الهيئة العامة للرقابة المالية

New Protocol Signed to Boost Capacity Building in the MSME Finance Sector – Monday 25 May2026

Dr. Islam Azzam, FRA Chairman:

• Boosting capacity building elevates the quality of non-banking financial services, ultimately driving national economic growth.

Dr. Islam Azzam, FRA Chairman witnessed the signing ceremony of a cooperation protocol between the Financial Services Institute (FSI) – FRA training arm – and the Egyptian Federation for Financing Medium, Small and Micro Enterprises (MSMEF). This comes as part of the Authority’s ongoing efforts to enhance the capabilities and professional efficiency of human cadres in the non-banking financial sector, thereby supporting the sustainable growth and competitiveness of non-banking financial activities.

This protocol marks the fifth agreement signed within a month between the Institute and various federations and associations operating in the sector. It aims to strengthen mutual cooperation between the FSI and the Federation in designing and executing specialized training and qualification programs for employees of companies and associations within the sector. Additionally, it provides Federation members with access to the Institute’s training programs, keeping pace with the needs of operating companies and the continuous advancements in non-banking financial activities.

The protocol also aims to leverage the specialized expertise within member companies by integrating qualified professionals into the FSI’s roster of certified lecturers, in accordance with approved evaluation standards. This step will enrich the training process with practical expertise and specialized professional insights.

The signing ceremony was attended by Dr. Mohamed Abdel Aziz and Mr. Walid Anwar, Assistants to FRA Chairman; Dr. Tarek Seif, Executive Director of the Financial Services Institute; Dr. Hossam Bachir, Supervisor of the Central Department for Risk and Compliance and Microfinance Unit; Dr. Hala Abou El-Saad, Chair of the Egyptian Federation for Financing Medium, Small and Micro Enterprises (MSMEF) along with several leaders from the Federation.

Dr. Islam Azzam emphasized that the Financial Regulatory Authority places capacity building at the forefront of its main priorities. He noted that raising the professional qualification standards of employees is a fundamental element in supporting the efficiency and sustainability of non-banking financial activities. These activities play a growing role in supporting the Egyptian economy and expanding financial inclusion, serving broader segments of beneficiaries across various demographics and sectors.

He added that the Authority is actively working to foster collaboration between the Financial Services Institute and market federations and entities to deliver specialized training programs. These programs are designed to respond to the regulatory and technological developments taking place in the non-banking financial sector, with the goal of preparing cadres who are highly capable of navigating current shifts and future growth requirements.

FRA Chairman further explained that developing employee skills directly reflects on service quality and institutional efficiency. It also boosts the sector’s capacity to attract more investments and supports financial inclusion efforts. The Authority adopts a continuous approach to develop training and qualification system in alignment with the objectives of Egypt Vision 2030 which seeks to build a more competitive and sustainable economy.

He also pointed out that FRA is highly focused on providing practical, specialized training programs in fields such as governance, risk management, financial technology (FinTech) and digital transformation, aiming to elevate competitiveness on both regional and international levels.

FRA had previously signed cooperation protocols with specialized academic and training entities to develop advanced training programs and build the capacities of employees in non-banking financial activities. This is achieved by preparing qualified cadres and updating training content to align with international best practices.

Furthermore, the cooperation frameworks include identifying the training needs of employees across various sectors and designing continuously updated programs. Within this context, FRA continues to develop the capacity-building and professional qualification ecosystem through the Financial Services Institute, offering specialized programs across diverse fields, including governance, risk management, FinTech and digital transformation.

During Insurance Federation Marathon: FRA Chairman Affirms Commitment to Sector Development and Innovation – Monday 25 May 2026

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.

FRA Licenses 8 Companies for Non-Banking Financial Activities – Saturday 23 May 2026

• New approvals aim to expand healthcare administration, investment funds and consumer finance activities.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, grants eight companies’ approvals to operate non-banking financial activities. This comes as part of FRA’s ongoing commitment to enhance the efficiency and competitiveness of various sectors under its oversight and to expand the scope of financial services in a way that boosts investment attractiveness and broadens beneficiary base.

The newly issued approvals include the establishment of Beltone Real Estate Investment Fund Company, as well as Lantis, which was cleared for portfolio management, investment fund management and securities underwriting.

FRA licensed Business Community Financial Investments to operate in venture capital activities.

Meanwhile, Al Salem Holding and Amjad Holding both secured licenses to participate in incorporating securities-issuing companies and managing capital increases. Additionally, SAFE was greenlit for securities underwriting and real estate investment fund management.

The Authority also approved granting Medmark TPA a temporary license to manage healthcare programs (Third-Party Administrator – TPA). This activity is regulated under the Unified Insurance Law No. 155 of 2024 and FRA Resolution No. 229 of 2025 establishing the regulatory framework for the sector.

Finally, the approvals include licensing Malaz to conduct consumer finance activities. The company had submitted its incorporation and licensing request prior to the issuance of FRA Resolution No. 43 of 2026 last February, which suspended the acceptance of new incorporation requests and preliminary approvals for companies seeking consumer finance licenses.

FRA issues these licenses within its constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments. This oversight spans capital markets, futures exchanges, insurance activities, mortgage finance, financial leasing, factoring, and securitization, as well as the incorporation and licensing of companies operating within these sectors.

Incorporation and licensing decisions are issued based on the recommendations of Incorporation and Licensing Committee. This Committee is responsible for reviewing and issuing preliminary and final approvals for companies, processing requests for additional activities and mechanisms, and managing the opening, closing, or relocation of branches. It also oversees amendments to corporate statutes, approves employee incentive and reward schemes, manages transitions between regulatory frameworks for securities and consumer finance firms, and reviews requests for liquidation or voluntary temporary suspension of activities.