الهيئة العامة للرقابة المالية

FRA Approves the First Digital REIF platform – Thursday 13 November 2025

• The Authority has granted final approval to Azimut Investments and the subscription prospectus for ‘Halan – Azimut’ Real Estate Investment Fund (REIF) is presently under review.

In a step reflecting the strategic direction for NBFS development and digital transformation, FRA FinTech Committee approves Azimut Investments’ request to establish the first Digital REIF platform.

This platform is the first of its kind in the Egyptian market, marking a paradigm shift in real estate investment mechanisms. It utilizes innovative digital solutions to enable individuals to invest in fractional ownership through fund units offered via digital platforms licensed by the Authority.

This step adheres to the Authority’s Board of Directors Resolution No. (125) of 2025 which introduced the first regulatory framework for digital REIF platforms, thereby guaranteeing investor protection and sector growth.

The Authority is reviewing the subscription prospectus for the first digital issuance of ‘Halan – Azimut’ REIF. Upon completion, the fund will launch on the new digital platform, becoming the first digitized REIF in the Egyptian market.

The Board of Directors of the “Halan – Azimut” Real Estate Fund features a diverse composition that includes financial institutions and real estate developers. The board comprises: Mounir Nakhla – CEO of MNT-Halan, Abou El-Saad  – CEO of Azimut Investments, Khaled Sakr representing MNT-Halan and the following independent members: Hassan Allam, Hala El Hadidy, Nora Mashhour and Mohamed Alawy.

This initiative completes the Authority’s efforts to expand financial, investment and insurance inclusion. This is achieved by offering new, affordable investment products using modern digital tools that mirror global transformations and address the demands of various investor categories.

Through this framework, the Authority seeks to regulate the operation of all digital REIF platforms, thereby providing a safe, transparent and effective investment environment. This also necessitates the compliance of existing REIF platforms with the new regulations. Moreover, the platform serves as a crucial tool for real estate developers, allowing them to present their projects to investors via the licensed REIF digital platform.

In this context, the Authority holds a series of meetings with key real estate developers and various e-platforms currently involved in selling real estate shares to the public. The discussions focused on FRA’s regulatory vision and licensing requirements. This aligns with FRA’s strategy of continuous dialogue with market partners and fostering integration between technological innovation and regulatory discipline within the non-banking financial system..

FRA Wins Sixth Consecutive Term on IOPS Executive Committee – Wednesday 12 November 2025  

The IOPS Executive Committee defines and implements the organization’s strategic mandate which focuses on integrating members worldwide to uphold financial stability, inclusion and a robust regulatory framework.

Dr. Mohamed Farid – FRA Chairman:

Winning the Executive Committee membership for the sixth consecutive term underscores the international community’s profound appreciation and trust in the Authority’s vital role in developing private insurance fund systems.

The Authority is designing new work mechanisms for these funds, driven by its mission to expand the insurance umbrella and ensure coverage for diverse, previously uninsured segments of society.

Egypt, represented by the Financial Regulatory Authority (FRA), has secured an unprecedented sixth consecutive term on the IOPS Executive Committee for the 2026-2027 term. This significant victory came during the Executive Committee elections held at the IOPS Annual General Meeting in Istanbul, Turkey, during the first week of November. FRA delegation attended the event, which brought together numerous high-ranking officials from regulatory and supervisory bodies all over the world.

Established in 2004, the International Organization of Pension Supervisors (IOPS) serves as the world’s premier forum for international regulatory dialogue. Its core mission is to facilitate information exchange, promote robust regulatory policies and lead the standardization of global criteria for supervising private insurance funds. Additionally, the IOPS seeks to improve the quality and effectiveness of oversight by encouraging the application of the best international practices across all member jurisdictions.

The IOPS maintains a strategic affiliation with the Organization for Economic Co-operation and Development (OECD), operating under the broader umbrella of the United Nations. With a robust global reach, the Organization currently includes 77 member countries worldwide. The Executive Committee consists of 15 members, including Egypt. This Committee is tasked with executing the Organization’s strategic plans and projects of mutual interest.

Dr. Mohamed Farid, FRA Chairman stated that winning the sixth consecutive term on the IOPS Executive Committee reflects the international community’s profound appreciation for the Authority’s vital role in developing the private insurance fund systems. This global confidence acknowledges FRA’s success in strengthening the legislative infrastructure and actively protecting the rights of fund members.

He highlighted that during 2024 and 2025 the Authority issued a number of executive decisions implementing the provisions of the landmark Unified Insurance Law No. (155) of 2024.

Dr. Farid affirmed FRA’s commitment to these funds, leveraging Egypt’s nearly 50 years of expertise in the sector’s supervision. He added that the Authority focuses on several key developmental areas. This includes expanding insurance inclusion by developing new work mechanisms aimed at extending the insurance umbrella to ensure coverage for diverse, previously unprotected segments of society. This effort also seeks to enhance its capacity to attract more national savings and contribute to raising levels of insurance inclusion. Furthermore, the Authority is working on developing the investment structures of these funds to support their transformation into an influential institutional investor that contributes to supporting the national economy. This is alongside promoting financial stability and establishing sound governance principles for pension funds, ultimately benefiting their members in light of financial and economic variables.

Dr. Farid stressed FRA’s collaborative role and commitment to global standards as a member of the International Organization of Pension Supervisors (IOPS). IOPS actively collaborates with leading international bodies to advance pension oversight policies, including the Organization for Economic Co-operation and Development (OECD), the World Bank, the International Social Security Association (ISSA), the International Association of Insurance Supervisors (IAIS), and the International Monetary Fund (IMF).

He concluded by reiterating FRA’s unwavering commitment to implement IOPS principles to safeguard the interests of fund members and beneficiaries. The sixth consecutive electoral win is a clear global endorsement of Egypt’s consistent efforts in developing the regulatory systems and legislative framework for private insurance fund activities and protecting stakeholder rights.

Dr. Mohamed Farid further highlighted the Authority’s proactive efforts in strengthening the sector’s regulatory framework through the issuance of several critical resolutions in 2024. This includes resolution no. (236) regarding the unified statute for Private Insurance Funds and resolution no. (237) which sets comprehensive controls for the registration, liquidation and delisting of these funds. Key financial governance was addressed by resolution no. (256) which standardized the fiscal year for private insurance funds and resolution no. (269) which established investments’ rules, controls and percentages. Finally, FRA issued resolution no. (271), sets controls and fees for publishing decisions of insurance entities on the Authority’s official website.

In further efforts, FRA issued several other key resolutions. These include resolution no. (276) which mandates the preparation of periodic financial statements for Private Insurance Funds and resolution no. (278) which sets controls for selecting expert members for their Boards of Directors.

Moving into 2025, resolution no. (1) allows the establishment of more than one private insurance fund within a single entity, promoting flexibility, while resolution no. (62) governs licensing of electronic websites for insurance sector operators. Additionally, the Authority issued other resolutions related to fees, including resolution no. (78) setting service charges payable by insurance sector operators and resolution no. (79) governing the submission and acquisition of fund member data. Crucially, resolution no. (77) establishes comprehensive controls for the protection and examination of complaints from all stakeholders dealing with insurance entities, including private insurance funds.

It is noteworthy that the total assets of private insurance funds reached approximately EGP 184.7 billion by the end of 2024, while the number of members is about 4.8 million members and the volume of investments reached approximately EGP 168.1 billion.

FRA Allows Life Insurance Companies to Directly Invest in Gold for the First Time in Egypt –  Wednesday 12 November 2025

Dr. Mohamed Farid- FRA Chairman:

• The Authority is committed to balance innovation and risk management, while placing the protection of customer rights as its highest priority.
• New opportunities to maximize policyholder returns under a stringent regulatory framework.
• The resolution imposes transparency guidelines, including prior FRA approval and clear specifications for the precious metals, returns and required liquidity.
• The prior approval of the policyholder is a fundamental requirement before allocating any part of the insurance premium to metal investments.
• The acquisition, disposal and custody of the metals must be transacted exclusively through entities registered with the Authority. Furthermore, licensed management service companies must conduct their periodic valuation.
• The regulation mandates that companies disclose full details of their investments in precious metals within their annual and quarterly reports.
• The regulation mandates that companies use only officially stamped metals, with their value tied to accredited pricing benchmarks.

In a move that furthers the development of the Egyptian insurance sector, Financial Regulatory Authority (FRA), chaired by Dr. Mohamed Farid, has introduced an integrated and pioneering regulatory framework. This resolution opens the door for Life Insurance companies to offer clients the option of direct investment in precious metals (such as gold), ensuring all activities comply with secure and transparent frameworks.

Resolution no. 228 of 2025 is a key step in FRA’s strategic plan to diversify the portfolios of insurance companies and maximize returns, following series of resolutions.

The resolution formally stipulates that Life Insurance companies may directly invest in precious metals, primarily gold, when managing the investment portion of insurance policies or funds corresponding to funds accumulation contracts. This is contingent upon obtaining prior approval from the Authority.

Investment portion of insurance policies refers to the premium segment solely dedicated to investment, excluding funds used for insurance risk coverage. Funds accumulation contracts are insurer-offered savings and investment programs where the corresponding funds are the client premiums paid as per the contract terms.

Dr. Mohamed Farid, FRA Chairman affirmed that Resolution No. 228 of 2025 constitutes a major strategic shift in evolving Egypt’s savings and investment landscape. He stated that it opens vast new horizons for the insurance sector, enabling it to maximize policyholder returns within a stringent regulatory framework designed to guarantee transparency and client protection.

He added that this resolution reflects the Authority’s philosophy of proactive development of the non-banking financial system. Dr. Farid emphasized that FRA is not merely innovating new tools, but is also providing citizens with safe, highly desired investment options—such as gold—directly linked to their insurance policies.

FRA new resolution introduces stringent mandatory controls to ensure governance and transparency. These include approvals from boards of directors, transactions restricted to entities registered with the Authority and the use of independent valuation mechanisms to prevent investments from being made haphazardly.

FRA Chairman explained that the resolution achieves a balance between innovation and risk management, noting that protecting clients’ rights is a top priority. He stated that no funds will be directed toward metal investments without the explicit and conscious consent of the client, following a written and visual explanation of the advantages and risks, ensuring the client remains the “decision-maker.

The resolution also stipulates that company’s investment policy must specify the type of metals permitted, nature of targeted returns and liquidity ratio that must be maintained to meet its obligations.

The controls establish the precise process for the acquisition, disposal and custody of metals, mandating that all transactions be conducted exclusively through entities listed in the Authority’s register, pursuant to Board Resolution no. 52 of 2023. Furthermore, companies must submit contract copies and secure the Authority’s no-objection prior to execution.

 Companies are mandated to separate and segregate metals purchased from different vendors. They must also contract with an FRA-licensed Management Service Companies for the periodic, accurate valuation of metal investments, requiring prior submission of the contract and the Authority’s no-objection before engagement.

Furthermore, the Authority mandates stringent measures to safeguard client rights, requiring Life Insurance (Person Insurance and Funds Accumulation) companies to secure the explicit consent of the client before directing any portion of the insurance premium toward metal investments. Additionally, companies are obliged to fulfill their client awareness role by providing detailed information on the investment’s nature, advantages and risks via both a written disclosure document and a clear, simplified introductory video.

In adherence to Resolution No. 2 of 2025—concerning the rules, controls and ratios for investing insurance and reinsurance funds—the new resolution mandates comprehensive disclosure. Companies’ annual and quarterly reports must explicitly detail the funds invested in metals, their ratio to the total investment portfolio and the returns and costs attributed to each specific metal. This requirement is designed to establish robust governance principles in the insurance sector, fully aligning with Unified Insurance Law No. 155 of 2024.

The Authority’s Board resolution mandates full compliance with Resolution No. 71 of 2021, which governs the controls for investment funds dealing in metals as transferable financial assets. This framework sets strict conditions for the metals eligible for investment: they must be officially stamped by a competent authority, be transacted only through licensed manufacturers, traders or entities, possess confirmed ownership free of legal dispute and their valuation must adhere to an Authority-accredited price index.

FRA’s commitment to a modern, secure insurance system is reaffirmed by this resolution, which enables citizens to save and invest in real assets under strict regulatory supervision that ensures transparency and safeguarding rights.

FRA has initiated a comprehensive transformation in the insurance sector, evidenced by the issuance of approximately 47 regulatory resolutions since the Unified Insurance Law took effect. This strategic initiative aims to bolster market strength, increase flexibility and achieve insurance and financial inclusion.

Among the most prominent resolutions aimed at optimizing policyholder returns, FRA required Private Insurance Funds last February to allocate between 5% and 20% of their assets to open-ended funds focused on Egyptian exchange-listed equities.

The Authority also decided to require insurance companies to allocate funds to open-ended funds based on two minimum thresholds: 2.5% of the company’s paid-up capital and 5% of their free funds (equity).

The Authority is preparing to issue a resolution that will govern the investment rules and ratios for Governmental Insurance Funds’ assets. This upcoming mandate includes establishing a minimum of 5% allocation for investment in the stock exchange and open-ended funds.

On the other hand, the Authority plans to launch an e-platform for Actuarial Sciences scholarships in partnership with the AUC, alongside commencing leadership training courses for second-tier insurance managers, under the protocol between the Financial Services Institute and international bodies.