الهيئة العامة للرقابة المالية

Dr. Tarek Seif, FSI Director represents Financial Regulatory Authority at the IAIS Meetings in Morocco – Tuesday 30 June 2026

• This participation comes after Egypt officially joined the IAIS Protection Gaps Task Force (PGTF).

 Financial Regulatory Authority (FRA), represented by Dr. Tarek Seif, Executive Director of the Financial Services Institute (FSI) – FRA’s training arm- participated in the joint meeting of the Emerging Markets and Developing Economies (EMDE) and the Protection Gaps Task Force (PGTF). The meeting, organized by the International Association of Insurance Supervisors (IAIS), was hosted in the Moroccan capital, Rabat.

This participation follows the selection of Dr. Tarek Seif as a member of the IAIS Protection Gaps Task Force (PGTF), making him the first Egyptian to join this specialized committee representing FRA.

The IAIS is the global standard-setting body for insurance supervision and regulation, encompassing more than 200 regulatory authorities worldwide. It aims to promote financial stability, protect policyholders and develop regulatory frameworks in accordance with international best practices.

During the meeting, participants discussed risk-based solvency regimes, digital innovation, cybersecurity risks, consumer value propositions, and public-private partnership (PPP) insurance programs.

Discussions centered on ways to support regulators and policymakers in developing the necessary regulatory frameworks to bridge insurance protection gaps. The sessions also explored enhancing the capacity of insurance markets to provide more efficient and sustainable risk management solutions, in cooperation with several international institutions, led by the World Bank.

Egypt’s participation underscores the growing stature of the Financial Regulatory Authority (FRA) within international insurance organizations and forums. It also reflects the rising global confidence in Egyptian expertise and its ability to contribute to discussing and shaping global issues related to insurance and sustainability.

Furthermore, Egypt’s inclusion in the IAIS Protection Gaps Task Force (PGTF) will enhance its international footprint regarding the future of the insurance industry, while facilitating the exchange of expertise with global regulators and international institutions.

FRA Chairman Holds Extensive Meeting with Insurance Brokers – Monday 29 June 2026

FRA Chairman:

“The Authority seeks to expand insurance penetration, driving greater economic growth.”

Dr. Islam Azzam, FRA Chairman affirmed the Authority’s commitment to develop the insurance and reinsurance brokerage sector. This effort is part of FRA’s broader strategy to advance Egypt’s insurance industry, boost insurance penetration, maximize its contribution to the national economy and enhance its attractiveness to investments, while improving the quality of services and products provided to citizens.

This came during a comprehensive meeting held by FRA Chairman with representatives from all insurance and reinsurance brokerage firms. The session was attended by FRA Vice Chairman Dr. Ahmed Abdel Aziz, Assistant to Chairman Mr. Hamdy Badawy and several key officials from relevant departments.

Dr. Islam Azzam explained that the meeting with insurance and reinsurance brokers reflects FRA’s permanent approach to foster community dialogue. He emphasized the Authority’s keenness to maintain continuous communication with all stakeholders across the sectors under its supervision to discuss market development proposals, build capacities and enhance efficiency.

Attendees put forward several proposals and observations which FRA Chairman promised to study and take the necessary actions under existing legal obligations and regulatory frameworks, while taking into account market needs and conditions.

Dr. Islam Azzam Honors Winners of First Scientific Research Competition – Monday 29 June 2026

• Nine research projects received awards named in memory of late industry icons Dr. Ashraf El-Sharkawy, Dr. Ahmed Saad and Dr. Sayed Abdel-Fadel.

Dr. Islam Azzam, FRA Chairman

• “Scientific research is the core engine for strategic decision-making and policy modernization to advance the national economy.”
• “We aim to build a research ecosystem that connects theory with practice, keeping pace with evolving non-banking financial markets.”
• “The competition will expand into new disciplines and practical market challenges, adding a new award named after the late Abdul Hamid Ibrahim.”

Mr. Omar Radwan, EGX Chairman

• “This initiative is vital for driving young talent toward market-driven scientific research.”

Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman

• “Following a successful first edition with 77 projects, we are motivated to launch the next round later this year.”
• “This marks a sustainable pathway to turn academic ideas into real-world solutions. True knowledge extends far beyond the classroom.”

 Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, hosted a prestigious ceremony to honor the winners of the inaugural FRA Scientific Research Competition (2025). The event also paid tribute to the enduring legacies of three iconic pioneers from the non-banking financial sector (NBFS). The ceremony brought together executive leaders from FRA, a distinguished assembly of academics and researchers, and the families of the honorees.

A central highlight of the event was a heartfelt tribute dedicated to Dr. Ashraf El-Sharkawy, Dr. Ahmed Saad, and Dr. Sayed Abdel-Fadel, celebrating their profound academic and professional contributions to the evolution of the NBFS and the growth of the Authority. In recognition of their lifetime of service, memorial shields were presented to their families.

Three core research categories were officially named in their honor:  Dr. Ashraf El-Sharkawy Award for the best comparative study on non-banking financial activities.

In addition to, Dr. Ahmed Saad Award for the best comprehensive study on capital markets and Dr. Sayed Abdel-Fadel Award for the outstanding research paper on Islamic finance.

In his keynote address, FRA Chairman Dr. Islam Azzam reaffirmed that the Authority views scientific research as an indispensable foundation for advancing non-banking financial markets and shaping evidence-based regulatory policies. He emphasized that given the accelerating pace of global financial developments, strategic investment in research is no longer optional—it is a critical necessity to spark innovation and maintain market competitiveness.

He highlighted that while global data shows approximately 80% of financial institutions prioritize innovation to sustain growth, local research capabilities must scale up. He noted that despite a global surge in FinTech, non-banking finance, and sustainability research, domestic academic and applied research has yet to catch up with the extraordinary boom Egypt’s NBFS has experienced. This market expansion continues to be powerfully driven by surging market demand, rapid technological adoption, and the modernized legislative frameworks implemented by FRA.

FRA Chairman highlighted that these rapid market dynamics demand robust scientific research to modernize legislation, develop financial products, enhance regulatory frameworks and align with global best practices. He emphasized that the competition aims to encourage researchers to provide innovative, decision-ready insights, cultivate a vibrant community of young scholars, and bridge the gap between academic theory and practical, real-world application.

Looking ahead, Dr. Islam Azzam announced that the competition will expand next year to include new disciplines, most notably insurance. The next edition will also pinpoint specific market challenges and operational gaps, challenging researchers to deliver practical solutions FRA can implement directly. Additionally, the Authority will launch a new award named after the late Mr. Abdul Hamid Ibrahim, a prominent pioneer in the capital markets, former head of the Capital Market Authority (CMA), and former board member of the FRA.

Participating in the ceremony, Mr. Omar Radwan, Chairman of the Egyptian Exchange (EGX), shared heartfelt reflections on working closely with the honored pioneers. He lauded the competition as a vital initiative for driving young talent toward research that addresses genuine market needs. Mr. Radwan stressed the importance of translating these novel academic concepts into tangible market applications, noting that doing so will directly boost the performance of financial activities and inspire researchers to generate further innovation.

Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman, reaffirmed that promoting financial literacy and advancing scientific research are twin pillars of FRA’s strategy to build a more efficient and sustainable NBFS. He noted that academic research serves as an invaluable reservoir for ideas that fuel sector development and bolster the Authority’s efforts to update legislative frameworks in line with global shifts.

He concluded by stating that the overwhelming success of the inaugural edition—reflected in both the high caliber of submissions and strong participation—has motivated FRA to launch the next round later this year. This upcoming edition will invite broader participation from researchers and university students alike, deepening the synergy between academia and the non-banking financial sector to establish a permanent foundation for innovation and future policy-making.

He added that naming the awards after these late pioneers is not merely a tribute to their personal careers, but a reaffirmation that real knowledge extends far beyond the classroom. Through practical application and cumulative expertise, academic theory transforms into impactful policies, institutions, and tools that leave a profound, lasting footprint on society.

The ceremony also featured a panel discussion titled “From Concept to Policy: How Scientific Research Shapes the Future of the Financial Sector.” The panel included Dr. Rehab Taha, Assistant to FRA Chairman; Dr. Amr Ragab, Assistant Lecturer at Nile University; and Mr. Hany Genena, Chief Economist. The session was moderated by Ms. Dina Kamal, Deputy Head of the Central Dep. for Financial Literacy and Awareness. Discussions centered on strategies to maximize the impact of scientific research, academic studies and emerging innovations on non-banking financial activities. The panelists also highlighted under-researched sectors and outlined the critical elements required for successful, market-ready economic research.

The inaugural edition of the competition witnessed strong engagement, receiving a total of 77 research papers. The submissions were distributed across three key categories: 39 papers focused on the Capital Market , 21 papers dedicated to Non-Banking Financial Activities and 17 papers exploring Islamic Finance. Participants represented a diverse mix of recent graduates, postgraduate degree holders and faculty members from both public and private universities. The submitted topics reflected a growing interest in developing exchanges, launching innovative financing tools inspired by international benchmarks, and expanding the integration of FinTech—specifically to broaden ownership bases and stimulate domestic investments.