Press Releases
FRA Chairman Issues Decision Expanding Expat Insurance Coverage to Include Unfair Dismissal – Tuesday 21 July 2026
- The decision issued in line with the joint MOU between the Ministry of Foreign Affairs and the FRA.
- The new policy launches August 1 at an annual premium of EGP 400.
- The policy covers expats, workers and their families – now including unfair dismissal risk.
- Retains full coverage for permanent total disability from accidents and repatriation costs for all deaths.
Dr. Islam Azzam, FRA Chairman has issued a decision modifying and enhancing the personal accident insurance policy for Egyptian expatriates and their families. Under the new updates, the policy now includes coverage for unfair dismissal with compensation of up to EGP 100,000. In addition to compensation of EGP 250,000 for permanent total disability resulting from an accident. This comes in addition to existing coverage for natural or accidental death which covers full body repatriation costs to Egypt.
The update aligns with presidential directives and state efforts to safeguard the interests of Egyptians living abroad. It operationalizes a cooperation protocol signed this July between the Ministry of Foreign Affairs and FRA, with active participation from the Ministry of Interior and the Egyptian Travel Insurance Pool (ETIP) to maximize the insurance benefits available to expats.
The upgraded optional policy will officially take effect on August 1, 2026, for an annual premium of EGP 400.
“The addition of unfair dismissal coverage directly addresses demands raised during the 6th expat conference last year,” stated Dr. Islam Azzam, FRA Chairman. He noted that the policy covers this risk with payout claims up to EGP 100,000 upon proof of employment termination and deportation for reasons beyond the worker’s control, including mass repatriations due to political or economic conditions.
Dr. Azzam added that this decision demonstrates the integration of state efforts to deliver comprehensive insurance protection for Egyptians abroad. It underscores a commitment to refine protective tools, responding to humanitarian and social needs and adapting quickly to global labor market dynamics through modernized regulatory frameworks.
He also emphasized the vital role of the Ministry of Foreign Affairs in driving awareness among Egyptian communities worldwide to ensure these updated benefits reach all demographics, noting that the upcoming 7th expat conference next month presents a key opportunity to reinforce these awareness efforts.
Under the agreement, Financial Regulatory Authority (FRA – acting through the Egyptian Travel Insurance Pool (ETIP) – will manage digital policy issuance, premium collection and fast-track claims processing while conducting regular actuarial studies to align pricing with performance.
Concurrently, the Ministry of Foreign Affairs will leverage its global diplomatic channels and community networks to drive awareness campaigns and promote the policy’s benefits to Egyptian expatriates worldwide.
FRA Gives NBFIs Extra 6 Months to Comply with Debt Collection Rules – Monday 20 July 2026
- After the Grace Period Ends… Non-banking financial Institutions banned from dealing with unregistered Debt Collection Companies.
- FRA currently reviewing registration requests from more than 30 debt collection firms.
FRA Board of Directors chaired by Dr. Islam Azzam, has issued Resolution No. 139 of 2026, granting non-banking financial entities an additional six-month grace period to align with new regulatory standards. Under the Resolution, the extended deadline will now expire on January 22, 2027. Once this period concludes, non-banking financial institutions (NBFIs) will be strictly prohibited from dealing with any debt collection agencies that are not formally registered in FRA’s newly established activity registry. This extension aims to provide market participants with adequate operational flexibility to fulfill compliance requirements, ultimately curbing unregulated practices and enhancing market oversight.
Under Board Resolution No. 278 of 2025, FRA has officially approved the registration of two debt collection firms, while actively reviewing applications from more than 30 additional companies seeking authorization to operate in the market.
Applicant companies are required to submit complete corporate data – including their legal structure, primary business purpose, corporate headquarters, executive officers, legal representatives and official contact channels to enable seamless verification of licensed entities.
Additionally, these companies must submit formal requests with supporting documents, including the company’s Articles of Association, audited financial statements and prior collection service contracts. FRA will review and decide upon applications within 30 days of receiving complete documentation.
Debt collection companies must take a recognized commercial corporate form, explicitly list debt collection among their corporate objects, maintain a minimum issued and paid-in capital of EGP 10 million (or foreign currency equivalent), and hold minimum equity of EGP 20 million.
In cases where the EGP 20 million minimum equity requirement is not met, the applicant must have actively engaged in debt collection activities for at least three consecutive years prior to applying, provided that equity does not fall below paid-in capital under any circumstances.
To tighten market oversight and safeguard consumer rights, the Resolution obligates non-banking financial institutions to notify their clients of contracted collection agencies, provide verification methods for collectors’ identities and outline official communication channels. NBFIs are also required to monitor client complaints regarding collection agencies and implement necessary corrective actions.
Furthermore, the new Resolution grants FRA Chairman the right to impose appropriate administrative measures in the event of regulatory violations by registered companies. These measures range from formal warnings and temporary suspensions to permanent de-registration, ensuring full compliance and protecting consumer interests.
FRA Chairman Forms Coordination Committee with Egyptian Exchange and Tax Authority – Sunday 19 July 2026
- Draft appropriate tax treatment frameworks for capital market activities.
- Issue joint guidelines for tax accounting mechanisms and compliance standards.
- Define clear procedures for collecting and remitting taxes on securities trading and investment funds.
Driven by the importance of aligning regulatory and executive roles, supporting capital market stability, deepening market liquidity and encouraging investor activity, Dr. Islam Azzam, FRA Chairman issued a decision to form a joint coordination committee comprising FRA, Egyptian Exchange (EGX) and Egyptian Tax Authority.
This decision follows a recent high-level meeting hosted by the Financial Regulatory Authority (FRA), which brought together Rasha Abd El-Aal, Head of the Egyptian Tax Authority and Omar Radwan, Executive Chairman of the Egyptian Exchange (EGX), along with senior officials from all three entities. The meeting focused on establishing joint frameworks for tax treatment, professional training and administrative mechanisms designed to strengthen trust between tax authorities and the capital markets community.
Under this decision, the Committee will be chaired by Counsellor Reda Abdel Moati, Senior Advisor to FRA, and will comprise senior leaders from FRA, EGX and the Egyptian Tax Authority. The Committee is authorized to consult non-voting subject-matter experts as needed. A dedicated technical secretariat has also been established, featuring representatives from FRA’s Trading Department, EGX and Tax Authority.
The Committee will review tax implications under the Capital Market Law to deliver standardized tax treatments across financial activities. Additionally, it will draft a Memorandum of Understanding (MoU) to establish joint training, skill transfers and knowledge sharing among the three participating entities.
On an operational level, the Committee will follow up on electronic network linking between Tax Authority and EGX. Additionally, it will draft joint manuals detailing tax accounting procedures for listed and unlisted securities and investment funds with a clear classification system for all funds.
Finally, the Committee will review existing tax guidelines to align them with current legislation and market dynamics. This will establish precise operational frameworks for calculating, collecting and remitting taxes on securities trading and investment funds.
“FRA, EGX, and Tax Authority share a unified commitment to reinforce trust and strategic alignment between tax administration and the non-banking financial sector,” stated Dr. Islam Azzam. “This committee serves as an essential operational driver to build capacity, implement up-to-date legislative frameworks and elevate the efficiency of regulatory staff engaging with markets and investors.”
