الهيئة العامة للرقابة المالية

• Islam Azzam – FRA Vice Chairman: A core focus for fostering the efficiency and competitiveness of non-bank financial markets lies in establishing strong coordination and collaborative efforts with development institutions
• Effective strategic partnerships with development institutions hinge on key elements such as technical cooperation, capacity development initiatives, and the transfer of expertise and knowledge

• The German Agency for International Cooperation (GIZ) works closely with the Authority to identify, share, and adapt international best practices in areas relevant to the Authority’s goals.

FRA Vice Chairman – Dr. Islam Azzam delivers the keynote address at Cairo Finance Summit organized by the German Agency for International Cooperation under the title “Empowering Egyptian Enterprises.”

In his speech, Azzam stresses that coordination and cooperation with development institutions is the key to enhance the efficiency and competitiveness of non-banking financial markets, stating that technical cooperation, capacity building and transfer of expertise and knowledge are key elements of strategic partnerships with development institutions.

Azzam points out that there is an ongoing cooperation between FRA and GIZ at various levels, particularly in areas related to developing non-banking financial markets and legislations governing them while maintaining the financial stability of non-banking  financial markets and institutions, through various means of cooperation such as organizing training courses, conferences and educational tours.

In the same context, FRA Vice Chairman shed light on the efforts, initiatives and decisions taken by the Authority during 2023 to develop non-banking financial activities and strengthen its role in the national economy. He stresses that developing the regulatory and service frameworks or enhancing professionals’ efficiency, raising levels of financial and insurance inclusion, accelerating digitization of non-banking financial transactions and finalizing the regulatory framework of FinTech , all these had great impact on non-banking financial activities’ performance in 2023 . He points out that Capital market activity has witnessed a growth in issuances of primary market by 64.1% worth EGP  601 billion , also, securitization has witnessed growth  by 96% worth EGP 87 billion and a growth in market capital by 79% recording EGP 1.7 trillion by the end of 2023.

Regarding insurance activity, the value of total premiums after excluding premiums related to investment units and money formation contracts during fiscal year 2023 rose to EGP 61.4 billion compared to EGP 48.9 billion during the previous year, representing an estimated increase of 25.6%.

Regarding finance activity, the value of financial leasing increased by 33.7% , also, factoring activity witnesses an increased by 4%. On the other hand,  consumer finance activity, which is the latest non-bank financial activity under FRA’s supervision  witnesses a growth by 58.7%,   while MSME Finance  increased by 41.7%.