الهيئة العامة للرقابة المالية

FRA Extends Carbon Footprint Reporting Deadline for NBFS Companies to December 31, 2026 – Thursday 4 June 2026

Dr. Islam Azzam, FRA Chairman: Decision aligns with public dialogue to streamline operations across various sectors.

FRA Board of Directors chaired by Dr. Islam Azzam, has issued a Resolution extending the deadline for non-banking financial services (NBFS) companies with issued capital or equity exceeding EGP 100 million to submit their mandatory carbon footprint reports. Under the new resolution, the compliance deadline has been extended to December 31, 2026, providing a significant grace period from the previously scheduled cutoff of June 30.

Dr. Islam Azzam stated that this decision aims to ease the burden on the mandated companies, following an extensive public dialogue conducted by the Authority with various market sectors. He emphasized that this step reflects FRA’s ongoing commitment to foster a favorable business environment that enables companies to grow and develop by introducing agile regulatory updates that effectively keep pace with shifting economic dynamics.

Resolution No. 115 of 2026 extends the carbon disclosure and offsetting deadline originally set under Article 1 of Resolution No. 36 of 2026. Companies now have until December 31, 2026 – rather than June 30, 2026 – to submit their Carbon Footprint Reports. The regulation mandates that these reports cover both Scope 1 and Scope 2 emissions and be officially audited by an FRA Validation and Verification Bodies (VVB).

This move comes as part of FRA’s broader strategy to develop the regulatory framework governing non-banking financial activities. The Authority seeks to maintain a precise balance between stimulating market activity and supporting companies in achieving their financial and operational targets, ultimately maximizing the sector’s contribution to national economic growth. This is being executed with an absolute focus on ensuring market stability, maintaining transaction integrity, protecting stakeholder rights and enforcing rules that guarantee market efficiency and transparency.

Prime Minister Appoints Dr. Rehab Taha as Assistant Chairman of the Financial Regulatory Authority – Thursday 4 June  2026

Dr. Mostafa Madbouly, Prime Minister, issued Decree No. 1673 of 2026 appointing Dr. Rehab Taha as Assistant Chairman of the Financial Regulatory Authority (FRA). This appointment comes within the framework of supporting leadership talents and bolstering the Authority’s efforts to develop non-banking financial sector’s markets and activities.

The appointment recognizes Dr. Rehab Taha’s distinguished professional and technical expertise in regulating, supervising, and developing non-banking financial markets. It directly supports the FRA’s strategy to boost the sector’s efficiency and maximize its contribution to the national economy – ultimately driving economic development, enhancing financial stability and safeguarding the rights of market participants.

Since June 2019, Dr. Rehab Taha has served as Advisor to FRA Chairman for Research and Development, while concurrently overseeing the Supervision and Regulation Sector for Non-Banking Financing Activities. She brings extensive specialized expertise in regulatory policymaking and market development. In her previous roles, she successfully spearheaded institutional R&D initiatives designed to drive data-backed regulatory decisions and optimize organizational performance.

During her distinguished career at FRA, Dr. Taha has been instrumental in the evolution of the sector’s legislative and regulatory landscape. She has actively participated in drafting the executive regulations that govern non-banking financial activities, alongside defining the trading and settlement rules for futures markets. Her leadership of the task force charged with applying Basel III solvency standards further underscores her commitment to reinforcing risk management and institutional stability.

Additionally, she played a key role in developing national standards for real estate appraisal and the valuation of machinery and equipment. She also participated in drafting of valuation frameworks for intangible assets, ensuring the accurate determination of fair value for knowledge-based and innovative assets. This vital initiative has unlocked critical financing pathways for startups and entrepreneurs, significantly boosting Egypt’s innovation and entrepreneurship ecosystem.

She played an active role in formulating and monitoring FRA’s landmark 2023–2026 strategy. This roadmap is designed to maximize the non-banking financial sector’s impact on economic growth, accelerate the achievement of sustainable development goals, and drive unprecedented levels of financial and investment inclusion.

Her extensive technical and practical experience spanning over twenty years in non-banking financial activities qualified her to serve on several technical committees at the Authority. Her responsibilities have spanned licensing sector professionals, evaluating corporate feasibility studies, and reviewing the technical frameworks to authorize the Egyptian Exchange (EGX) for derivatives trading. She also contributed to the committee establishing licensing requirements for credit rating agencies. Today, she represents FRA on the Technical Secretariat of the Financial Stability Committee, alongside the Central Bank of Egypt and the Ministry of Finance.

She launched her career at Ernst & Young (EY), gaining foundational experience in auditing and financial advisory. Following this, she served as an economic researcher at the Egyptian Capital Market Authority (CMA) before it was merged to form the current Financial Regulatory Authority. Her deep institutional expertise is the result of a progressive career path within FRA, where she advanced through various sectors, including Research & Development, Market Operations and Chairman Office.

Dr.  Rehab Taha also served as Head of Research at Prime Holding, driving the analysis of diverse economic sectors. Her career at the firm progressed into investment banking, where she served as an Investment Manager. Later, she expanded her footprint as an independent financial advisor and corporate board member for multiple financial advisory firms.

Dr. Rehab Taha holds PhD and Master’s degrees in Investment and Finance, as well as a Bachelor’s degree in Accounting from the Faculty of Commerce, Cairo University. She is a CFA charter holder and holds a diploma in feasibility studies and investment project evaluation from the Faculty of Economics and Political Science, Cairo University. Furthermore, she has published several scientific research papers in specialized international journals in the fields of investment, finance and financial markets.

She boasts a proven track record of academic and practical experience in financial markets, having served as a part-time lecturer in investment and finance at several Egyptian universities. These include Cairo University, the Arab Academy for Science, Technology and Maritime Transport (AASTMT), Misr University for Science and Technology (MUST), and Ahram Canadian University (ACU).

FRA: Dr. Rehab Taha Appointed to Head Non-Banking Financial Sector – Tuesday 2 June 2026

FRA Chairman Dr. Islam Azzam has issued a decision assigning Dr. Rehab Taha to lead the Non-Banking Finance Sector, alongside her current role as Advisor to the Chairman for Research and Development. This appointment aligns with the Authority’s strategic plans to upgrade oversight mechanisms across various non-banking financial activities and elevate regulatory efficiency. Ultimately, these efforts aim to advance Egypt’s broader economic objectives, revitalize market activity, and safeguard the rights of market participants.

Since June 2019, Dr. Rehab Taha has served as Advisor to FRA Chairman for Research and Development, while concurrently overseeing the Supervision and Regulation Sector for Non-Banking Financing Activities. She brings extensive specialized expertise in regulatory policymaking and market development. In her previous roles, she successfully spearheaded institutional R&D initiatives designed to drive data-backed regulatory decisions and optimize organizational performance.

During her distinguished career at FRA, Dr. Taha has been instrumental in the evolution of the sector’s legislative and regulatory landscape. She has actively participated in drafting the executive regulations that govern non-banking financial activities, alongside defining the trading and settlement rules for futures markets. Her leadership of the task force charged with applying Basel III solvency standards further underscores her commitment to reinforcing risk management and institutional stability.

Additionally, she played a key role in developing national standards for real estate appraisal and the valuation of machinery and equipment. She also participated in drafting of valuation frameworks for intangible assets. This vital initiative has unlocked critical financing pathways for startups and entrepreneurs, significantly boosting Egypt’s innovation and entrepreneurship ecosystem.

She played an active role in formulating and monitoring FRA’s landmark 2023–2026 strategy. This roadmap is designed to maximize the non-banking financial sector’s impact on economic growth and accelerate the achievement of sustainable development goals.

Dr. Rehab Taha holds PhD and Master’s degrees in Investment and Finance, as well as a Bachelor’s degree in Accounting from the Faculty of Commerce, Cairo University. She is a CFA charter holder and holds a diploma in feasibility studies and investment project evaluation from the Faculty of Economics and Political Science, Cairo University. Furthermore, she has published several scientific research papers in specialized international journals in the fields of investment, finance and financial markets.

She boasts a proven track record of academic and practical experience in financial markets, having served as a part-time lecturer in investment and finance at several Egyptian universities. These include Cairo University, the Arab Academy for Science, Technology and Maritime Transport (AASTMT), Misr University for Science and Technology (MUST), and Ahram Canadian University (ACU).