الهيئة العامة للرقابة المالية

• Partnership between the Financial Services Institute and IEB to offer a Master’s degree in financial markets
• Mohamed Farid, FRA Chairman and Mr. Eduardo Soriano izquierdo, Economic and Commercial Counsellor of Spain in Egypt witness the signing of the cooperation at the Authority’s headquarters.
• The Master’s program aims to provide students with all theories and their application mechanisms according to the best international practices to enhance the role of capital markets in supporting economic development.
• The Master’s program includes studies related to macroeconomics, money markets, financial markets and valuation, financial derivatives, asset management, corporate finance, market and credit risk, compliance, fintech and cybersecurity.
• First Cohort of Master’s Program Graduates report significant gains in knowledge and career opportunities
• The new Master’s program is an updated version of the 2021 program, which has already produced 24 graduate

• Mohamed Farid , FRA Chairman:
• “Cooperation with the Spanish side to offer a master’s degree in securities enhances the Authority’s efforts to upgrade professionals to raise the efficiency and competitiveness of the markets”
• Digitalization is the key to financial inclusion and cybersecurity is a top priority for the Authority. Regulators must mitigate uncalculated risks
• AI will revolutionize the non-bank financial services sector and all its facets must be considered.
• Critical thinking and sound logic are essential to mitigate AI risks

Eduardo Soriano izquierdo, Economic and Commercial Counsellor of Spain in Egypt emphasized the pivotal role of education in driving nations towards prosperity.

• The master’s degree is a key step in enhancing human capital. This academic program will foster stronger ties with the Spanish community, thereby boosting bilateral trade and investment.
• Alvaro Drake , Director of the IEB Master Program in Stock and Financial Markets:

“ Partnership with  FRA is strategic and the Master’s program is a step towards strengthening cooperation and supporting efforts to qualify the workforce in the capital market”

Dr. Mohamed Farid, FRA Chairman witnessed the signing of a cooperation protocol between the Financial Services Institute (FSI), FRA’s training arm and the Instituto de Estudios Bursátiles (IEB) at the Authority’s headquarters. This agreement, signed by both parties, will provide an international Master’s degree in financial markets in Egypt.

The signing ceremony was attended by Dr. Islam Azzam, FRA Vice Chairman, Dr. Mohamed Abdel Aziz and Mohamed Sabry, Assistants to the Chairman, Mohamed Ayyad, Media Advisor to Chairman, Dr. Tarek Seif, FCII Executive Director, Financial Services Institute. From the Spanish side, Mr. Eduardo Soriano Izquierdo, Economic and Commercial Counsellor of Spain in Egypt attended the ceremony, in addition to Alvaro Drake, Director of the IEB Master Program in Stock and Financial Markets and Javier Amo, Academic Director Master in Stock Exchange and Financial Markets, IEB. That is besides leaders from the non-bank financial sector and members of the Board of Directors of the Financial Services Institute.

This international Master’s program is designed to provide students with hands-on experience in the financial markets. By focusing on practical application and real-world scenarios, the program equips students with the skills and knowledge needed to succeed in the finance industry. Through exercises, case studies, and simulations on platforms like Bloomberg, students gain valuable experience in trading and portfolio management. Furthermore, the program supports students’ personal skills and group interaction through classroom discussions, presentations, and field visits at the end of the master’s program to entities related to the study topics.

The Master’s program is a 15-month intensive course, comprising 500 hours of study across nine modules. The program culminates in a week-long residency in Madrid, Spain, featuring the completion of remaining coursework, thesis presentations and field visits. The curriculum covers a wide range of topics, including macroeconomics, financial markets, derivatives, corporate finance, risk management, compliance, fintech, and cybersecurity.

Teaching methodology is a hybrid approach, combining in-person classes held at the Financial Services Institute’s headquarters in Cairo’s Smart Village with remote learning from Madrid. Notably, international students can fully participate online, though they are required to attend an in-person residency in Madrid for thesis presentations and final assessments.

This Master’s program, a pioneering initiative launched by the IEB in 1989, has set the standard for financial education in Spain. Consistently ranked by El Mundo newspaper and awarded the Rankia Prize a leading financial community with a presence in ten European and Latin American countries.  Moreover, it is accredited by the Spanish National Securities Market Commission (CNMV) as a qualified program for providing advisory and information services in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union.

Dr. Mohamed Farid,  FRA Chairman stated that the new version of the Master’s program takes into account the dynamics and changes occurring in the educational landscape of finance and investment, particularly in the area of derivatives. He also noted that 24 students have graduated from the Master’s program since its inception, spanning various fields such as financial markets, insurance and banking.

Additionally, Dr. Farid emphasized that the new Master’s program will focus on cybersecurity, explaining that achieving financial inclusion or promoting financial literacy is impossible without digitalization and technology. He highlighted the importance that the Authority places on cybersecurity in approving digital applications, emphasizing that without it, the Authority would face unacceptable financial risks. Dr. Farid also highlighted the stringent cybersecurity requirements imposed by FRA on non-bank financial service providers.

Dr. Farid discussed the role of AI in reshaping non-bank financial services. He emphasized that while AI may change how we learn, the need for knowledge and understanding will persist. He stressed the importance of continuous learning and adapting to the evolving AI landscape, especially within the non-banking financial sector.

FRA’s Chairman emphasized the importance of understanding AI applications and their potential risks, such as hallucinations. He highlighted the significance of continuous learning, critical thinking and sound logic in evaluating information from various sources.

On the other hand, Eduardo Soriano Izquierdo, Economic and Commercial Counsellor of Spain in Egypt, expressed his delight at the signing of the cooperation protocol between the Financial Services Institute (FSI) and the (IEB). He underscored the Spanish authorities’ commitment to strengthening ties with Egypt, particularly in the field of education.

Soriano emphasized the pivotal role of education in shaping the future and how the Master’s program would foster connections between Egyptian students and the Spanish community, thereby benefiting trade, investment and the broader business community.

Alvaro Drake, Director of the IEB Master Program in Stock and Financial Markets, highlighted the significance of the Master’s program. He described the signing of the protocol as a crucial step in strengthening relations with the Middle East, particularly with the Financial Regulatory Authority. He commended the efforts of Dr. Mohamed Farid, FRA Chairman whose endeavors culminated in the signing of this protocol.

Drake explained that the (IEB) aims to enhance its performance in collaboration with the Financial Services Institute (FSI) to equip students with the necessary skills and expertise to excel in the world of finance. He praised the quality of the Master’s program curriculum and its faculty, emphasizing the value added to students through the rigorous program design. He noted the program’s importance in addressing global challenges, especially those related to finance.

He noted that the first cohort of students achieved remarkable performance levels, as evidenced by the research papers they presented in Spain, which were subsequently discussed in academic sessions at the institute as part of their Master’s degree requirements. Several graduates commended the Master’s program offered by the IEB, highlighting its practical focus and exposure to various case studies and experiences from diverse financial markets.

It is worth mentioning that the Financial Services Institute (FSI) was established in July 2010 pursuant to Law No. 10 of 2009 on the Regulation of Non-Bank Financial Markets and Presidential Decree No. 260 of 2010. It replaced the Egyptian Insurance Institute and serves as FRA’s training arm. The FSI commenced operations in 2011, offering training courses to a large number of licensed professionals in the non-bank financial sector, including capital markets, insurance, real estate finance, leasing, SMEs, micro finance.

The Financial Services Institute (FSI) strategically aligns its objectives and strategies with the specific needs of the non-bank financial sector. This is achieved by collaborating with local and international educational and professional bodies to build capacities and skills and to adopt best practices from the non-bank financial sector.

The Instituto de Estudios Bursátiles (IEB) is a leading Spanish graduate school in business administration and finance and sponsored by the Madrid Stock Exchange.  The IEB is the first educational institution in Spain exclusively dedicated to finance education. The IEB also has academic partnerships with some of the oldest universities in Spain, such as the Complutense University of Madrid (1822) and the Rey Juan Carlos University (1996). The IEB offers a wide range of academic programs in finance and law, equating to approximately 100 educational programs. It provides bachelor’s and master’s programs, as well as executive education programs. Several IEB programs have received accreditation from the Spanish National Securities Market Commission (CNMV) as compliant with its regulations and the European Union’s Markets in Financial Instruments Directive (MiFID).

The IEB is among the most important international academic institutions that implement and award such programs. It is a member of the AEEN association in Spain, the EFMD foundation in Europe, the AACSB association in the United States and the ClADEA association in Latin America.