الهيئة العامة للرقابة المالية

Dr. Islam Azzam Wins “Institutional Achievement” Award,  Recognizing His Impact at EGX and FRA

FRA Chairman:

• Derivatives launch and short selling activation drive product diversification for capital market investors.
• Upgrading capital requirements and ensuring governance compliance are vital for market stability and business climate enhancement.
• Financial literacy and capacity building remain a top priority to drive competitiveness across all sectors.

Dr. Islam Azzam, FRA Chairman delivered the keynote address at the 2026 Egypt for the Best Summit. Held under the auspices of the Prime Minister, the summit was organized by Amwal Al-Ghad magazine and Exlnt Communications – affiliates of United Media Services (UMS) – under the theme “Leading the Narrative… Shaping the Future.” The prestigious event drew an elite gathering of cabinet ministers, senior government officials, business leaders, and top financial executives.

The summit honored Dr. Islam Azzam with the “Institutional Achievement” award, in recognition of his role at both the Egyptian Exchange and the Financial Regulatory Authority. The award highlights his contributions to developing legislative and regulatory frameworks, boosting the competitiveness of non-banking financial markets and driving innovation and digital transformation – all of which have enhanced the sector’s efficiency and reinforced its role in supporting the national economy.

In his opening remarks, Dr.  Islam Azzam outlined FRA’s comprehensive vision to bolster the competitiveness of non-banking financial activities. He emphasized that driving local and regional competitive advantages is an indispensable cornerstone for sustaining economic growth and amplifying the Egyptian economy’s appeal to foreign direct investment.

He indicated that the Authority is executing a multifaceted strategy focused on upgrading regulatory and legislative architectures, adopting global best practices and accelerating fintech adoption – mechanisms that have collectively enabled the launch of innovative investment instruments and transformed the Egyptian capital market.

Dr. Islam Azzam underscored that institutional stability is a primary pillar of market competitiveness. To this end, FRA is systematically updating capital requirements, financial solvency benchmarks and corporate governance standards. This includes mandating that financing companies implement Basel III requirements to fortify risk management, sustain business models and protect consumer rights.

Furthermore, FRA Chairman explained that achieving true market competitiveness relies heavily on diversifying investment products and lowering entry barriers for investors – particularly youth – thereby increasing the sector’s contribution to the overarching goals of Egypt Vision 2030.

He highlighted FRA’s collaborative success with the EGX in launching derivatives market for the first time in Egypt’s history. He also discussed the finalization of the operational framework for Short Selling, a milestone achieved after years of extensive market consultation aimed at capturing new investor segments, notably international institutions and youth. These initiatives are bolstered by the expansion of the Voluntary Carbon Market, precious metals investment funds and digital trading platforms for Real Estate Investment Funds thus, creating sophisticated investment opportunities.

FRA Chairman further noted that the Authority is continuously upgrading the technological infrastructure of the non-banking financial sector and accelerating financial technology adoption, firmly believing that fintech and innovation constitute the bedrock of desired future competitiveness. Statistics show that by the end of 2025, the number of firms utilizing fintech to deliver non-banking financial services surpassed 73 companies. This growth is underscored by the issuance of nearly 190,000 digital contracts and the completion of over 345,000 electronic Know Your Customer (E-KYC) verifications, demonstrating the rapid pace of market evolution.

To safeguard markets and protect participants, Dr.  Islam Azzam detailed several critical regulatory interventions implemented by FRA. These include establishing a dedicated registry for non-banking debt collection agencies, launching integrated regulatory watchlists (Warning, Negative, and Administrative Measures lists), and overhaul of the consumer complaints system alongside intensified supervisory inspections to anchor market discipline and transparency.

FRA Chairman pointed out that financial literacy remains a fundamental pillar of FRA’s long-term strategy. He highlighted ongoing partnerships with the Ministry of Education, the Ministry of Higher Education, and Egyptian universities to integrate financial literacy into secondary school curricula. Additionally, the Financial Services Institute (FSI) continues to roll out specialized training programs and professional diplomas to cultivate qualified cadres across all non-banking financial activities.

Concluding his speech, Dr.  Islam Azzam showcased

FRA’s efforts in fostering innovation and scientific research through its Regulatory Sandbox (FRA-Sandbox). In its inaugural year, the sandbox granted five preliminary approvals for pioneering fintech projects and provided regulatory guidance to dozens of entities. The Authority also launched its first research competition spanning capital markets, insurance, and financing, with plans to expand this initiative next year to capture more forward-thinking research capable of driving sector development.