الهيئة العامة للرقابة المالية

FRA Licenses 4 Companies for Non-Banking Financial Activities – Tuesday 4 August 2026

FRA registers 3 collection companies to date and grants temporary licenses to 9 Third Party Administrators.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has granted approvals to four companies to engage in various non-banking financial activities. This decision aligns with the Authority’s ongoing commitment to enhance the efficiency and competitiveness of the sectors under its supervision, expand the scope of financial services, boost investment attractiveness and broaden the beneficiary base.

The newly granted approvals include a temporary license for Al Ahly Health Services to practice Third Party Administrator (TPA) activities in accordance with Unified Insurance Law No. 155 of 2024 and FRA resolution No. 229 of 2025 regarding the regulatory framework for practicing TPA activities.

This brings the total number of temporarily licensed entities to nine TPAs and one specialized HMO, with additional companies currently fulfilling regulatory requirements.

FRA also approved the registration of the Egyptian Company for Services and Collection, making it the third debt collection agency licensed to serve non-banking financial institutions. Over 30 additional applications are currently being evaluated.

Furthermore, the Authority licensed Prime Brokerage to trade government debt instruments in the secondary market and authorized Arabeya Online Brokerage to execute transactions in EGX-backed Global Depositary Receipts (GDRs).

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.

Incorporation and licensing decisions are issued based on the recommendations of FRA Incorporation and Licensing Committee. This Committee is responsible for evaluating and granting preliminary and final approvals for companies, reviewing applications to add new activities or mechanisms, opening, closing, or relocating branches, amending articles of incorporation, approving reward and incentive plans, transitioning regulatory frameworks for capital market and consumer finance companies and reviewing applications for voluntary temporary suspension or liquidation.

FRA Chairman Opens EGX Conference Highlighting New Tax Reforms – Monday 3 August 2026

Dr. Islam Azzam – FRA Chairman:

• Inter-agency synergy extends beyond tax incentives—it is about enhancing the overall investment ecosystem and boosting capital market appeal.
• Global benchmarks show tax incentives only succeed when paired with long-term investment policies.
• Canceling capital gains tax will lift the EGX, while exempting market makers from stamp duty will boost liquidity.
• The joint FRA-EGX-Tax Authority committee is designed to build trust with the business community and pool technical expertise.
• FRA will soon release the regulatory framework for short selling to diversify investment avenues and deepen the market.

Dr. Islam Azzam, FRA Chairman delivered the opening address during the market-opening bell ringing ceremony at the Egyptian Exchange (EGX) today, Monday. The event highlighted capital market tax reforms, specifically the abolition of the capital gains tax and the introduction of a proportional stamp duty. The event was attended by Minister of Finance Ahmed Kouchouk; Minister of Investment and Foreign Trade Dr. Mohamed Farid Saleh; EGX Executive Chairman Omar Radwan; Head of the Egyptian Tax Authority Rasha Abdel Aal; and EGX Vice Chairman Mohamed Sabry, who moderated a panel discussion on the regulatory tax amendments.

FRA Chairman emphasized that the new tax reforms marks a crucial step toward enhancing the appeal of the Egyptian capital market. He noted, however, that developing the investment climate extends beyond providing tax incentives; it requires genuine policy and operational synergy among all relevant authorities to drive market performance and strengthen its capacity to attract both domestic and foreign investments.

He added that recent international studies indicate tax cuts alone are no longer sufficient to attract major corporations and investment capital. Instead, it has become essential to adopt medium to long-term policies alongside a diverse range of incentives that encourage investment across multiple sectors and levels – a strategy the Egyptian government is executing through a comprehensive suite of reforms, recognizing that the Egyptian economy operates within a highly competitive regional and global landscape.

FRA Chairman further explained that the new tax reforms comes after years of close coordination between the Ministry of Finance and key stakeholders, including FRA. This joint effort aimed to address the practical challenges posed by the capital gains tax which faced collection hurdles and repeated postponements. The process culminated in a tax framework far better suited to long-term investment, designed to position the Egyptian market as an attractive destination for holding and parent companies.

Dr. Islam Azzam commended the key provisions of the new tax package, including a proportional stamp duty on total buy and sell transactions for EGX-listed securities. Under the new framework, a rate of 0.05% (0.5 per thousand) will apply to both buyers and sellers, while intraday trades will be subject to 0.025% (0.25 per thousand) for each party. Crucially, market makers are fully exempt from this duty to incentivize trading activity and inject liquidity, supported by ongoing coordination among FRA, EGX, and Misr for Central Clearing, Depository and Registry (MCDR) to implement safeguards against market speculation.

He also highlighted a major investment tax credit introduced for mega-corporations going public. Companies that IPO on the EGX based on an FRA-approved prospectus—with a fair value of at least EGP 50 billion—will receive a 15% corporate income tax discount for three years from the listing date, subject to specific regulatory conditions. This initiative aims to encourage large-scale enterprises to leverage capital markets for funding and ownership expansion, thereby driving up total market capitalization, trading volumes and the representation of high-impact equities in the benchmark EGX30 index.

FRA Chairman underscored that tax reforms must align with an integrated, cross-agency strategic vision. A primary example of this synergy is his recent decision to establish a joint coordinating committee comprising FRA, EGX and the Egyptian Tax Authority. The committee is designed to develop the capital market’s tax framework and rebuild trust between tax administrators and the business community.

Dr. Islam Azzam outlined that the joint coordinating committee will be tasked with several key responsibilities. These include studying the tax implications arising from the implementation of the Capital Market Law, formulating recommendations for appropriate tax treatments across various activities and transactions, and defining applicable tax frameworks specifically for investment funds. Additionally, the committee will focus on training personnel at both the Egyptian Tax Authority and EGX through technical knowledge-sharing. It will also issue joint guidelines covering tax accounting controls for listed and unlisted securities as well as investment fund operations, while establishing a clear classification system for investment funds to unify and standardize related tax procedures.

FRA Ch

airman noted that the decision aims to foster collaborative action to resolve all pending tax issues swiftly and arrive at actionable recommendations. This will enhance the overall appeal of non-banking financial activities alongside ongoing efforts to diversify investment channels and introduce new market mechanisms. Key initiatives designed to deepen market liquidity and competitiveness include the upcoming rollout of short selling the activation of market makers and the development of derivatives market launched in early March.

Dr. Islam Azzam concluded that Egypt’s capital market is entering a pivotal phase marked by unified regulatory, governmental and technical efforts. These measures coincide with legislative updates, strengthened governance, heightened market awareness and the deployment of new instruments to stimulate market activity. Together with supporting the government IPO program to broaden ownership, these initiatives align with the state’s economic development goals under “Egypt Vision 2030” to increase private sector participation in the economy.

FRA Grants Final One-Year Extension to July 11, 2027 for Insurance Sector to Comply with Unified Insurance Law – Sunday 2 August 2027

FRA Board of Directors chaired by Dr. Islam Azzam, has issued a Resolution extending the compliance deadline for companies and entities operating in the insurance sector to align their status with Unified Insurance Law No. 155 of 2024 for an additional year, ending on July 11, 2027.

This represents the final compliance extension allowed under Article 7 of the Law. The provision initially granted regulated entities a one-year grace period starting from the law’s effective date on July 11, 2024, while empowering FRA Board of Directors to extend this timeline for additional periods up to a maximum of three years.

This grace period does not apply to other specific deadlines established by FRA Board of Directors’ resolutions for compliance in targeted insurance areas with multi-tiered requirements.

Dr. Islam Azzam, FRA Chairman stated that Resolution No. 145 of 2026 aims to provide flexibility for all insurance companies, establishments and professionals. He noted that after evaluating market feedback and operational circumstances surrounding the sector’s new legislative and regulatory framework, fulfilling all statutory requirements warranted utilizing the Authority’s discretionary power to grant this final extension.

FRA Chairman highlighted that developing all segments of the insurance sector remains a top priority for FRA. He emphasized the Authority’s commitment to foster a conducive environment that promotes industry growth and strengthens its contribution to the national economy. This is being achieved by driving innovation, deploying digital solutions, elevating product efficiency and broadening the beneficiary base to meet evolving consumer needs.

Furthermore, Dr. Islam Azzam emphasized that FRA is actively finalizing the insurance sector’s regulatory framework, having introduced more than 80 regulatory decisions over the two-year period ending in July 2026.

Recent key regulatory actions include Resolution No. 2036 of 2026 establishing risk management standards for individual insurance underwriting. In addition to Resolution No. 2044 of 2026 setting  rules for reporting standard and non-standard group insurance policy data to facilitate issuance and Resolution No. 98 of 2026 defining regulatory standards for reinsurance operations.