Press Releases
FRA Directs Non-Bank Financing Entities to Submit Activity Data on Authority Platform – Monday 12 October 2026
- FRA Reopens Data Platform until October 29 to Audit All 2026 Entries.
- Non-Bank Financing Entities Obligated to Submit Monthly Data Within 15 Days of the Following Month.
Dr. Islam Azzam, FRA Chairman:
- These obligations enhance regulatory and supervisory capabilities, improve the efficiency of performance indicators and enable early risk detection.
Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has issued a circular requiring all non-bank financing entities to submit monthly activity data via FRA’s dedicated electronic platform within the first 15 days of each month for the preceding period. Additionally, the platform has been reopened from Monday, October 12, through October 29, allowing entities to complete pending submissions and audit all data entered since early 2026.
Under Circular No. 7 of 2026, non-bank financing entities must provide the Authority with the required monthly data on the designated platform between the 1st and 15th of each month for the preceding month’s data entry.
Non-bank financing entities are also required to conduct a thorough and meticulous review of all data prior to submission, ensuring there are no discrepancies or errors, and verifying its accuracy, completeness, and consistency with actual records available to FRA.
On an exceptional basis, the Authority decided to reopen the platform for all non-bank financing institutions from Monday, October 12, 2026 until Thursday, October 29, 2026. This measure aims to allow entities to complete all necessary submissions, review and audit data recorded since January 1, 2026, verify its completeness and accuracy, and make any required corrections or updates.
Dr. Islam Azzam, FRA Chairman, stated that these compliance requirements strengthen regulatory and supervisory capabilities across non-banking financial markets. By ensuring the availability, quality and completeness of all activity-related data, FRA can conduct precise analysis of performance indicators across each sector, detect potential risks early and efficiently address emerging challenges.
FRA Chairman added that full compliance by non-bank financing entities in providing and reconciling monthly data supports FRA’s broader strategy to achieve full integration between corporate databases and the Authority’s central system. This continuous data flow enables FRA to derive highly accurate market indicators and share them with market participants, empowering companies to rapidly innovate and refine products to meet growing consumer needs.
It is worth noting that Dr. Islam Azzam had previously issued Decree No. 2684 of 2026, obligating consumer finance companies to establish the IT infrastructure necessary for integrating their databases with FRA’s central system. Effective since September 24, the decree requires consumer finance firms to provide real-time access to key data points, including: newly approved client profiles, real-time consumer purchasing transactions for goods or services, product/service categorizations, borrower credit performance and repayment behavior, and key metrics regarding the financial solvency of the company
FRA Tightens Transparency Rules for Gold-Linked Insurance Policies – Monday 5 October 2026
Dr. Islam Azzam Issues Landmark Circular:
- Strict rules to eliminate confusion between insurance products and other savings/investment vehicles.
- Companies must obtain written client confirmation of product terms, disclosures and mechanics.
- A ban on marketing catchphrases or sales practices that mislead customers about insurance products.
As part of ongoing efforts to tighten market oversight and safeguard customers’ rights across all non-banking financial activities, Dr. Islam Azzam, FRA Chairman has issued a circular to insurance companies aimed at enhancing disclosure and transparency for gold-linked insurance policies.
The circular requires insurers to provide full product transparency, bans deceptive marketing, and mandates proof of client understanding. This circular follows a surge in complaints regarding mis-selling—largely through bank distribution channels—where investment-linked insurance products were improperly conflated with traditional banking, savings, or investment accounts.
Companies must provide clear, accurate and non-misleading pre-contract disclosures outlining the product’s insurance nature, core benefits, risks, key terms, and any underlying investment component or strategy, enabling clients to make informed decisions.
Additionally, if a policy involves investments linked to gold or any other asset, companies must clarify the nature and management of the investment, disclosing the specific fund or investment manager where applicable.
The circular also prohibits insurance companies from implying they directly own or manage the underlying investment asset if they do not. Furthermore, it requires clarifying whether the client has the right to physical delivery or redemption of the asset, the conditions for delivery or redemption (if any), and the basis for determining liquidation or redemption values in accordance with the policy terms.
The circular strictly bans any marketing tactics or phrasing that conflates insurance products with bank deposits, accounts or traditional savings and investment vehicles. It also bars promotional materials containing inaccurate data or creating false impressions about the product’s true nature and FRA-approved terms.
Companies must secure and document a signed client acknowledgment prior to contract finalization. The client must confirm they have reviewed core terms, understand the product is an insurance policy issued by the insurance company—not a bank deposit or account—have received necessary disclosures on product features and risks and were given adequate time to ask questions.
This signed acknowledgment does not exempt insurance companies from any legal or regulatory obligations regarding disclosure or consumer protection.
Companies must review all marketing materials, templates and distribution methods used via bank distribution channels, implement necessary internal controls to ensure full compliance, and report back to FRA within one month detailing their corrective actions and the draft client acknowledgment form to be used.
FRA Licenses 12 Companies for Non-Banking Financial Activities – Monday 5 October 2026
- Debt collection firms reach 11 with new additions… second temporary license granted for specialized medical insurance
As part of ongoing efforts to broaden the non-banking financial sector and diversify financial services and products, Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has approved the establishment, registration, and licensing of 12 companies and entities across various non-banking financial activities, alongside the incorporation of specialized funds and companies.
The decisions include approving the incorporation of “Taj Misr Tourism Real Estate Asset Investment Fund Company” and “Taj Misr Real Estate Fund Company” to operate as real estate investment funds, alongside the establishment of “Taj Misr for Securities Brokerage Underwriting Promotion and Real Estate Investment Fund Management.
In capital market activities, FRA granted “Lantis for Portfolio and Investment Fund Management” a license to conduct portfolio management, investment fund management, and securities underwriting promotion.
Additional approvals include licensing “Al-Ahli Group Green Agriculture Investment Fund” and establishing “Al-Manzlawy Venture Capital” to acquire equity stakes in Special Purpose Acquisition Companies (SPACs).
Within custodian activities, FRA licensed “MNT Tech Holding Company for Financial Investments” and “Azimut Investments Egypt” to operate as custodians, reinforcing investment services and capital market infrastructure.
To tighten market discipline and protect client rights in debt collection, FRA registered three new firms—”Trusty for Debt Collection and Field Inquiry,” “Prime Solutions Middle East for Debt Collection,” and ” “Taswya for Consulting and Debt Collection”—bringing the total number of registered collection companies to 11.
In the specialized medical insurance sector, “Care Plus Medical Care” received a temporary license to operate as a Specialized Health Maintenance Organization (HMO), raising the number of entities holding temporary licenses to two in this newly regulated activity under the Unified Insurance Law No. 155 of 2024.
These approvals fall within the constitutional and legal mandate of the FRA to regulate and supervise non-banking financial markets and instruments. This encompasses capital markets, futures exchanges, insurance activities, mortgage finance, leasing, factoring, securitization, consumer finance, and other activities, alongside its mandate to approve the establishment and licensing of companies operating in these markets.
Incorporation, licensing and activity-related approvals are issued based on recommendations from Incorporation and Licensing Committee. This committee is tasked with reviewing and issuing initial and final approvals for companies, requests to add activities and mechanisms, opening, closing, and relocating branches, reviewing amendments to statutes, adopting incentive systems and amendments, changing the legislative framework for companies operating in securities and consumer finance, and examining liquidation requests or voluntary temporary suspension of activity.
