الهيئة العامة للرقابة المالية

FRA Chairman Extends Condolences to Nuweiba Accident Victims, Orders Expedited Compensation – Wednesday  2 September 2026

Dr. Islam Azzam, FRA Chairman has extended his deepest condolences to the families of the victims of the tragic passenger bus rollover in Nuweiba, South Sinai, which resulted in 16 fatalities and 28 injuries. He expressed his prayers for Almighty God to grant the deceased His boundless mercy, bestow solace and patience upon their families, and grant a swift recovery to all who were injured.

In light of his close follow-up on the repercussions of this painful accident, Dr. Islam Azzam has directed the Egyptian Compulsory Motor Insurance Pool (ECMIP) to immediately take all necessary measures to expedite the payout of due compensations to the families of the victims and the injured.

FRA Chairman further directed prompt communication with the families of the deceased and the injured to facilitate procedures and accelerate the disbursement of compensations. These amounts stand at EGP 100,000 per fatality. Meanwhile, injury payouts will be determined based on the disability percentage certified by the Medical Commission, in accordance with the Unified Insurance Law No. 155 of 2024. Settlements will be fast-tracked for eligible beneficiaries upon the receipt of completed accident documentation and verification of the compulsory insurance policy’s validity.

In swift response to FRA Chairman’s directives, the Executive Director of the Egyptian Compulsory Motor Insurance Pool (ECMIP) confirmed that the Pool’s representatives will actively contact the victims’ families to finalize the required paperwork, paving the way for the disbursement of compensations at the earliest possible time.

Prime Minister Issues Decree Appointing Dr. Tarek Seif FRA Vice Chairman for One-Year –  Wednesday 2 September 2026

Prime Minister Dr. Moustafa Madbouly has issued Decree No. 2600 of 2026, dated September 1, 2026, appointing Dr. Tarek Seif FRA Vice Chairman for one year.

Dr. Tarek Seif brings extensive expertise in the fields of insurance, sustainable finance and institutional development. He has served as the Executive Director of the Institute of Financial Services (IFS), the Egyptian Institute of Directors (EIoD), and the Regional Center for Sustainable Finance. Furthermore, he has chaired several specialized FRA committees, including Consulting Experts Listing Committee and Loss Adjusters and Damage Experts Listing Committee. Additionally, he has served on the Reinsurance Committee and the Committee for Reviewing Candidate Applications for board seats and senior management or technical positions within insurance and reinsurance companies.

Dr.  Tarek Seif was also tasked with overseeing the General Department for Sustainable Development at the Authority. He represents FRA as a member of the Insurance Protection Gap Working Group of the International Association of Insurance Supervisors (IAIS), and serves as a member of GFANZ Africa Advisory Board.

During his tenure at the Authority, Dr.  Tarek Seif contributed to drafting and formulating various executive resolutions regulating the provisions of Law No. 155 of 2024. He also helped prepare governance guidelines for non-bank financial sectors and participated in executing  FRA’s 2023–2026 Strategy. This strategy aims to enhance the role of the non-banking financial sector in supporting economic growth, achieving sustainable development goals, expanding financial and investment inclusion and developing the regulated voluntary carbon market.

He boasts nearly three decades of professional and academic experience, having launched his career in 1995. Throughout his trajectory, he has held several executive positions in major Egyptian insurance companies and served as the Secretary General of the Egyptian Insurance Federation (EIF) from 2021 to 2024.

Academically, Dr.  Tarek Seif earned his Ph.D. from the Arab Academy for Science, Technology and Maritime Transport (AASTMT). He holds a Senior Fellowship from the Chartered Insurance Institute (CII) in the United Kingdom and a Fellowship from the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

In the insurance sector, he served as a principal lecturer at Bahrain Institute of Banking and Finance (BIBF), affiliated with the Central Bank of Bahrain. He has published several specialized books in marine insurance and Takaful insurance in both Arabic and English, alongside publishing peer-reviewed scientific research papers focusing on insurance, insurance inclusion and micro-insurance.

It is worth noting that Prime Minister Decree No. 2600 of 2026 also extended Mr. Mohamed El-Sayyad’s term as  FRA Vice Chairman for one year.

Prime Minister Issues Decree Re-appointing Mohamed El-Sayyad as FRA Vice Chairman – Wednesday 2 September 2026

Prime Minister Dr. Moustafa Madbouly has issued Decree No. 2600 of 2026, dated September 1, 2026, re-appointing Mr. Mohamed El-Sayyad as FRA Vice Chairman for one year. El-Sayyad’s tenure as FRA Vice Chairman was previously renewed in 2025, following a one-year term as Assistant to FRA Chairman from August 2, 2022, to September 2, 2023—a position he also held from 2011 to 2013.

El-Sayyad brings extensive expertise in the capital market. He served as First Assistant to EGX Chairman from July 2013 to March 2019, and previously held the positions of EGX Assistant Chairman for Listing and Disclosure Affairs and Head of Listed Companies Sector. During this period, he served on several specialized EGX committees, including Listing Committee, International Depository Receipts (IDR) Committee, Market Operations Committee, Trading Surveillance Committee and EGX Supreme Committee.

Throughout his professional career, El-Sayyad has been responsible for reviewing, examining and approving public and private offering prospectuses for both FRA and EGX. His work also encompasses evaluating acquisition and purchase offers, reviewing corporate restructuring operations and handling company listing applications in compliance with EGX listing, disclosure and delisting rules and procedures, alongside corporate governance regulations and other capital market bylaws.

Furthermore, he has contributed to formulating and developing various capital market regulations and resolutions—most notably listing, disclosure and delisting rules, corporate governance frameworks, and project valuation guidelines. This reflects his accumulated experience in developing market regulatory frameworks to align with international best practices and developments.

El-Sayyad has served on the Board of Directors of  Investor Protection Fund, as well as the Board of Directors of the Social Housing Fund for a two-year term. In addition, he possesses extensive experience in training and capacity building, having served as an instructor on listing rules and corporate governance for brokerage firm executives for approximately 10 years. He has also delivered specialized training programs for managing directors and internal compliance officers at securities firms, covering internal controls and anti-money laundering (AML), and conducted numerous capital market training courses for leadership and executives at both EGX and FRA.

Academically, El-Sayyad earned a Professional Master’s Degree in Business Administration, specializing in Financial Markets, in 2002 from the Arab Academy for Management, Banking and Financial Sciences, where he also obtained a Diploma in Business Administration with the same specialization. He holds a Bachelor of Commerce degree in Accounting from Cairo University (1989).

In addition, El-Sayyad holds various professional certifications and has participated in numerous specialized programs and training courses in corporate governance, capital markets and Egyptian and international accounting standards, both locally and internationally. These credentials have further enhanced his comprehensive technical and organizational expertise within the non-banking financial sector.

It is worth noting that Prime Minister Decree No. 2600 of 2026 also appointed Dr. Tarek Seif as FRA Vice Chairman for one-year.