الهيئة العامة للرقابة المالية

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.

FRA Outlines New Watchlist for Non-Banking Financial Violators to Protect Market Participants – Friday 22 May 2026

• The Resolution approved by FRA Board on April 29 and published in the Official Gazette on May 20

Dr. Islam Azzam, FRA Chairman:
• New rules classify listed companies and individuals into three categories: Warning, Negative and Enforcement Action Lists.
• Prior notification and defense hearings are mandatory before inclusion on the Warning List … a formal, free-of-charge appeals process is available to all affected entities.

FRA Board of Directors chaired by Dr. Islam Azzam, has issued Resolution No. 87 of 2026 on establishing an integrated system to list and categorize natural and legal persons violating legislations governing the non-banking financial sector. The initiative aims to tighten market oversight, enhance transparency and safeguard investor interests. FRA Board originally ratified the Resolution during its session on April 29, and it was subsequently published in the Al-Waqai’ Al-Misriya (the Egyptian Official Gazette) on May 20, with enforcement officially taking effect on May 21, 2026.

The new Resolution mandates the creation of a centralized regulatory database within FRA to track non-compliant entities and individuals. Violators will be designated under three primary categories:
– The Warning List: Reserved for individuals or entities operating within FRA’s jurisdiction without a proper license.
– The Negative List: Tracks individuals or entities facing final, non-appealable judicial rulings for violations of sector-specific laws.
– The Administrative Enforcement List: Features entities and individuals who have had their operational licenses revoked or their names struck from FRA’s official registries.
The Resolution stipulates that names will be added to these lists based on a comprehensive study prepared by FRA. This report will be reviewed by the internal Committee for Case Assessment, Criminal Referrals and Settlements before final approval by FRA Chairman.

The Resolution also permits temporary provisional listing if an ongoing activity poses an immediate threat to market stability or client interests. In such cases, notification and right-of-defense hearing procedures must be completed within one week of the initial listing, and all lists will be publicly accessible via FRA’s official website or a dedicated digital platform.

Dr. Islam Azzam emphasized that this new system secures legal guarantees and protects the right of defense by mandating that affected parties be formally heard before being placed on the Warning List.

He added that the framework includes a formal appeals process. Listed parties, or those whose names remain on the list after rectifying a violation, have 60 days from the listing date to lodge a grievance with FRA Chairman. A specialized grievances committee – chaired by the FRA Vice Chairman and featuring legal experts with judicial backgrounds – will handle the reviews. The committee must rule on appeals within 30 days of receiving the necessary documentation before submitting its findings to FRA Chairman for final approval. The entire process is completely free of charge.

To ensure flexibility and fair enforcement, FRA will conduct regular reviews of the database to delist individuals and entities once their compliance issues are resolved. Names can be removed automatically or upon request by the affected parties, provided they demonstrate that the infraction has been rectified, judicial sentences have been completed, or a settlement has been finalized. This mechanism enhances the efficiency of the regulatory framework in safeguarding non-banking financial market stability.

Dr. Azzam concluded that this Resolution underscores FRA’s commitment to investor protection and market transparency. By making this data public, citizens will remain fully informed about the compliance status of companies, institutions, and individuals operating across FRA-regulated sectors, particularly in capital markets, insurance and various financing activities.

He stressed that such regulatory mechanisms strike a crucial balance by aggressively combatting legal infractions while firmly maintaining legal safeguards for all market participants, a level of robust oversight expected to deepen the market and bolster its attractiveness to institutional investments and cutting-edge financial innovations