الهيئة العامة للرقابة المالية

• Approvals were granted to Al Ahli Kuwait – Egypt Leasing, IFS Financial Solutions, Aspire Capital Holding and AUR Real Estate Finance.
• The Establishment and Licensing Committee also approved the registration of Arab African International Bank and Alex Bank as traders in government securities and financial instruments in the secondary market.

FRA Committee for Establishing and Licensing has approved new licenses and expanded activities for several financial companies. Al Ahli Kuwait – Egypt Leasing can now include factoring in its services, while IFS Financial Solutions will add financial leasing to its existing factoring operations. Aspire Capital Holding for Financial Investments is now licensed to manage investment funds, either independently or with partners. AUR Real Estate Finance has also received approval to start its activities. Additionally, the Committee approved the registration of Arab African International Bank and Alex Bank at FRA registry, allowing them to trade in government securities and financial instruments within the secondary market.

As the designated body under FRA Chairman’s decree No. 3060 of 2023, this Committee is responsible for a broad mandate that extends beyond initial licensing. Its powers encompass approving the establishment and licensing of new non-bank financial companies, along with sanctioning requests for additional activities and mechanisms for existing firms. The Committee also oversees changes in legal frameworks for companies in securities and consumer finance, approves amendments to articles of association (both preliminary and final), and ratifies incentive and reward schemes. Furthermore, it provides opinions on suspending General Assembly resolutions for securities and consumer finance companies, approves the opening, relocation and closure of branches and processes requests for liquidation, temporary or voluntary suspension of activities. Finally, the Committee is responsible for the registration, renewal and delisting of founding agents for non-bank financial companies.