الهيئة العامة للرقابة المالية

• New approvals to drive expansion in micro-insurance and investment funds.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, approves licensing of nine non-banking financial companies. This initiative aligns with the Authority’s ongoing efforts to expand the beneficiary base for these services while bolstering market stability and investment attractiveness.

FRA approves the establishment of Fawry Micro-insurance under the Unified Insurance Law, a strategic move designed to expand coverage to underserved social segments and accelerate national financial inclusion.

Further approvals were granted to Al Gammal Holding for incorporation and Grow Holding for capital raising and company formation services. Tameh Real Estate Investment Fund also received approval to commence operations as a real estate investment vehicle.

The approvals featured the establishment of “Spark Acquisition Corp” a special purpose acquisition company (SPAC). Additionally, the Authority licensed “Bokra Venture Capital Fund” to operate in investment funds, and “Bokra Private Equity Fund” to operate in private equity investment funds.

The approvals further included “Trend Holding for Financial Investments” for custodial services. Additionally, the Authority granted “Nawy Shares for Real Estate Fund Management and Underwriting” a license to receive subscriptions for investment fund units.

FRA grants these approvals under its constitutional and legal mandate to regulate non-banking financial markets and instruments. This jurisdiction includes capital markets, futures exchanges, insurance, mortgage finance, leasing, factoring, and securitization, as well as licensing of all participating entities.

Licensing decisions are issued based on recommendations from Incorporation and Licensing Committee. This Committee is responsible for reviewing preliminary and final approvals, activity expansions, branch management, and amendments to Articles of Association. It also oversees incentive schemes, legal status transitions for securities and consumer finance firms, liquidation requests, and voluntary temporary suspensions of activity.

Tags: , , ,, , ,