الهيئة العامة للرقابة المالية

FRA Chairman Rings the Bell at EGX in Celebration of International Women’s Day –  Thursday 9 April 2026

Dr. Islam Azzam, FRA Chairman:

• FRA-led empowerment policies and training have successfully increased female board representation across the sector.
• The Authority’s goal is to cultivate a supportive environment that empowers women to lead and excel across the Non-Banking Financial Sector.

Dr. Islam Azzam, FRA Chairman delivered the opening keynote at the Egyptian Exchange (EGX) “Ring the Bell for Gender Equality” ceremony. This landmark event, held at the historic EGX headquarters, convened high-level leaders from the FRA and EGX alongside prominent representatives from global institutions.

Dr. Azzam underscored women’s empowerment as a fundamental pillar of sustainable development and a strategic imperative for driving inclusive growth and social stability amidst rapid economic shifts.

FRA Chairman noted that this celebration reflects the State’s profound appreciation for women as indispensable partners in the national development agenda. He highlighted that the progress achieved in recent years establishes a robust foundation for optimizing the potential of female talent, particularly within the Non-Banking Financial Sector (NBFS), which continues to see a significant uptick in female participation across all organizational tiers.

FRA Chairman explained that the Authority has adopted an integrated vision that redefines empowerment beyond mere opportunity. This vision focuses on cultivating a high-performance ecosystem that enables women to scale their capabilities and assume pivotal decision-making roles, while systematically removing institutional barriers that may impede their professional pathways.

Additionally, Dr. Azzam stated that FRA is dedicated to align its operations with global ESG standards and the UN SDGs through strategic international cooperation. He pointed to a transformative suite of regulations that has institutionalized gender diversity across NBFS boards—mandating at least two women or 25% representation. These mandates strengthen sectoral governance by strictly prohibiting gender-based discrimination while providing incentives for firms that lead in diversity and inclusion.

The Authority prioritizes institutional capacity building through specialized leadership programs. A flagship initiative is the “Certified Board Member” program, launched by the Egyptian Institute of Directors (EIoD) in collaboration with the International Finance Corporation (IFC). Furthermore, “Tamkeen” digital platform was developed as a strategic tool to bridge the gap between highly qualified female professionals and board-level vacancies.

In parallel, ‘Women on Boards’ initiative was executed through a strategic synergy between the Regional Center for Sustainable Finance (RCSF) and the Fulbright Program. This collaboration delivered a series of high-impact, interactive workshops and executive forums aimed at cultivating the leadership readiness and professional stature of female executives, effectively optimizing the executive resource pool for pivotal decision-making.

He noted that these efforts have led to tangible progress, with female board representation rising significantly in recent years. This reflects the effectiveness of FRA’s current policies and confirms that the Authority is on the right track toward genuine and sustainable empowerment.

Dr. Azzam emphasized FRA’s ongoing support for women’s empowerment in the non-banking financial sector. These initiatives drive financial, investment, and insurance inclusion, fostering a sustainable economy built on equal opportunity.

Concluding his address, Dr. Azzam added that the path forward requires further effort and integration across various sectors, emphasizing that women’s empowerment is not just an institutional obligation, but an investment in a brighter future for all

FRA Chairman Discusses Ways to Enhance Private Insurance Funds’ Role in Social Protection – Thursday 9 April 2026

Dr. Islam Azzam, FRA Chairman:

• Private insurance funds serve as a vital cornerstone for bolstering social protection frameworks and delivering complementary insurance coverage.
• Expanding fund coverage enhances insurance penetration and supports sustained financial resilience of families.

Dr. Islam Azzam, FRA Chairman convened an extensive meeting with representatives of private insurance funds and FRA leaders to discuss strategic development and operational efficiency. The meeting reflects FRA’s commitment to market engagement and foster robust institutional dialogue with all stakeholders.

Dr. Islam emphasized the critical role of private insurance funds as a primary tool for social security. With an expansive reach of more than 660 funds and 4 million members, the sector offers vital savings and pension solutions. These efforts directly support Egypt’s mission to broaden social safety nets and ensure long-term financial stability for families.

FRA Chairman noted that optimizing the performance of private insurance funds – in accordance with the Unified Insurance Law No. 155 of 2024 – aims to strengthen governance and management efficiency. These initiatives aim to elevate disclosure and transparency standards while streamlining oversight of investment and asset management. Such measures are vital to safeguarding long-term solvency and optimizing returns for beneficiaries.

Dr. Azzam further noted that FRA is translating its vision into action by modernizing investment guidelines and strengthening risk controls. The goal is to strike a balance between safeguarding member rights and driving operational excellence, while providing the technical foundation for a transition toward advanced digital supervision and real-time monitoring.

During the meeting, several key issues regarding investment management and yield optimization were raised to keep pace with evolving economic variables. It was emphasized that these matters would be addressed through direct and continuous coordination mechanisms with FRA specialists, aimed at bolstering operational efficiency and reinforcing the sector’s stability.

The meeting also explored avenues for diversifying insurance benefits and permitting the establishment of multiple private insurance funds within a single entity. This initiative fosters greater flexibility in delivering tailored solutions that meet the distinct needs of members, thereby amplifying insurance coverage, particularly in long-term savings and supplementary pension schemes.

Fund representatives acknowledged that the current regulatory framework has been pivotal in driving stability and ensuring members’ protection, particularly through the implementation of structured investment mandates. This framework achieves a strategic equilibrium between sustainability and maximization of benefits.

The Authority is modernizing private insurance fund regulations to align with the Unified Insurance Law, aiming to drive sectoral growth and sustainability. To support this, specialized training in governance and investment is being prepared  for board members, alongside a strategic push for digital transformation and enhanced regulatory oversight.

The meeting underscored the importance of abiding by  the Authority’s regulatory mandates and Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) standards. Maintaining these rigorous levels of compliance ensures alignment with international benchmarks and the findings of the National Risk Assessment (NRA).

In conclusion, the meeting reaffirmed the Authority’s commitment to provide ongoing technical support and awareness initiatives through workshops and training programs. These efforts aim to cultivate a highly qualified workforce capable of driving performance and enhancing sectoral sustainability via the Financial Services Institute (FSI) –  FRA training arm – thereby advancing the state’s mission to achieve comprehensive insurance inclusion.

This meeting is part of a broader consultative series aimed at deepening institutional dialogue across the Non-Banking Financial sector. This proactive engagement is rooted in a strategic vision to develop markets, amplify their contribution to the national economy, and deliver enhanced social protection for all citizens.

Six State-owned Companies Temporarily Listed on EGX Under Government IPO Program – Wednesday 8 April 2026

• Hashem El-Sayed, Assistant Prime Minister and Chief Executive Officer of the State-Owned Enterprises Unit: Listing these companies underscores the State’s commitment to the IPO program and broader private sector participation.
• Mohamed Sabry, EGX Vice-Chairman: listing of state-owned companies significantly enriches market diversity and scales up the Exchange’s sectoral depth.

Within the framework of national efforts to bolster the Capital Market and expand the ownership base, the Egyptian Exchange (EGX) celebrated the temporary listing of six state-owned enterprises (SOEs). The ceremony was held in the presence of FRA Chairman Dr. Islam Azzam, and Dr. Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Enterprises Unit. Also in attendance were Mr. Mohamed Al-Sayyad – FRA Vice-Chairman, Mr. Mohamed Sabry – EGX Vice-Chairman, and chairs of the newly listed companies and Capital Market executives.

This listing comes as part of the implementation of the Government IPO Program, which aims to deepen the Capital Market, increase the number of listed companies, and expand private sector participation in economic activity. These efforts contribute to increasing liquidity and trading volumes while enhancing the market’s attractiveness to both local and foreign investors.

Dr. Islam Azzam, FRA Chairman emphasized that listing of these companies represents a qualitative step toward bolstering confidence in the Capital Market and expanding the base of listed companies. This, in turn, supports the growth of market capitalization and enhances market efficiency and depth.

He noted that temporary listing serves as a strategic preparatory phase, allowing companies to prepare for their Initial Public Offerings (IPOs) through voluntary compliance with disclosure and governance rules applicable to listed companies. This contributes to raising transparency levels and fostering investor confidence.

He added that this phase offers several core advantages, most notably:

• Institutional and organizational qualification of companies to align with listing and trading requirements;
• Enabling companies to gain practical experience within the market environment;
• Facilitating the pre-marketing of companies to a broader investor base;
• Streamlining the IPO process by enhancing corporate preparedness and facilitating the underwriting efforts of investment banks.

He further explained that the Authority continues to develop the legislative and regulatory environment supporting listing and IPO processes, while working to simplify procedures and enhance the readiness of companies—particularly state-owned ones—to achieve a balance between protecting investor rights and facilitating access to financing.

For his part, Dr. Hashem El-Sayed, Chief Executive Officer of the State-Owned Enterprises Unit, affirmed that this listing reflect the State’s drive to execute the Government IPO Program while maximizing the efficiency of its assets. This step aims to capture peak economic value and broaden the scope of private sector engagement in the national economy.

He noted that the Unit collaborates with all relevant stakeholders to prime companies for listing and trading, thereby institutionalizing higher levels of governance and transparency to ensure optimized returns for the State.

Mr. Mohamed Sabry, EGX Vice-Chairman further explained that listing of this number of state-owned enterprises represents a qualitative addition to the market, in terms of both sectoral diversification and immense scale of operations. He emphasized the Exchange’s ongoing commitment to develop its infrastructure and trading systems in alignment with global best practices.

Temporary listing serves as a pivotal bridge toward an Initial Public Offering, allowing companies to cultivate a robust disclosure track record, refine operational frameworks, and solidify investor confidence. Such preparation is critical to the efficacy of the offering process and the strategic success of the Government IPO Program.