الهيئة العامة للرقابة المالية

FRA Chairman Kicks Off Series of Meetings with Non-Banking Financial Sectors, Starting with Insurance Federation – Tuesday 31 March 2026

Dr. Islam Azzam, FRA Chairman:

• FRA is committed to resolving regulatory and operational hurdles to enhance insurance sector’s performance.
• The Authority prioritizes sustained collaboration with the Insurance Federation of Egypt and key stakeholders to develop the industry and expand market reach.

As part of the Financial Regulatory Authority’s (FRA) drive to achieve a qualitative leap in the performance of non-banking financial markets and bolster their growth, FRA Chairman Dr. Islam Azzam launched the first series of extensive meetings with stakeholders across the non-banking financial sector. The initiative aims to enhance market efficiency and strengthen its role in the national economy, beginning with a comprehensive meeting with the Insurance Federation of Egypt, held in the presence of the Authority’s senior leaders.

At the beginning of the meeting, Dr. Islam underscored the Authority’s commitment to fostering social dialogue as a vital mechanism for enhancing direct communication with all stakeholders. This collaborative approach underpins efforts to develop markets while cultivating a business environment that incentivizes growth and investment.

He further noted his commitment to addressing specific challenges facing insurance sector, emphasizing the need to expand the market’s reach. By listening to diverse perspectives, the Authority aims to boost insurance, financial, and investment inclusion, ultimately increasing the sector’s contribution to the Gross Domestic Product (GDP).

It is worth noting that total premiums for insurance companies reached EGP 10.9 billion, with property insurance premiums accounting for EGP 7.3 billion. Furthermore, total claims paid by insurance companies amounted to approximately EGP 3.8 billion as of the end of January 2026.

FRA Chairman noted that the meeting focuses on three main pillars: addressing current challenges, listening to practical visions and proposals from the market, and reaching realistic solutions. These solutions aim to bolster the sector’s ability to fulfill its vital role in mobilizing savings and investing them in development projects, while reducing the financial burden on citizens by providing coverage against unexpected damages, ensuring business continuity, and protecting wealth.

The meeting witnessed discussions on several important files, foremost of which were the executive decisions issued under the Unified Insurance Law No. 155 of 2024 and their implementation mechanisms. The goal is to achieve a balance between regulatory oversight and stimulating market growth.

The meeting also discussed enhancing the deployment of InsurTech applications and financial technology as primary drivers for sector development. This supports innovation and improves customer experience, in parallel with activating FRA Regulatory Sandbox. The sandbox allows for testing digital solutions and models in a safe environment under FRA supervision, balancing the support for innovation with market stability and the protection of stakeholders’ rights, while giving companies the opportunity to refine their solutions before full-scale implementation.

In this context, several insurance company representatives expressed their interest in expanding the issuance of insurance policies via InsurTech solutions. This reflects a growing trend toward adopting modern digital models and contributes to simplifying issuance, pricing, and policy management, thereby accelerating service delivery and reaching broader customer segments.

Discussions also covered the procedural workflow for policy approvals, noting the Authority’s commitment to efficiency and flexibility as key drivers for investment. It was emphasized that each insurance policy is unique in its technical terms, requiring them to be handled individually rather than being subjected to standardized templates, ensuring a balance between risk management and protecting policyholders’ rights.

The meeting further addressed various views and proposals submitted by insurance companies regarding mechanisms to increase premium retention within the local market. These efforts are part of a broader strategy to develop the reinsurance market, enhancing its efficiency to limit the outflow of premiums abroad and maximize the utilization of local risk management capabilities. Several companies submitted research papers outlining practical visions for the sector’s development, including tools to boost retention rates, strengthen domestic reinsurance mechanisms, and optimize risk distribution to ensure the sector’s long-term stability and resilience.

The meeting also reviewed the practical implementation of the Authority’s governance framework. Discussions underscored the necessity of revitalizing the roles of corporate boards and their sub-committees, ensuring the regularity of board meetings and the robust performance of specialized committees – specifically Audit, Risk, Investment, and Nomination and Remuneration.

Additionally, the meeting addressed industry strategies for aligning with new governance mandates and optimizing board efficiency by increasing the frequency of committee meetings. The objective is to ensure these committees play a pivotal role in steering management decisions while reinforcing transparency and internal controls. These measures – consistent with FRA Board resolution No. 200 of 2025 (issued October 27, 2025) – underscore a strategic commitment to institutionalizing sound governance principles across the insurance sector.

The meeting extensively addressed industry challenges, such as expanding customer base and increasing coverage options. It also focused on strengthening policyholder rights and ensuring insurance sector remains sustainable and resilient.

Dr. Islam Azzam stated that the Authority places special emphasis on the insurance sector due to its critical role in financial stability and risk protection. He highlighted the need for continuous engagement with the Insurance Federation and all industry partners to strengthen participant confidence and support market’s development.

He noted that the Authority’s efforts to resolve regulatory and operational hurdles are ongoing. This includes developing regulatory frameworks and issuing rules aimed at improving market efficiency and increasing insurance penetration rates in alignment with international best practices.

Dr. Islam also emphasized the formalization of social dialogue as an effective tool for enhancing direct communication with all stakeholders. This approach contributes to market development and fosters a business environment that stimulates growth and investment.

For their part, insurance industry representatives expressed their appreciation for the Authority’s commitment to transparent and ongoing dialogue. They affirmed their full support for initiatives aimed at modernizing the sector and enhancing its capacity to serve the diverse needs of all segments of society.

FRA Chairman Approves Licensing of 10 Non-Banking Financial Entities – Sunday 29 March 2026

As part of the Financial Regulatory Authority’s (FRA) strategy to enhance governance and develop the non-banking financial sector – aiming to protect stakeholders and stimulate investment – Dr. Islam Azzam, FRA Chairman has approved the decisions of Incorporation and Licensing Committee. These decisions grant approval to 10 non-banking financial entities to launch several regulated services.

The Committee has formally licensed OG Capital to operate as a Venture Capital (VC) entity. This license specifically empowers the firm to deploy capital for the acquisition of equity stakes and controlling interests in target entities, in strict accordance with Capital Market Law No. 95 of 1992, its executive regulations, and supplemental Board resolutions. Furthermore, Arabia Online Brokerage has secured regulatory approval to provide comprehensive bond trading and intermediation services.

Additionally, approvals included Sawari Ventures and Acumen Holding to manage investment funds independently or in partnership, pursuant to FRA resolution No. 58 of 2018.

The Committee also granted Halan Securities Brokerage a license to receive subscriptions for investment fund units, while Wealthy Holdings was licensed to provide custody services. Beltone Securities Brokerage was authorized to practice futures contracts brokerage following the expansion of the company’s objectives under FRA resolution No. 7 of 2026.

In a related context, Smart Care Medical Services was granted a provisional license for management of medical care programs. Additionally, the Authority formally approved the registration of Ryada Insurance Brokerage and E-Guardians Insurance Brokerage as corporate entities within the official Insurance Brokers’ Registry.

In accordance with FRA Chairman Decree No. 3060 of 2023, Incorporation and Licensing Committee serves as the competent body responsible for approving the incorporation and licensing of companies operating within the non-banking financial sector.

The Committee’s jurisdiction extends to ratifying amendments to company’s statutes and endorsing employee incentive and motivation schemes. Beyond corporate governance, it serves a critical supervisory function by advising on the suspension of General Assembly resolutions within the securities and consumer finance sectors.

Beyond initial licensing, the Committee reviews requests to add new financial services or business mechanisms. It also manages the process for securities and consumer finance companies when they switch from one legal framework to another.

Furthermore, the Committee oversees the full operational lifecycle of regulated firms – from authorizing branch networks to managing liquidations, activity suspensions, and the professional registration of founding agents.

Egypt Wins the Chairmanship of IOSCO’s GEMC and Vice-Chair of the IOSCO Board – Thursday 26 March 2026

• FRA’s election reflects global recognition of its efforts in fortifying Capital Market efficiency and competitiveness across emerging markets.

Dr. Islam Azzam, FRA Chairman:

• Grateful for this international recognition, FRA will continue to develop and execute policies that enhance the capacity of capital markets to drive and attract investment.
• FRA’s primary objective is to intensify joint action between member states, foster technical and knowledge coordination to confront global economic challenges.

The Financial Regulatory Authority (FRA), led by Chairman Dr. Islam Azzam, has secured the chairmanship of the IOSCO’s Growth and Emerging Markets Committee (GEMC) for 2026–2028. This achievement solidifies Egypt’s international standing and underscores its central role in enhancing market efficiency and competitiveness of capital markets among member states.

Alongside his chairmanship of the GEMC, Dr. Islam Azzam will serve as Vice-Chair of the IOSCO Board for the next two years. This dual mandate is a testament to Egypt’s prominent position on the global regulatory map.

Dr. Islam Azzam expressed his profound appreciation for the members’ trust, noting that his election underscores Egypt’s esteemed regional and international stature. He emphasized that the upcoming term will prioritize intensifying cooperation and knowledge exchange to foster more efficient, resilient markets capable of navigating complex global challenges. He emphasized that FRA will maintain its active and long-standing engagement within the Committee, elevating its contributions to a level that secures Egypt’s leadership in developing and enhancing the effectiveness of global capital markets.

Dr. Azzam reaffirmed FRA’s commitment to foster a tech-driven financial ecosystem and enhance the ease of doing business through innovative digital solutions and the implementation of green finance strategies.

The Growth and Emerging Markets Committee (GEMC) is the IOSCO’s largest committee, representing more than 75% of its total membership. It comprises 94 full members and 23 non-voting associate members, including the world’s fastest-growing economies and 10 nations from the G20. The committee plays a pivotal role in enhancing the efficiency of securities markets, establishing regulatory principles and standards, facilitating information exchange, and providing technical assistance and training programs for its members.

This milestone serves as the culmination of FRA’s long-standing commitment to develop Egypt’s Capital Markets and align them with international standards. By establishing a model for FinTech integration and sustainable investment, FRA has earned global acclaim, reinforcing the trust of international institutions in the robustness of Egypt’s regulatory environment.

Under Egypt’s chairmanship, the next term will prioritize joint action and technical exchange among member states to confront global economic shifts. FRA intends to leverage its leadership to empower emerging capital markets, driving them to become key catalysts for sustainable development and contributing to a more robust and stable international financial landscape.