الهيئة العامة للرقابة المالية

FRA Hosts “Future Leadership” Session to Elevate Leadership Standards Across the NBFS – Sunday 26 April 2026

Dr. Islam Azzam – FRA Chairman:

• Continuous efforts to elevate professional standards and skill development
• Training initiatives to keep pace with global developments according to international best practices.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, organized a specialized panel discussion on the Future Leadership Programme (FLP). This initiative was launched through a strategic partnership between the Financial Services Institute (FSI) – FRA’s training arm- and Global Growth Institute (GGI) – London.

Dr. Islam Azzam emphasized that these events are of particular significance as the Authority strives to keep pace with the rapid transformation and expansion of Egypt’s Non-Banking Financial Sector (NBFS). He underscored FRA’s commitment to initiatives that develop human capital, viewing it as a fundamental pillar for enhancing the efficiency and stability of non-banking financial markets and supporting their role in achieving comprehensive economic development.

He added that this session is part of FRA’s ongoing efforts to cultivate distinguished leaders and enhance administrative efficiency within institutions. These efforts aim to support sustainable growth in alignment with international best practices.

The session featured Dr. Tarek Seif, Executive Director of the Financial Services Institute, alongside Mr. Wayne Clarke, Co-founding Partner of the Global Growth Institute (GGI), and Mr. Mark Feige, GGI Partner. A distinguished assembly of FRA leaders and prominent sector experts joined them.

The session reviewed a shared vision for developing the sector’s leadership framework. Discussions focused on empowering executive leaders and board members with the tools and skills necessary to make effective strategic decisions, thereby boosting institutional competitiveness and expansion capabilities.

The discussions highlighted the pivotal role of boards of directors in leading institutional transformation and embedding sound governance principles. This approach seeks to balance growth with stability, ultimately strengthening investor confidence in non-banking financial activities.

Participants stressed the importance of transferring and localizing global best practices in leadership and management through collaborations with prestigious international institutions. This ensures the sector’s readiness to adapt to global shifts and maximizes its contribution to financing the national economy.

Mr. Wayne Clarke stated that the primary goal of the program extends beyond mere skill development; it aims to build a mindset capable of adapting to change and making sound decisions within complex, rapidly evolving work environments.

He further noted that integrating NBFS professionals into this global network offers a unique opportunity to engage with modern management techniques and interact with world-class talent, enhancing the Egyptian sector’s standing on the international stage.

Dr. Tarek Seif confirmed that the FSI continues to implement advanced training programs to prepare future leaders capable of driving a qualitative shift in institutional performance. He noted that the program serves as an integrated platform for capacity building and knowledge exchange, operationalizing cooperation protocols with Egyptian insurance companies and MoUs with international universities to support human resource development – particularly in the insurance sector, a cornerstone of the national economy.

The cooperation framework includes a comprehensive package of general and specialized training programs covering fields such as underwriting, Claims, Reinsurance, Investment, Internal Audit, Finance, Risk Management, Compliance, Anti-Money Laundering (AML), and Actuarial Science.

In a strategic move to broaden professional expertise, the EIoD’s accredited programs are now part of FRA’s core training system. Participants can now earn recognized certifications, such as Certified Board Member and Qualified CEO, Governance Risk and Compliance (GRC), Corporate Secretary, risk management, and internal auditing.

FRA Chairman Convenes Meeting with TPAs: Prioritizing the Strategic Development of Medical Insurance Sector – Saturday 25 April 2026

Dr. Islam Azzam – FRA Chairman:

• Approving diverse products to stimulate the market, meet client needs, attract investment, and foster competition.
• Regulating and governing healthcare activities will directly enhance the quality of services.
• Sustaining ongoing dialogue with key players across the insurance sector and the broader non-banking financial industry.

Dr. Islam Azzam, FRA Chairman reaffirmed the Authority’s commitment to the strategic development of the medical insurance and healthcare sector. This mandate serves as a cornerstone of FRA’s agenda following the enactment of the Unified Insurance Law No. 155 of 2024.  For the first time, this legislation formally regulates and integrates Third-Party Administrators (TPAs) into Egypt’s broader non-banking financial services (NBFS) ecosystem.

These remarks were delivered during an expansive meeting convened by FRA Chairman with representatives from Third-Party Administrators (TPAs), attended by senior FRA leaders and specialized department Heads. This session is part of a sustained consultative series designed to foster direct engagement with regulated entities, enabling the Authority to gauge market sentiment and assess the real-world impact of recent regulatory implementations.

In accordance with the Unified Insurance Law, TPAs are required to register in a dedicated ledger, with their operations strictly limited to administrative services. The legislation empowers these firms to manage self-funded healthcare programs on behalf of institutional clients and employers, provided that the client retains full liability for the settlement of all medical service costs.

During the session, Dr. Azzam provided a platform for industry leaders to present strategic proposals, fostering an open dialogue on sector stability. He underscored the critical importance of this sector to millions of Egyptians, emphasizing that protecting policyholder rights and adhering to legal mandates are non-negotiable requirements for securing licenses and maintaining regulatory compliance.

The Chairman further noted that FRA is actively approving a diverse array of innovative insurance products designed to revitalize the market. By fostering a competitive environment and attracting foreign investment, the Authority aims to bolster global confidence in the Egyptian medical insurance market. This is being achieved through the rigorous application of governance standards and the integration of advanced financial technology (FinTech) to enhance the quality of care for all beneficiaries.

To date, FRA has granted provisional licenses to six companies, with several additional applications currently under review. In accordance with Board Resolution No. 229 of 2025, all active firms must regularize their status and meet specified regulatory standards by July 10, 2026. This deadline ensures a structured transition to the new legal framework, though FRA Board retains the authority to grant extensions if necessary.

Dr. Azzam emphasized that TPAs – acting as the vital link between insurers, healthcare providers, and beneficiaries – must maintain absolute neutrality and precision in claims processing. He mandated the implementation of robust internal controls and risk assessment frameworks, including rigorous auditing before claims are submitted to insurers. Furthermore, he highlighted the paramount importance of data privacy, strictly prohibiting the disclosure of client information without explicit consent or a formal judicial order.

The new framework places a great emphasis on corporate governance. TPAs are now required to hold an Annual General Assembly Meeting within three months of the fiscal year-end and prepare financial disclosures in accordance with Egyptian Accounting Standards. These reports must be submitted to FRA for review one month prior to the Meeting, supported by a report from an auditor listed under Category I or Category II (A) within FRA’s registries.

To eliminate potential conflicts of interest, the law outlines clear prohibitions for TPAs. Specifically, they are barred from selling, marketing, or brokering insurance policies, and they may not engage in direct underwriting. Additionally, firms are prohibited from retaining any portion of claims settlements – all excess funds must be returned to the insurer – and administrative fees cannot be calculated as a percentage of the claims value.

Companies are further required to establish a Conflict of Interest Policy for board members and employees. This mandate is designed to reinforce the principles of integrity and transparency, while institutionalizing accountability for any actions or practices that may lead to a conflict of interest.

FRA Hosts Cairo National University Delegation for Educational Site Visit – Friday 24 April 2026

Dr. Islam Azzam meets Dr. Mohamed Sami Abdel Sadek, President of Cairo University:

• Driving continuous coordination between the Authority and academia to deepen youth financial literacy.
• Launching collaborative initiatives to equip students with the tools to navigate and invest in financial derivatives.
• Leveraging universities as the engine to prepare students for rapid global tech evolution.

The Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, hosted a delegation from Cairo National University yesterday, Thursday. The delegation was headed by Dr. Mohamed Sami Abdel Sadek, President of the University, as part of a field visit for students specializing in Politics, Economics, Law, and Business Administration. The visit to FRA headquarters and Egyptian Exchange (EGX) aimed to bridge the gap between academic theory and practical application.

The visit commenced with an extensive tour of the Authority’s headquarters. Dr. Islam Azzam guided the university leadership through various departments, most notably the “Financial Literacy Knowledge Hub.” This hub encompasses the Financial Services Institute (FSI), the Egyptian Institute of Directors (EIoD), the Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes (ECAS), and the Regional Center for Sustainable Finance (RCSF). During the tour, Dr. Azzam highlighted recent developments in the non-banking financial sectors (NBFS) regulated by FRA, emphasizing their vital role in driving national economic growth and attracting foreign investment.

In his welcoming remarks, FRA Chairman conveyed his pleasure in hosting the event. He commended Dr. Abdel Sadek’s commitment to equip students with practical market insights, noting that such exposure enhances student competency and encourages active participation in investment fields.

 Dr. Azzam underscored the necessity of sustained coordination between FRA and educational institutions to embed financial literacy among youth through diverse educational and media channels.

Dr. Azzam further emphasized the importance of preparing Egyptian youth for the rapid evolution of the NBFS, particularly the unprecedented surge in Financial Technology (FinTech). He noted that the Authority is proactively adapting to these changes through updated regulatory frameworks and joint training initiatives with both public and private sectors.

Additionally, he discussed prospects for future cooperation to train students on exchange-traded instruments, specifically financial derivatives, which can offer accessible entry points for novice investors. He reaffirmed that universities serve as the primary foundation for fostering awareness of these sophisticated market tools.

In response, Dr. Mohamed Sami Abdel Sadek congratulated Dr. Islam Azzam on his appointment as Chairman of the FRA, praising his distinguished academic and professional record. He further thanked the Authority for hosting the students and offering them a practical perspective on its regulatory functions.

Dr. Abdel Sadek noted that this visit aligns with the university’s mission to provide a holistic educational experience that prepares graduates to compete effectively in both domestic and international labor markets.

Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman, delivered a specialized technical lecture. He explored the core concepts of non-banking financial activities and their impact on economic empowerment. He clarified the fundamental distinctions between the banking and non-banking sectors, detailing the various industries under FRA’s mandate, including the Capital Market, Insurance, Microfinance, Mortgage Finance, Leasing, Factoring, and Consumer Finance.

Dr. Abdel Aziz emphasized the importance of the informed and safe use of these financial activities and their significant role in driving economic growth. He also highlighted their impact on fostering a culture of savings, investment, and entrepreneurship among youth, which contributes to achieving financial, investment, and insurance inclusion. Furthermore, he stressed the necessity of raising awareness regarding consumer protection mechanisms and the risks associated with engaging with unlicensed entities.

Dr. Abdel Aziz called upon students to leverage the Authority’s digital resources to verify corporate licensing; highlighting that diligent research is the first step toward secure financial decision-making.

Concluding the visit, the University President presented commemorative shields to Dr. Islam Azzam and Dr. Mohamed Abdel Aziz. Reciprocally, FRA Chairman presented honorary gifts to Dr. Mohamed Sami Abdel Sadek; Dr. Mohamed El-Attar, Vice President for Academic Affairs; Dr. Bashir Saad Zaghloul, General Coordinator of Legal Studies Programs; and Dr. Mahmoud Hamad, General Coordinator of Political Science Programs.

The itinerary concluded with a visit to the historic EGX headquarters in Downtown Cairo, where students observed live trading mechanisms and market operations, effectively linking their classroom learning to the pulse of the financial market.