الهيئة العامة للرقابة المالية

• Approvals include establishing a credit rating agency, a fourth Collection Company and a new real estate investment fund.

Financial Regulatory Authority chaired by Dr. Islam Azzam grants 7 companies and entities approvals to engage in a variety of non-banking financial activities. This comes as part of the Authority’s ongoing efforts to develop markets under its supervision, enhance the diversity of financial services and products and foster a more attractive environment for investments—thereby expanding the beneficiary base of non-banking financial services.

Key approvals include establishment of the Egyptian Credit Rating Agency (Matra) to operate in the field of rating and structuring securities. In addition to approving the registration of “ALF” in FRA’s debt-collection registry. This makes it the fourth company to be registered in the registry established by the FRA to regulate activity conditions, while the Authority continues to review applications from over 30 companies wishing to join the registry.

Furthermore, the approvals include the establishment of “e-Finance Holding for Financial Services,” to participate in establishing companies issuing securities or increasing their capital, supporting the deployment of investments in companies and enhancing their access to funding sources through the capital market.

Regarding insurance sector, the approvals include the registration of the Government Fund for Insurance Against Risks Arising from Medical Errors in government insurance funds registry, as part of FRA’s role in regulating and supervising the entities and insurance mechanisms under its jurisdiction.

Additionally, FRA approves the establishment of fund company “MSSM Corporation for Real Estate Investment” to engage in real estate investment fund activities, adding a new entity to the real estate investment ecosystem through specialized investment funds.

Regarding finance sector, FRA grants “Aman Consumer Finance” approval to add mortgage financing to its activities. Also, “Corplease Leasing” obtains a license to add consumer finance to its primary activity.

These approvals fall within the constitutional and legal mandate of the FRA to regulate and supervise non-banking financial markets and instruments. This encompasses capital markets, futures exchanges, insurance activities, mortgage finance, leasing, factoring, securitization, consumer finance, and other activities, alongside its mandate to approve the establishment and licensing of companies operating in these markets.

Incorporation, licensing and activity-related approvals are issued based on recommendations from Incorporation and Licensing Committee. This committee is tasked with reviewing and issuing initial and final approvals for companies, requests to add activities and mechanisms, opening, closing, and relocating branches, reviewing amendments to statutes, adopting incentive systems and amendments, changing the legislative framework for companies operating in securities and consumer finance, and examining liquidation requests or voluntary temporary suspension of activity.

FRA emphasizes that the diversity of these issued approvals reflects its continued commitment to develop the structure of non-banking financial markets in a manner that balances the protection of clients’ rights with the provision of diverse financial solutions and activities that meet their needs and support market competitiveness and the efficiency of non-banking financial services.