment to accelerate digital transformation, broaden financial access and leverage FinTech to enhance product offerings for market participants.

The approvals include granting “Ashal Financial Microfinance” a license to offer microfinance services through integrated FinTech channels, while “Manzil for Consumer and Real Estate Finance” received final authorization to provide consumer finance and mortgage services digitally.

In the investment fund segment, “Menthum Holding for Financial Investments” was approved to process subscriptions, purchases and redemptions for licensed open-ended investment funds via FinTech platforms and “Azimut Egypt Investments” was licensed to establish a dedicated digital platform for private equity and venture capital funds.

These approvals support the development of specialized digital channels across the non-banking financial sector—particularly in private equity and venture capital—while streamlining service delivery through technology.

 The licenses fall under FRA’s constitutional and legal mandate to regulate and supervise non-banking financial markets, including capital markets, futures exchanges, insurance, mortgages, leasing, factoring and securitization, in addition to approving the incorporation and licensing of companies operating across these markets, whether through traditional mechanisms or FinTech platforms.

Financial Regulatory Authority (FRA) reaffirmed its commitment to scaling FinTech adoption across non-banking financial activities, enhancing the sector’s digital infrastructure and delivering agile, efficient financial solutions. This approach aligns with rapid technological advances and evolving market needs while maintaining robust regulatory safeguards to protect investor rights and ensure market stability.

Furthermore, expanding digital non-banking financial services improves access for underserved segments, boosts operational efficiency and streamlines procedures, directly enhancing financial inclusion, investment expansion and digital transformation.

FRA Launches Working Group to Drive Social Responsibility Across Non-Banking Financial Sector – Sunday 6 September 2026

Dr. Islam Azzam,  FRA Chairman:

• Our priority is building partnerships and initiatives that address real societal needs—especially for those most vulnerable.
• We must leverage non-banking financial tools to deliver tangible social impact and unlock the sector’s full capabilities.

Dr. Islam Azzam, FRA Chairman issued a decree forming a dedicated working group to embed social responsibility principles into non-banking financial activities. Chaired by Dr. Tarek Seif, FRA Vice Chairman, the initiative aims to institutionalize social responsibility and sustainability practices across the non-banking financial sector (NBFS) and amplify the social impact of services offered by regulated entities.

 The working group is primarily tasked with formulating FRA’s social responsibility strategy in line with national priorities and Sustainable Development Goals (SDGs), while launching initiatives to expand access to non-banking financial services for underprivileged groups and enhance financial literacy as a core pillar of financial inclusion.

Dr. Islam Azzam emphasized that establishing this working group reflects FRA’s strategic shift toward transitioning social responsibility from isolated initiatives into an integrated, sector-wide institutional framework. This approach ensures sustainable, measurable outcomes while leveraging the sector’s resources to advance national development efforts.

He noted that social responsibility serves as a vital catalyst for financial inclusion, sustainability and social development, stressing the need for initiatives tailored to community needs. Furthermore, he highlighted the importance of fostering collaboration among government bodies, financial institutions, industry associations and civil society, alongside developing regulatory frameworks that incentivize non-banking financial institutions (NBFIs) to broaden their social responsibility initiatives and sustainability practices.

The working group will be vice-chaired by Ms. Rasha Koleib, with FRA members including Ms. Abeer Hamdy, Ms. Dalia Mounir, Mr. Bedeir El-Adawy, Ms. Yasmine Hassan Mostafa, Ms. Amal Salah, Ms. Anne Albert, Ms. Alyaa Sadek, Ms. Heba Eissa, Mr. Saher Ahmed, Ms. Aya Ali, Ms. Doaa Belal, and Ms. Mervat Ahmed. The panel also features Ms. Rania Attia and Mr. Mahmoud Nassim from the Financial Services Institute (FSI), a representative from the National Alliance for Civil Development Work, and two independent experts appointed by the Chair.

 Dr. Mohamed Abdel Aziz, Assistant to Chairman and Vice Chairman of FSI, alongside Dr. Maha Marwan, Senior Advisor to FRA Chairman, will serve as advisors to the group.

The working group’s mandate encompasses executing financial literacy and awareness programs, alongside field initiatives targeting key socio-economic institutions and groups. These efforts aim to broaden understanding of non-banking financial services and facilitate access to them. Additionally, the group will pursue strategic partnerships and protocols with national entities focused on sustainable development and social responsibility to implement joint, measurable-impact initiatives.

The group will also launch collaborative initiatives with industry associations and non-banking financial institutions (NBFIs) to promote social responsibility activities, transforming them into embedded, sector-wide sustainable practices rather than isolated efforts.

To foster knowledge exchange and best practices, the working group will organize an annual Social Responsibility and Sustainability Conference for the non-banking financial sector. The event will showcase global trends and highlight standout initiatives by FRA-regulated entities, encouraging institutions to adopt high-impact practices.

Furthermore, the working group is tasked with refining legal and regulatory frameworks to incentivize social responsibility across NBFIs. This involves identifying legislative gaps, proposing targeted solutions and evaluating the establishment of charitable investment funds as sustainable financing mechanisms for community development.

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.

FRA Imposes Urgent Penalties and Sanctions Over Illegal School Loan Scheme – Monday 24 August 2026

• Criminal action initiated against consumer finance firm, new contracts suspended for 30 Days, and strict measures imposed on key executives

In line with its constitutional mandate to oversee non-banking financial activities, regulate market transactions, and safeguard consumer rights, Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, issued series of decisions and enforcement measures regarding an incident where an international school exploited parents’ personal data to secure loans from a consumer finance company.

The Authority launched an intensive four-day investigation immediately upon detecting reports of the incident, prior to receiving formal complaints concerning the credit ratings of affected parents.

Specialized technical teams from the non-banking finance, complaints, compliance and anti-money laundering departments were deployed immediately to conduct field inspections, in-depth audits and direct interrogations with all involved parties. Working in swift coordination with relevant authorities, these efforts successfully eliminated all adverse impacts on affected parents and completely canceled all resulting financial and credit obligations.

In light of the investigation findings, the specialized committee convened to review the violations and determine liabilities among the involved parties, in accordance with the provisions of Consumer Finance Law No. 18 of 2020 and its executive regulations.

Based on the committee’s recommendations, FRA Chairman Dr. Islam Azzam issued a decree detailing the following measures:

• Initiation of criminal proceedings against the consumer finance company regarding its violations of the governing regulatory law.
• A one-month ban prohibiting the consumer finance company from executing any new financing contracts.
• Immediate suspension of the company’s operations in school tuition and club membership financing products, banning new originations pending a full regulatory review of all such products by the Authority.
• Mandatory convening of the company’s General Assembly, in the presence of FRA representative, to address the attributed violations and implement measures to tighten internal controls.
• Canceling the Chief Executive Officer’s consumer finance license, alongside disciplinary measures enforced against several key executive officers for committing violations that affected market participants’ rights, pursuant to FRA Board Resolution No. 45 of 2026.

These sanctions were grounded in Article (22) of Consumer Finance Law No. 18 of 2020 following critical breaches of corporate governance, credit inquiry rules, financing rules and anti-money laundering protocols.

FRA emphasized that its regulatory enforcement operates independently from ongoing investigations by the Public Prosecution which has been formally notified of the facts.

Through these swift actions and enforcement measures against the involved parties, the Authority aims to achieve maximum protection for market participants against illicit practices, safeguard consumer funds and maintain transaction stability across the non-banking financial sector.

The Authority strongly emphasizes that all entities operating under its supervision must strictly comply with the regulatory framework established to verify customer identity and data accuracy, in accordance with Board Resolution No. 186 of 2024 and its amendments.