الهيئة العامة للرقابة المالية

• The strategy aims to boost the sector’s contribution to the national economy by enhancing employee skills and developing a new generation of leaders.
• The Financial Services Institute, the Authority’s training arm, will implement the program in collaboration with the insurance sector, universities and international institutes.
• The program is a key component of a protocol between the Financial Services Institute and insurance companies, as well as several memoranda of understanding with international universities and institutes aimed at supporting the insurance sector.

Dr. Mohamed Farid – FRA Chairman:

• A training strategy has been launched for the insurance sector to enhance efficiency and competitiveness and to build qualified personnel who can formulate and implement policies that ensure sustainable development in the sector.
• Change is inevitable and AI will reshape our world. The integration of digitalization and trained minds is the basis for facing these changes.
• Preparing human resources is the greatest investment for facing the future.
• Developing a robust insurance sector is fundamental to building a modern economy

Dr. Mohamed Farid, FRA Chairman officially launched the “Future Leaders Program” at FRA headquarters. This initiative marks a significant step forward, activating a cooperation protocol between the Financial Services Institute – FRA’s training arm – and Egyptian insurance companies. It also leverages memoranda of understanding with various international universities and institutes. The program’s goal is to strengthen the insurance sector’s pivotal role in the national economy by building a new generation of qualified leaders.

The event’s attendees included Mr. Wayne Clarke, founding partner of the Global Growth Institute GGI along with key officials from

FRA, including Dr. Mohamed Abdel Aziz – Assistant to Chairman  and Dr. Tarek Seif – Executive Director, Financial Services Institute (FSI). In addition to, Dr. Ahmed Abd Elaziz – Advisor to Chairman for Insurance Sector Affairs,  Counsellor Reda Abd ElMoaty –  Senior Advisor to Chairman , Mohamed Ayyad – Media Advisor to Chairman, Dr. Marian Kaldas – Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes  and a distinguished group of executives from FRA and insurance companies.

During the event, Dr. Mohamed Farid, FRA Chairman emphasized that the world is in a pivotal phase with unprecedented rapid changes, making future readiness a top priority. He stated that change is inevitable, and while no one can precisely predict what future disruptions or transformations will be, success will certainly belong to those with the competence and ability to manage these changes professionally and flexibly.

FRA Chairman explained that the most prominent of these transformations is artificial intelligence, which he described as something that will change everything. He pointed out that its effects will not be limited to a single scope but will extend to the organizational structure itself, the companies operating in the non-banking financial sector, auditors and even law firms. He added that we are on the verge of a revolution that will reshape the rules of work, production and services, which requires us to be ready for it now.

Dr. Farid emphasized that the Authority’s core mission is to prepare human resources and professionals for the challenges brought on by change. He views this as the ultimate purpose of the Financial Services Institute and believes that preparing people for these transformations is the most valuable investment.

Additionally, he highlighted the reform decisions and regulatory measures taken by the Authority, explaining that they are not just administrative procedures but an integrated vision for preparing the non-banking financial sector to face the challenges of tomorrow. He noted that among the important steps currently being prepared is the issuance of a new decision regarding the governance of insurance companies in the coming days. He explained that this decision will bring a qualitative leap in the sector, in addition to the decisions issued by the Authority regarding electronic linkage with insurance companies, which contributes to develop the data system, enhance the efficiency of operation and increase customer trust. He added that the Authority is aware that the insurance sector is a fundamental pillar of any economy and its development is part of a broader vision to create a modern and advanced financial environment.

Dr. Farid emphasized that even the strongest plans will fail without the active participation of those operating in the non-banking financial and insurance sectors, highlighting the human element as the real driver of change.  He called for a system to help young people entering these fields keep pace with global changes and adapt to rapid developments. He sees the youth as the future and the source of energy needed to boost competitiveness and innovation.

He added that the Authority is moving according to a dual vision: enhancing the capabilities of workforce in the sectors it supervises on one hand and working on digital transformation on the other. He emphasized the importance of integration between technology and the human element, as digitalization is a vital tool, but it needs trained and conscious minds to utilize it in the best way.

Dr. Farid concluded that the Authority’s strategic program is the cornerstone of its vision, acting as the primary tool to enhance the efficiency of workforce and prepare them for the future. He stressed that FRA is not passively waiting for change but is actively building a resilient, adaptable sector led by a skilled and ambitious workforce.

Dr. Tarek Seif, Executive Director of the Financial Services Institute, presented the institute’s strategy for advancing the capabilities of insurance sector employees. He explained that this strategy is built on several key pillars aimed at enhancing competencies. These include developing specialized training programs and adopting modern curricula that align with international best practices, in addition to fostering a culture of continuous learning among employees. He emphasized that the institute is committed to link training directly to the real needs of the labor market. This is achieved by designing programs that address both technical aspects and the latest trends, such as digital transformation, artificial intelligence, risk management, governance and advanced topics in financial innovation. Furthermore, he noted that the institute is actively seeking to build strategic partnerships with international educational and professional organizations. This effort aimed at transferring global expertise to the Egyptian market which will create a new generation of qualified professionals capable of leading change and boosting the competitiveness of the insurance sector within the national economy.

On the other hand, Wayne Clarke Founder Partner of Global Growth Institute GGI, emphasized the unique value of the World Class Manager Network program. He explained that it is more than just a source of theoretical knowledge and conventional management tools. Instead, it creates a dynamic, global environment where managers from diverse sectors and countries can exchange experiences. The network acts as an open platform for continuous learning, allowing managers to access the latest leadership practices and discuss everyday challenges with experts and peers who have navigated similar situations. This approach enriches their experience and improves their ability to apply practical solutions.

Clarke highlighted that the program’s primary goal is to cultivate a growth mindset in participants, enabling them to adapt to changes and make sound decisions in a complex, fast-paced world. He believes that integrating employees from Egypt’s non-banking financial sector into this network will expose them to modern management styles and connect them with top global talent, ultimately elevating Egypt’s position in the international market.

Moreover, Alaa El Zoheiry, Chairman of the Insurance Federation of Egypt praised the comprehensive training and qualification strategy aimed at enhancing the skills of insurance sector employees. He noted that this effort is crucial for preparing qualified professionals who can create and implement policies that align with the latest technical trends, thus strengthening the sector’s contribution to the national economy. El-Zoheiry particularly commended the strategy’s focus on developing a strong second and third tier of leaders, which is essential for guiding the Egyptian insurance sector to a prominent position both regionally and globally.

The primary goal of Future Leaders Program is to elevate the professional and practical skills of insurance sector workforce, empowering a new generation of leaders to navigate an ever- changing world.

To achieve this, the institute has signed a cooperation protocol with Egyptian insurance companies, aligning with FRA’s strategy to enhance market expertise. This initiative aims to raise professional standards and provide employees with the technical and managerial skills needed to excel.

The cooperation protocol outlines a wide range of specialized and general training programs covering key areas such as underwriting, claims, reinsurance, investment, internal auditing, financial affairs, risk management compliance, anti-Money laundering and actuarial expertise.

To broaden its educational offerings, the institute has partnered with the Egyptian Institute of Directors to provide several accredited programs.  These include specialized certifications for Certified Board Member, Qualified CEO, and Certified Internal Auditor, as well as programs focused on Governance, Risk and Compliance (GRC), Corporate Governance, and Risk Management.

To bolster the capabilities of future leaders in Egypt’s insurance sector, the Financial Services Institute has signed a Memorandum of Understanding (MOU) with Bayes Business School at City, University of London. This agreement, formalized at the Egyptian Embassy in London, aims to activate a broader protocol with local insurance companies to enhance the competitiveness of their leadership. The program focuses on corporate leadership in a new era of technological transformation, equipping leaders with the skills to develop strategic thinking for a digital environment, formulate effective corporate change strategies and create innovative business models that can thrive amidst rapid industry shifts.

FRA is proactively working to improve the skills of all non-banking financial sector workforce. The Authority is focused on offering specialized training and strategic initiatives to ensure that professionals are not only current with technological and legal changes but are also resilient and flexible enough to handle rapid global shifts.