Press Releases
FRA Extends Grace Period for Government Insurance Funds to Meet Investment Regulations – Monday 15 June 2026
FRA Board of Directors chaired by Dr. Islam Azzam, has issued a new Resolution granting government insurance funds an additional three-month extension to reconcile their status in accordance with the rules and regulations governing investment of their funds.
The Resolution aims to facilitate operations for government funds, accommodate their current circumstances, and incentivize compliance with established regulations. This initiative is designed to enhance the efficiency of fund management and safeguard beneficiaries’ benefits .
With this Resolution, the deadline is extended until next September 3rd , following the expiration of the initial compliance period on June 3rd .
Pursuant to FRA Board’s previous Resolution No. (266) of 2025, government insurance funds with investment portfolios exceeding EGP 100 million are required to invest between 5% and 20% of their total funds in open-ended investment fund certificates allocated to EGX-listed equities. Furthermore, the value of funds invested in a single investment fund must not exceed 5% of the insurance fund’s total capital, or 10% of the investment fund’s net asset value (NAV), whichever is lower.
There are currently six government insurance funds. These funds are designed to protect specific segments of citizens against risks not typically covered by commercial insurance companies, or risks that the government deems necessary to manage directly, offering a diverse range of insurance coverages.
Financial Regulatory Authority has established an integrated framework for government insurance funds under Board Resolution No. (265) of 2025. This framework ensures both pre-emptive and subsequent oversight of their operations, governance, internal auditing and financial disclosure. It also strengthens risk management mechanisms, promotes transparency in investment policies, and mandates the preparation of certified financial and actuarial studies and reports to continuously verify resource adequacy and the capacity to meet obligations.
FRA Sandbox Holds First Advisory Committee Meeting – Monday 15 June 2026
Dr. Islam Azzam, FRA Chairman:
- FRA Sandbox is an integrated ecosystem designed to drive innovation and test next-generation tech solutions across the non-banking financial sector.
- Streamlining digital transformation while rigorously maintaining market stability and investor protection.
- Ahmed Khalifa: Milestone achievements within the first year include 5 approved projects, 13 signed MoUs, and regulatory guidance delivered to 37 entities.
Financial Regulatory Authority (FRA) chaired by Dr. Islam Azzam, has convened the inaugural meeting of Sandbox Advisory Committee . This comes after a year since the launch of FRA Sandbox. The meeting underscores FRA’s commitment to accelerate digital innovation. Furthermore, it advances the legislative and regulatory frameworks required to deeply integrate financial technology into Egypt’s non-banking financial sector.
Chaired by Dr. Islam Azzam, Chairman of the Financial Regulatory Authority (FRA), with Eng. Ahmed Khalifa, Executive Director of the Regulatory Sandbox, serving as Vice-Chairman, the Advisory Committee comprises a distinguished elite of industry experts and specialists. The committee members include Mr. Alaa El-Zoheiry, Chairman of the Insurance Federation of Egypt (IFE) and Managing Director of GIG Insurance, alongside Eng. Ibrahim Sarhan, Chairman and Managing Director of e-finance Investment Group. Academic and international expertise is represented by Dr. Ayman Ismail, Abdul Latif Jameel Endowed Chair of Entrepreneurship at AUC’s Onsi Sawiris School of Business and Founder of the AUC Venture Lab, and Ms. Karima El-Hakim, Executive Partner for Egypt and Africa at Plug and Play Tech Center. In addition to Eng. Sherif Shaltout, Regional Director for the Middle East and North Africa at Liquid C2, and Dr. Mohamed Hegazy, Consultant for Digital Legislation and Intellectual Property.
Dr. Islam Azzam emphasized that forming the Advisory Committee aligns with FRA’s commitment to leverage local and international expertise. This collaboration aims to accelerate financial innovation and develop the Regulatory Sandbox in accordance with global best practices, reinforcing Egypt’s position as a regional hub for FinTech innovation within the non-banking financial sector (NBFS).
He added that the Regulatory Sandbox is a modern regulatory tool that enables startups and financial institutions to test new digital products and solutions within a secure, agile, and live-monitored testing environment. In less than a year since its inception, it has evolved into a fully integrated ecosystem that successfully balances the promotion of technological innovation with market stability and investor protection.
During the meeting , the committee reviewed the Sandbox’s milestones during its inaugural year. Eng. Ahmed Khalifa highlighted that the authority has already issued 5 preliminary approvals for innovative FinTech projects to undergo controlled testing within the supervised environment.
Additionally, the Sandbox has established 13 Memorandums of Understanding (MoUs) with various market stakeholders and delivered regulatory guidance to 37 distinct entities. Eng. Khalifa noted that these regulatory interventions are crucial for assessing the commercial viability and regulatory compliance of tech solutions before they scale across the wider market.
He added that the onboarding process begins when applicants submit a proposal featuring a genuinely new FinTech solution tailored for Egypt’s non-banking financial sector. The project must be deployment-ready, backed by a robust feasibility study, and demonstrate clear market efficiency benefits for consumers. The application then undergoes a comprehensive review process and enters the testing phase, leading up to a final evaluation where the project is either granted official approval, subjected to an extended testing period, or rejected
The meeting outlined the primary strategic objectives of the Advisory Committee, focusing heavily on building an enabling environment for NBFS FinTech projects that meets global benchmarks to attract top-tier domestic and international talent. The committee also aims to enhance ecosystem collaboration to scale the Sandbox’s reach, with a distinct focus on building pan-African partnerships, while offering expert counsel on policy frameworks to nurture knowledge transfer across the wider Egyptian FinTech landscape.
Looking ahead, the committee aligned on several operational priorities for the Sandbox’s next growth phase. Members agreed to broaden the base of beneficiary enterprises, prioritize solutions integrating Artificial Intelligence (AI) and advanced digital financing, and establish robust mechanisms to measure the socioeconomic impact of financial innovation.
Committee members emphasized the importance of continuously developing a regulatory environment that supports innovation. They also stressed the need to enhance collaboration among regulatory bodies, private sector institutions, and startups within the sectors regulated by the Authority, thereby supporting the state’s objectives for sustainable economic development and financial inclusion.
FRA Chairman and Deputy Governor of Central Bank of Russia Discuss Cooperation in Insurance Sector – Saturday 13 June 2026
Dr. Islam Azzam, FRA Chairman received a high-level Russian delegation headed by Deputy Governor of the Central Bank of Russia Alexey Guznov. The meeting was attended by Dr. Ahmed Abdel Aziz, FRA Vice-Chairman, Mr. Mahmoud Gabriel, Assistant to FRA Chairman and Ms. Abeer Saleh, Advisor to FRA Chairman.
The discussions focused on strengthening bilateral cooperation within the insurance sector and addressing mutual regulatory interests. The mandates of both the Central Bank of Russia and FRA intersect across several core areas, including insurance, financing and promotion of financial literacy.
Both parties reviewed recent developments within their respective non-banking financial markets. They explored strategic opportunities to expand coordination and knowledge exchange, leveraging both nations’ memberships in the BRICS bloc and mutual understandings shared among member states.
Dr. Islam Azzam emphasized FRA’s commitment to collaborate with international regulatory and financial institutions. He noted that such partnerships ensure alignment with global developments, support the performance of non-banking financial activities in Egypt and drive the sector toward greater innovation and sustainable growth.
For his part, Mr. Alexey Guznov stated that Egyptian-Russian relations are witnessing continuous development across various levels, backed by the shared political will of both nations’ leaderships. This solid foundation, he added, enhances the prospects for constructive economic cooperation between Cairo and Moscow.
Concluding the meeting , both sides committed to ongoing dialogue on shared initiatives and exchanged commemorative gifts.
