الهيئة العامة للرقابة المالية

Dr. Islam Azzam at CAISEC 2026: Cybersecurity is a Core Pillar of Financial Inclusion… and Enhancing It Is a Top Priority Across All Sectors – Tuesday 9 June 2026

FRA Chairman:

• FRA has launched a comprehensive legislative framework to deploy FinTech securely while managing digital risks.
• Despite its challenges, Artificial Intelligence serves as the first line of defense for digital security in modern markets.
• Non-banking financial institutions (NBFIs) must upgrade protection systems, conduct regular penetration testing and secure cyber liability insurance.

Dr. Islam Azzam, FRA Chairman participated in the 5^th  edition of Cyber and Information Security Exhibition and Conference (CAISEC 2026).

Eng. Raafat Hindy, Minister of Communications and Information Technology attended the event, alongside a distinguished gathering of Egyptian, Arab and African IT officials. Organized by Mercury Communications, the conference was moderated by prominent media figure and company Chairman, Osama Kamal. This year’s edition focuses heavily on safeguarding digital national security across the Arab and African regions.

FRA Chairman stated that the global escalation of cyber risks makes investing in cybersecurity a regulatory and economic necessity to ensure market stability and protect investors. He pointed out that the growing interest in Artificial Intelligence (AI) and cybersecurity reflects the scale of challenges imposed by rapid technological advancements. Furthermore, he emphasized the critical need to strike a balance between maintaining cybersecurity, keeping pace with technological innovation, and spreading scientific and technical awareness to enhance market efficiency and resilience.

Dr. Azzam highlighted international statistics indicating an unprecedented surge in cyber risks. Global losses from cybercrime skyrocketed from approximately $3 trillion in 2015 to nearly $10.5 trillion in 2025. Meanwhile, losses in the United States alone reached about $20.8 billion last year.

“These figures reflect the gravity of the challenges facing financial and regulatory institutions, underscoring the vital importance of adopting advanced regulatory frameworks for cybersecurity.”  Dr. Islam Azzam

FRA Chairman added that while AI presents a massive opportunity to drive economic growth, develop financial services and upgrade the efficiency of digital protection systems, it simultaneously introduces new challenges.

These challenges demand enhanced readiness to counter highly sophisticated cyberattacks, most notably Deepfake technologies, which have emerged as one of the most prominent, common, and financially damaging tools for fraud and security breaches.

Dr. Islam Azzam emphasized that countering these evolving risks requires the proactive integration of Artificial Intelligence into cyber defense systems. He cited international studies demonstrating AI’s superior ability to detect threats efficiently and accelerate incident response, outperforming traditional defense systems by 60%.

FRA Chairman then reviewed the Authority’s extensive efforts in supporting a secure digital transition across non-banking financial activities (NBFIs). He noted that FRA was at the forefront of establishing an integrated legislative and regulatory framework for FinTech implementation, following the enactment of Law No. 5 of 2022 concerning the regulation and development of FinTech in NBFIs.

He highlighted the completion of this regulatory infrastructure through various FRA resolutions. These regulations explicitly govern Electronic Know-Your-Customer (e-KYC) protocols, digital contract formulation, archiving, and retrieval, as well as the establishment and management of digital registers. Furthermore, these frameworks set stringent requirements for digital identity, corporate governance, risk management, data protection and information security.

Dr. Azzam stressed that these regulatory decisions have effectively built an integrated ecosystem that allows companies to deliver financial services digitally, safely, and reliably. Under these mandates, FRA obligates regulated entities to develop a robust, integrated IT infrastructure for their information systems to guarantee data protection, database integrity, and technological risk management. Additionally, the framework establishes unified systems for verification, digital identity, digital contracts, and outsourcing registries to foster consumer trust in digital financial services.

He further indicated that FRA strictly requires companies to formulate specialized information security policies and deploy cybersecurity defenses aligned with the latest international standards. Regulated entities are also mandated to conduct regular penetration testing and submit periodic reports to FRA, alongside securing cyber risk insurance policies as a prerequisite for maintaining their operational licenses.

To foster safe innovation, Dr. Islam Azzam noted that FRA Sandbox provides a secure environment to test pioneering tech solutions before their commercial market launch. To date, Sandbox approved five projects, in addition to implementing training programs designed to boost the cybersecurity and technical capabilities of professionals across various NBFI sectors.

Dr. Azzam explained that the concrete results of these efforts are clearly reflected in the rapid growth of FinTech adoption across the non-banking financial sector. By the end of 2025, the sector recorded over 345,000 digital verification (e-KYC) transactions and the issuance of approximately 190,000 digital contracts.

Additionally, Dr. Azzam highlighted that digital platforms for Real Estate Investment Funds are the latest major frontier for FinTech adoption. To secure the complex, end-to-end transactions among funds, platform management, and investors, FRA ensured that its regulatory framework strictly enforces these advanced cybersecurity protocols.

Dr. Islam Azzam concluded his address by reaffirming FRA’s commitment to strengthen cybersecurity framework across the non-banking financial sector.  He added that the Authority’s strategy focuses on three core pillars: regulation and incentivization, regulatory oversight and readiness assessment and comprehensive training and capacity building. This approach ensures the sector remains highly resilient and agile against escalating cyber threats.

Dr. Islam Azzam Outlines Capital Market Updates at “Portfolio Egypt 2026” – Monday 8 June 2026

Dr. Islam Azzam , FRA Chairman:

• Launching derivatives amid regional conditions signals the Egyptian market’s growth potential.
• Full EGX coordination is underway to launch futures contracts on listed stocks this June.
• Short-selling frameworks will be finalized soon, and activating “Market Makers” will significantly drive liquidity.
• Raising awareness is vital for new financial instruments, with rising youth interest expected in derivatives.

Dr. Islam Azzam, FRA Chairman reviewed the latest developments in Egypt’s capital market, highlighting the rollout of new financial mechanisms designed to deepen liquidity and boost market attractiveness. He shared these updates during his address at “Portfolio Egypt 2026” conference, organized by Al-Mal newspaper in partnership with London Stock Exchange Group (LSEG).

Dr. Azzam addressed the opening panel discussion, titled “Main Trends Shaping the Region’s ECM and DCM in 2026,” which brought together a distinguished lineup of regional financial leaders. The high-profile session featured insights from Omar Radwan, Executive Chairman of the Egyptian Exchange (EGX); Rami El-Dokany, Secretary-General of the Arab Federation of Capital Markets (AFCM) and Zahi Bsaibes, Head of Middle East Primary Markets at the London Stock Exchange Group (LSEG). Ahmed Darwish, Assistant Managing Director of Wholesale Banking at Attijariwafa Bank Egypt, moderated the discussion.

Dr. Islam Azzam emphasized that the Financial Regulatory Authority (FRA) continuously enhances regulatory and supervisory frameworks in line with international best practices. These efforts aim to boost the efficiency of non-banking financial markets mainly the capital market while expanding the investor base and diversifying investment instruments to drive economic growth and enhance financial inclusion.

He noted that the Egyptian Exchange (EGX) has experienced remarkable growth since last year, reflected in average daily trading volumes surpassing EGP 12 billion and total market capitalization soaring to over EGP 3.8 trillion – the highest in the market’s history.

Dr. Azzam added that launching financial derivatives amid current regional geopolitical conflicts, coupled with the EGX’s strong performance despite global economic volatility, sends a powerful, positive message. It underscores the stability of the Egyptian market and its vast potential for development in line with the national objectives of Egypt Vision 2030.

FRA Chairman explained that finalizing the financial derivatives ecosystem is a core pillar of Egypt’s capital market development strategy. This involves launching a futures market based on EGX30 index, activating Market Maker activities and finalizing the rollout of Short Selling mechanisms. The latter includes amending the Executive Regulations of the Capital Market Law to expand acceptable collateral types, ensuring greater flexibility for all market participants.

He stressed that full and ongoing coordination with the EGX is underway to launch futures contracts this June, initially targeting listed stocks within the banking and real estate sectors.

He added that these new mechanisms will provide sophisticated hedging and risk-management tools, deepening market liquidity and improving pricing efficiency, which will ultimately enhance the EGX’s attractiveness to both local and foreign investors. Meanwhile, the activation of the Market Maker system is expected to significantly drive daily liquidity rates.

Dr. Azzam expressed optimism that financial derivatives will primarily attract younger investors. He pointed out that the 18-to-40 age demographic recently accounted for roughly 79% of total EGX investors, a clear indicator of growing youth interest in financial instruments.

This trend, he noted, underscores the market’s pressing need for intensified financial literacy campaigns by both FRA and EGX. These initiatives will focus on building practical knowledge regarding new investment tools, raising awareness of listing and trading processes, and highlighting the vital role the capital market and non-banking financial sectors play in the national economy.

Furthermore, FRA Chairman reviewed ongoing efforts to upgrade the capital market’s technological infrastructure, which serves as a major draw for diverse investor segments worldwide. He highlighted an ambitious project currently underway at FRA to make all data and information across regulated markets available in both Arabic and English. This initiative targets three primary goals: attracting new investors by keeping them informed of ongoing developments, establishing seamless connectivity with market participants, and enabling FRA, Federations and companies to conduct advanced data analytics to support precise, future decision-making and elevate policy efficiency.

FRA Chairman at AIO Conference: Vast Potential to Expand and Deepen Egypt’s Insurance Sector –  Sunday 7 June 2026

Dr. Islam Azzam – FRA Chairman:

• The legislative and regulatory framework is driving companies to innovate and develop highly efficient products.
• Insurance serves as a vital tool to protect Egyptian families and support comprehensive economic growth.
• Product diversification and awareness are key to transform the insurance landscape across Egypt and Africa, fully backed by FRA’s support for the Insurance Federation.
• Mobile-app insurance policies are now a reality, with over 10 companies preparing to launch digital offerings.
• Scaling micro-insurance is a priority to protect vulnerable groups alongside MSMEs.

Dr. Islam Azzam, FRA Chairman delivered the opening address at the 52^nd Conference of the African Insurance Organization (AIO). Hosted in Cairo, the landmark event was organized by the Insurance Federation of Egypt (IFE) and drew widespread participation from insurance industry leaders, regulatory authorities and experts across Africa.

The conference featured a distinguished lineup of officials, headlined by Dr. Mohamed Farid, Minister of Investment and Foreign Trade who delivered a keynote address on behalf of Prime Minister Dr. Moustafa Madbouly. Also in attendance were Dr. Ahmed Rostom, Minister of Planning and Economic Development; Ambassador Mohamed Abu Bakr, Deputy Minister of Foreign Affairs for African Affairs; Dr. Yared Mola, President of the AIO; and Mr. Alaa El-Zoheiry, Vice President of the AIO and President of the Insurance Federation of Egypt. A broad assembly of regional financial regulators, institutional representatives and insurance and reinsurance CEOs from across the continent joined the conference.

Dr. Islam Azzam emphasized that insurance serves as a vital pillar for economic and social empowerment, providing crucial stability for both individuals and institutions. He noted that this conference coincides with the two-year anniversary of the enactment of the Unified Insurance Law (No. 155 of 2024), which strategically views insurance as a major catalyst for inclusive economic growth.

He added that Egypt’s insurance industry is undergoing a pivotal transformation to boost financial inclusion and expand social protection frameworks. This is being achieved through the expansion of micro-insurance and the development of tailored insurance products for micro, small, and medium enterprises (MSMEs), professionals, laborers and workers within the agricultural and livestock production sectors—ultimately driving socioeconomic development and enhancing risk resilience across productive activities.

FRA Chairman highlighted that the Egyptian market holds immense growth potential under the new legislative and regulatory framework, offering significant opportunities to expand outreach to underserved segments of the population. He pointed out that low insurance penetration rates remain a shared challenge across the African continent; penetration rates do not exceed 3% in most African countries, with the exception of South Africa, where it reaches approximately 12%.

To reshape this landscape, Dr. Azzam stressed the critical need to intensify financial literacy and insurance awareness campaigns. He reaffirmed FRA’s ongoing support for initiatives led by the Insurance Federation of Egypt (IFE) to educate citizens on the importance of insurance in achieving financial and social stability. He also called for the continuous development of innovative products that directly align with the everyday needs and concerns of citizens.

In line with digital transformation strategies, Dr. Islam Azzam explained that FRA has established a flexible and encouraging regulatory environment to drive the adoption of financial technology (Fintech) within the insurance sector. This includes regulatory frameworks that mandate companies operating digitally to deploy robust technological infrastructure and adhere to the highest cybersecurity standards.

To date, FRA has approved two companies to offer products using fintech, covering the digital issuance of insurance policies via mobile applications, digital identity verification, Electronic Know Your Customer (e-KYC) procedures, and the electronic execution and registration of digital contracts. Furthermore, more than 10 other insurance companies have submitted applications to issue policies digitally via mobile platforms. Dr. Azzam also highlighted the role of FRA-Sandbox which has so far approved two innovative projects leveraging technology to improve risk and damage assessment accuracy while accelerating claims processing, noting that FRA continuously welcomes creative solutions that help developing the sector and reach wider consumer demographics.

FRA Chairman noted that current indicators clearly signal a strong market demand for more diverse insurance products. To support this growth, FRA has issued approximately 80 executive regulations under the Unified Insurance Law over the past two years, aiming to construct a flexible regulatory framework aligned with global best practices that enhances the sector’s efficiency and investment appeal while maintaining strict compliance with governance and risk management standards.

Dr. Azzam highlighted that FRA has completed regulating several core professions linked to insurance activities, including actuaries, insurance consultants and insurance/reinsurance brokers. Additionally, FRA continues to engage in dialogue with sector professionals, industry associations, and companies to support capacity building and human capital development through advanced training programs both locally and abroad.

Regarding the development of specialized activities, Dr. Azzam stated that FRA has issued new regulatory standards for reinsurance and, for the first time, has established guidelines and listing criteria for Managing General Agents (MGAs). FRA has also finalized the regulatory framework governing specialized medical insurance companies and healthcare management programs, under which 6 companies have secured temporary licenses to operate and 4 companies have applied for final licensing. Furthermore, FRA Chairman pointed out that FRA has approved the establishment of two new companies specializing in micro-insurance, with a third application currently under review, to expand insurance coverage to broader segments of the population.

FRA has actively worked to diversify insurance product distribution channels, expanding beyond traditional methods to include post offices, banks, e-commerce platforms, and telecommunications companies, with approximately 11 insurance companies currently marketing their products through the branches of 30 banks nationwide. He stressed that bolstering the financial solvency of insurance companies remains a primary focus for the FRA, which is being achieved by upgrading rules for calculating technical provisions and reserves, increasing capital requirements by approximately 10-fold and implementing IFRS 17 to enhance transparency, disclosure and standard accounting practices for insurance contracts.

In closing, Dr. Azzam underscored that safeguarding consumer rights and fostering a fair market ecosystem remain top priorities for FRA. The recently issued specialized complaint-handling guidelines introduce streamlined mechanisms designed to ensure consumers can efficiently resolve issues and access their full rights and services.

Dr. Islam Azzam announced that FRA is currently studying the implementation of a comprehensive electronic linkage project. This initiative will connect the Authority with all non-banking financial sectors through an integrated digital system, enabling advanced data analytics, streamlining procedures and elevating the efficiency of regulatory and supervisory services.

In closing, FRA Chairman emphasized the critical importance of fostering cooperation and integration among African markets, as well as exchanging successful expertise and benchmarks. Such integration will transform the continent’s insurance industry and maximize its contribution to sustainable socioeconomic development under Egypt Vision 2030.