الهيئة العامة للرقابة المالية

FRA Board of Directors chaired by Dr. Islam Azzam, has decided to extend the freeze on applications for incorporation, preliminary incorporation approvals, and operating licenses for companies seeking to operate in consumer finance or microfinance sectors for another year, through October 11, 2027.

Issued under FRA Board Decision No. 213 of 2026,

the extension also applies to applications from non-governmental organizations (NGOs) and civil foundations seeking to conduct microfinance activities, freezing new submissions until October 11, 2027.

This move continues the implementation of FRA Board Decision No. 184 of 2024, which initially halted the acceptance of traditional incorporation and licensing applications in the consumer finance and microfinance sectors. The extension comes as part of the Authority’s commitment to maintaining the financial stability of non-banking financial activities (NBFIs), based on its assessment of market needs, activity volume and the quality of services provided to clients.

Separately, a one-year freeze remains in place on new incorporation and licensing applications for FinTech-based consumer finance firms under FRA Board Decision No. 43 of 2026. The suspension runs through February 25, 2027, with an option for renewal.