الهيئة العامة للرقابة المالية

Dr. Islam Azzam, FRA Chairman:

• The resolution provides greater flexibility and addresses market developments amid the growing number of investment funds.

FRA Board of Directors chaired by Dr. Islam Azzam has issued a resolution raising the maximum number of investment funds an auditor can review simultaneously from three to five. The directive establishes a strict five-fund concurrent limit; any exceeding engagements require prior authorization from the Authority and must comply with established regulatory benchmarks.

​The newly issued resolution amends Article (7 bis 2) of FRA Board of Directors’ Resolution No. 58 of 2018 which governs the rules, controls and procedures for banks and non-banking financial institutions conducting investment fund operations.

​Dr. Islam Azzam, FRA Chairman stated that the resolution aims to provide greater flexibility for both investment funds and auditors, thereby reducing the financial burdens on funds amid a noticeable increase in their numbers. This decision aligns with the Executive Regulations of the Capital Market Law and FRA’s regulatory decisions which establish the independence standards for auditors and specify the minimum number of auditors required based on the legal structure of each fund.

He added that FRA’s ongoing oversight of the sector revealed a significant surge in investment funds, which has now reached approximately 190, up from 172 at the end of last year. This rapid expansion prompted several requests to the Authority to permit a single auditor to manage a larger portfolio of funds.

​FRA Chairman emphasized FRA’s commitment to keeping pace with market developments and addressing practical challenges by updating the regulatory framework of non-banking financial markets. This, he noted, will enhance operational efficiency, increase the attractiveness of these activities and strengthen their role in serving the Egyptian economy by providing diverse and secure investment instruments.

​ Dr. Islam Azzam also emphasized that FRA is continuously evolving the investment fund ecosystem to enhance transparency, market efficiency and investor protection. Furthermore, the Authority remains dedicated to fostering product and service innovation while accelerating fintech integration to meet the diverse needs of all investor segments.

Notably, during the first quarter of 2026, the aggregate Net Asset Value (NAV) of investment funds surged to approximately EGP 410.6 billion, up from EGP 316 billion at the end of December 2025. This robust growth was fueled by a wave of new fund launches, increasingly diversified investment mandates and a steadily expanding investor base.