الهيئة العامة للرقابة المالية

FRA and UN Women Host Joint Seminar on “ Financial Inclusion and Sustainable Development” – Sunday 19 July 2026

Dr. Islam Azzam – FRA Chairman:

• Women secured 53% of total Egyptian microfinance funding in Q1 2026.
• FRA is actively strengthening regulatory frameworks to empower Egyptian women, especially in underserved areas.
• FRA partners with international bodies to implement best practices, stimulate innovation, and expand financing options.

Financial Regulatory Authority organized a Seminar under the theme “Financial Inclusion and Sustainable Development,” in cooperation with UN Women, National Council for Women, European Union and Embassy of the Netherlands. The event convened at the Authority’s headquarters in the Smart Village, with the participation of delegates from financial institutions, development partners, and specialized experts.

FRA Chairman Dr. Islam Azzam attended the event, stating that financial inclusion has evolved from simple service access into a major driver of economic growth and efficiency. By providing tailored financial products to all segments of society, these initiatives actively elevate living standards in line with Egypt’s national goals.

FRA Chairman stated that the economic empowerment of women constitutes a principal pillar for achieving sustainable development. He indicated that recent statistics for microfinance activities during the first quarter of the current year (2026) demonstrated that women represent 53% of total beneficiaries, totaling 1.8 million women, with outstanding balances reaching approximately 45% of the total credit extended, which reached EGP 74 billion.

He further clarified that the Authority persistently works to develop the legislative and regulatory environment governing non-banking financial activities. This is intended to expand the scope of financial service beneficiaries and promote innovation in financial product design to fulfill the requirements of various categories, foremost among which are women and youth in underserved and remote regions.

He added that the Authority places the dissemination of financial literacy at the forefront of its priorities as a crucial success factor for financial inclusion efforts. FRA is dedicated to consolidating cooperation with diverse domestic and international agencies to execute initiatives aimed at elevating financial awareness, enhancing citizens’ capacity to make sound financial decisions and ensuring awareness of their rights guaranteed by legislations and Authority resolutions.

Dr. Islam Azzam underscored that partnership with international organizations and development stakeholders represents a significant element in transferring expertise and capitalizing on innovative global best practices, especially within emerging economies, thereby granting the non-banking financial services market greater vitality to keep pace with rapid developments.

The seminar featured an opening address by Dr. Rehab Taha, Assistant to FRA Chairman, followed by two panel discussions examining the latest developments in financial inclusion and women’s roles in sustainable development, alongside presentations of several successful initiatives.

In her speech, Marwa Alam Eldeen, Acting Country Representative of UN Women Egypt, emphasized that investing in women’s economic empowerment is not merely an option, but a smart investment and a prerequisite for achieving inclusive growth and sustainable equity. “Empowering women does not only transform their lives; it stabilizes families, boosts community productivity, and opens broader horizons for education, healthcare, decent work, and active economic participation,” she stated. From this perspective, “Tahwisha” program—in partnership with the National Council for Women and the Central Bank of Egypt, and supported by the European Union and the Embassy of the Netherlands—serves as a pioneering model for digital transformation and financial inclusion in rural areas. This model provides women with secure access to digital financial services while enhancing their financial management, savings and entrepreneurial capabilities.

She added that amid current global challenges and rapid digitalization, there is an urgent need for innovative financing solutions tailored to women’s needs that protect them from the risks of exploitation and digital violence. “This is where our partnership with the Financial Regulatory Authority gains vital importance in developing a supportive regulatory environment and promoting responsible finance,” she concluded.

The first panel, titled “Gender and Financial Inclusion,” was moderated by Yasmin Hassan, Vice Chairman of the Central Dept. for Technical Offices – FRA. Panelists included Dr. Amal Salah, Vice Chairman of the Central Dept. for SME Finance – FRA; Ms. Dina Kamal, Vice Chairman of the Central Dept. for Financial Literacy and Awareness; Eng. Amr Soliman, Head of the Economic Committee – Tahwisha Project; and Mr. Magdy Moussa, a microfinance expert.

The second panel focused on “Sustainable Finance and Rural Women,” moderated by Engy Amin, Financial Inclusion Program Manager at UN Women. Featured speakers included Dr. Tarek Seif, Executive Director of both the Financial Services Institute (FSI) and the Regional Center for Sustainable Finance (RCSF); Dr. Yasmine Fouad, Professor of Finance at the American University in Cairo (AUC). In addition to Dr. Hala Abou El Saad, President of the Egyptian Federation for Financing Small, Medium and Micro Enterprises (EFSMEs) ; Nesma El-Gharably, Head of Microfinance central sector at MSMEDA and Mr. Mohamed Abdel-Halim, Managing Director of awry MSME،.

Both panel sessions focused on reviewing the real-world economic and social challenges facing projects and initiatives. Participants exchanged practical success stories and strategic insights on expanding women’s economic empowerment. Discussions also addressed methods for tracking evolving needs, analyzing factors influencing credit extension, strengthening procedural governance and ensuring robust verification of financing requirements.The event brought together representatives from Financial Regulatory Authority (FRA), FRA’s Regional Center for Sustainable Finance (RCSF), the National Council for Women (NCW), UN Women, the Egyptian Federation for Financing Medium, Small, and Micro Enterprises (MSMEF), MSMEDA, alongside various financial institutions and experts.

Mandatory Credit Checks for Specific Cases: FRA Issues Risk Management Standards for Individual Insurance Policies – Saturday 18 July 20

Dr. Islam Azzam – FRA Chairman:

• Developing underwriting standards protects policyholders’ rights and boosts insurers’ risk management efficiency.
• Companies are now required to report all cases of fraud immediately … three-month grace period to align with the new regulations.

Financial Regulatory Authority (FRA) has introduced mandatory credit checks for individuals applying for life insurance policies valued at EGP 10 million or above, including foreign currency equivalents. This upgrade to standard risk assessment frameworks is designed to enhance institutional decision-making and provide superior protection for policyholders.

The directive was issued under FRA Chairman Resolution No. 2036 of 2026, titled “Risk Management Standards for Underwriting Individual Life Insurance Operations.” Recently published in the official gazette (Al-Waqa’i’ al-Misriyya), the resolution grants insurers a three-month grace period to comply, effective from July 16.

The Resolution updates the risk management standards previously issued under Circular No. (8) of 2024. It further obligates companies to conduct credit checks through licensed credit bureau agencies if a client’s income, profession, or job title does not align with the sum assured or the required premium payments, as well as in cases where the legitimacy of the insurance application is suspect.

Additionally, it requires companies to verify the identity of the insurance applicant and the authenticity of the submitted documents, obtain accurate data regarding their medical and financial status and establish internal policies and systems to detect unusual patterns in insurance applications. Companies must also analyze instances of repetitive insurance coverage for the same risks to aid in the early detection of fraud or deception, thereby enhancing risk management efficiency.

The resolution further requires insurers to build systems that ensure a policy’s coverage amounts and income levels align with the company’s historical benchmarks for similar risk profiles in the insured’s geographical area. Companies must also track recurring risks and conduct comprehensive reviews to verify application legitimacy, mitigating the threat of underwriting fraud.

Dr. Islam Azzam, FRA Chairman stated that the quality of risk assessment is a fundamental pillar for the success of insurance activities. He noted that the underwriting standards set by FRA play an essential role in boosting companies’ efficiency in proactively monitoring risks and curbing fraud, which ultimately protects policyholders and ensures that insurance coverage is directed to those entitled to it based on sound technical principles.

In this context, he explained that the Resolution requires companies to immediately report any instances of fraud or deception discovered during the life insurance underwriting process. Furthermore, insurers must integrate these new standards into their mandatory underwriting policies, in line with the sector’s legislative and regulatory framework.

Dr. Islam Azzam reaffirmed the Authority’s ongoing commitment to finalizing the regulatory framework for the insurance sector, in alignment with the Unified Insurance Law No. 155 of 2024. This initiative is designed to stimulate corporate innovation, diversify product offerings and develop underwriting strategies, thereby enhancing sector’s appeal and competitiveness while driving national economic prosperity.

FRA and Accountability State Authority Sign MoU to Enhance Regulatory Integration and Achieve National Objectives – Friday 17 July 2026

• A milestone experience-sharing agreement between the two bodies representing Egypt at the helm of the world’s highest international regulatory organizations: IOSCO and INTOSAI.

Dr. Islam Azzam – FRA Chairman:

• The MoU establishes a permanent coordination framework to elevate regulatory efficiency and drive Egyptian economic competitiveness.
• Cooperation will be driven by joint consultative committees, capacity-building programs and aligned Egyptian stances in international forums.

Counselor Mohamed El-Faisal – President of the Accountability State Authority:

• We closely observe international auditing standards, placing governance principles at the forefront of our shared objectives.
• This partnership will boost the impact of Egypt’s global presence and significantly advance professional practices.Dr. Islam Azzam, FRA Chairman and Counselor Mohamed El-Faisal Youssef, President of the Accountability State Authority (ASA), have signed a Memorandum of Understanding (MoU) to bolster institutional cooperation in regulatory, supervisory and technical fields. This partnership aims to elevate the efficiency of the oversight ecosystem and develop non-banking financial markets in line with corporate governance and transparency principles. The agreement aligns with the state’s directive to maximize integration among its institutions, support economic development and achieve the objectives of Egypt Vision 2030.

The signing comes at a pivotal moment, as both entities currently represent Egypt at the helm of the world’s most prestigious international regulatory bodies. Egypt, represented by the ASA, holds the presidency of the International Organization of Supreme Audit Institutions (INTOSAI). Concurrently, FRA chairs the Growth and Emerging Markets Committee (GEMC) of the International Organization of Securities Commissions (IOSCO) and serves as the Vice Chair of the IOSCO Board. This dual global leadership enhances the projection of Egypt’s regulatory vision among peer authorities and deepens coordination on issues of global interest.

Dr. Islam Azzam emphasized that this cooperation extends FRA’s ongoing coordination efforts with state institutions, rooted in the constitutional and regulatory mandates of both the Authority and the ASA. He noted that FRA plays a pivotal role in regulating and developing non-banking financial activities by building a modern legislative and regulatory framework. This framework has driven market growth, expanded financial inclusion and bolstered the capacity of financial institutions to support the national economy.

FRA Chairman highlighted FRA’s active participation over recent years in developing the legislative landscape governing the non-banking financial sector. The Authority has issued the necessary executive and regulatory decisions to implement these laws in a manner that fosters innovation, expands the financial inclusion beneficiary base, and safeguards the rights of market participants.

He explained that immediately following the signing, FRA will begin activating the agreed-upon cooperation mechanisms. This will include holding regular coordination meetings, forming joint working groups, consulting on legislative and regulatory developments, implementing capacity-building programs, collaborating on forward-looking risk assessment studies and aligning Egyptian stances in international forums.

Dr. Islam Azzam added that FRA maintains a firm policy of transforming MoUs and cooperation protocols into actionable and measurable work programs that deliver tangible value to the markets and institutions under its supervision. He noted that collaborating with the ASA is a practical step toward cementing an advanced model of integration between Egyptian regulatory bodies, particularly given their strong leadership positions in major international organizations.

For his part, Counselor Mohamed El-Faisal Youssef, President of the Accountability State Authority, stated that this cooperation marks the beginning of extensive activities and comprehensive, strategic institutional coordination between the two sides to serve the state’s highest interests, match its future aspirations and protect the national economy.

He added that in exercising its mandates, the ASA closely observes international auditing standards to keep pace with rapid technological and accounting advancements. He stressed the importance of international integration between the two sides within INTOSAI and IOSCO to solidify Egypt’s impactful global presence, foster mutual knowledge sharing and cooperate in drafting proactive visions that enhance the resilience of regulatory institutions.

Furthermore, he emphasized that the anticipated close cooperation will positively reflect on the efficiency of professional practices, early detection of risks and threats, and regulatory precision to safeguard economic stability. It will also maximize benefits derived from exchanging national expertise and global best practices to build capacities and enhance institutional readiness.

The MoU establishes an institutional mechanism for continuous coordination through the exchange of expertise and technical knowledge, consultation on legislative and regulatory updates, capacity building and forward-looking risk assessment studies. It also covers coordination in relevant international forums to facilitate the transfer of global best practices to the Egyptian market, contributing to the development of supervisory and oversight tools in accordance with international standards.

The memorandum mandates holding periodic meetings and forming joint technical committees and working groups to study matters of mutual interest. It outlines cooperation in the fields of corporate governance, risk management, compliance, promoting integrity and transparency, and protecting the rights of market participants, while strictly maintaining the confidentiality of exchanged information in accordance with the legal frameworks governing both entities.