Latest news with #MohamedFarid
Zawya
4 days ago
- Business
- Zawya
FRA, Italian Embassy explore cooperation in Egypt's growing non-banking financial sector
Egypt - Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), met with Italian Ambassador to Cairo, Michele Quaroni, and his accompanying delegation to discuss opportunities for cooperation in Egypt's rapidly expanding non-banking financial sector and to enhance Italian investments in this promising market. The meeting was also attended by FRA Vice Chairperson Islam Azzam, senior FRA officials, and members of the Italian Embassy's economic and investment team. During the meeting, Farid gave a detailed presentation on the latest regulatory and structural developments in Egypt's non-banking financial markets, particularly highlighting the introduction of the Unified Insurance Law. He described the law as a key milestone in modernising Egypt's legislative and regulatory framework for insurance, aimed at streamlining procedures, expanding digitalisation, and strengthening investor protections. Farid emphasised that the new law is central to improving the quality of insurance services, ensuring policyholder rights, and making the Egyptian market more attractive to foreign investors. He underlined the law's role in supporting Egypt's shift towards a more sustainable and competitive economy. The FRA Chairperson also outlined the Authority's recent initiative to launch a regulated voluntary carbon market, the first of its kind in the region under capital market supervision. This initiative is part of Egypt's broader green transition strategy and presents significant opportunities for Italian companies in clean technology and renewable energy—not just as investors, but as strategic partners in establishing new climate finance mechanisms. Farid stressed that this carbon market is designed to contribute to Egypt's national efforts to transition to a low-carbon, climate-resilient economy, aligned with global carbon neutrality goals. On the topic of financial technology and digital transformation, Farid noted that the FRA is working to build a regulatory environment that supports innovation. He highlighted several initiatives aimed at enhancing the digital infrastructure of the non-banking financial sector to promote financial inclusion and unlock new investment avenues, especially for Italian companies engaged in fintech. He added that the digitisation of non-banking financial services—particularly in insurance, capital markets, and microfinance—is essential to expanding access for all societal segments and aligns with Egypt's broader goals of financial and digital inclusion. 'We are racing against time to digitise non-banking services in support of start-ups and entrepreneurship,' Farid said, emphasising that fintech is a core driver of inclusivity and sectoral efficiency. Ambassador Quaroni expressed appreciation for the FRA's reform momentum and the rapid transformation of Egypt's non-banking financial market. He reiterated Italy's keen interest—at both the governmental and private sector levels—in exploring investment and partnership opportunities, particularly in the carbon market and the digital finance space. The Ambassador affirmed his commitment to facilitating closer cooperation through a series of technical meetings between relevant stakeholders from both countries to move forward on joint initiatives. Concluding the meeting, Farid reaffirmed the Authority's full commitment to maintaining close coordination with the Italian side. He noted that the FRA is ready to provide detailed briefings on key areas of mutual interest in order to translate these discussions into concrete investment partnerships that contribute to economic development in both countries.
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
FRA, Italian Embassy explore cooperation in Egypt's growing non-banking financial sector
Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), met with Italian Ambassador to Cairo, Michele Quaroni, and his accompanying delegation to discuss opportunities for cooperation in Egypt's rapidly expanding non-banking financial sector and to enhance Italian investments in this promising market. The meeting was also attended by FRA Vice Chairperson Islam Azzam, senior FRA officials, and members of the Italian Embassy's economic and investment team. During the meeting, Farid gave a detailed presentation on the latest regulatory and structural developments in Egypt's non-banking financial markets, particularly highlighting the introduction of the Unified Insurance Law. He described the law as a key milestone in modernising Egypt's legislative and regulatory framework for insurance, aimed at streamlining procedures, expanding digitalisation, and strengthening investor protections. Farid emphasised that the new law is central to improving the quality of insurance services, ensuring policyholder rights, and making the Egyptian market more attractive to foreign investors. He underlined the law's role in supporting Egypt's shift towards a more sustainable and competitive economy. The FRA Chairperson also outlined the Authority's recent initiative to launch a regulated voluntary carbon market, the first of its kind in the region under capital market supervision. This initiative is part of Egypt's broader green transition strategy and presents significant opportunities for Italian companies in clean technology and renewable energy—not just as investors, but as strategic partners in establishing new climate finance mechanisms. Farid stressed that this carbon market is designed to contribute to Egypt's national efforts to transition to a low-carbon, climate-resilient economy, aligned with global carbon neutrality goals. On the topic of financial technology and digital transformation, Farid noted that the FRA is working to build a regulatory environment that supports innovation. He highlighted several initiatives aimed at enhancing the digital infrastructure of the non-banking financial sector to promote financial inclusion and unlock new investment avenues, especially for Italian companies engaged in fintech. He added that the digitisation of non-banking financial services—particularly in insurance, capital markets, and microfinance—is essential to expanding access for all societal segments and aligns with Egypt's broader goals of financial and digital inclusion. 'We are racing against time to digitise non-banking services in support of start-ups and entrepreneurship,' Farid said, emphasising that fintech is a core driver of inclusivity and sectoral efficiency. Ambassador Quaroni expressed appreciation for the FRA's reform momentum and the rapid transformation of Egypt's non-banking financial market. He reiterated Italy's keen interest—at both the governmental and private sector levels—in exploring investment and partnership opportunities, particularly in the carbon market and the digital finance space. The Ambassador affirmed his commitment to facilitating closer cooperation through a series of technical meetings between relevant stakeholders from both countries to move forward on joint initiatives. Concluding the meeting, Farid reaffirmed the Authority's full commitment to maintaining close coordination with the Italian side. He noted that the FRA is ready to provide detailed briefings on key areas of mutual interest in order to translate these discussions into concrete investment partnerships that contribute to economic development in both countries.
Zawya
20-06-2025
- Business
- Zawya
Egypt: FRA extends submission deadlines for insurance companies' financial statements
Arab Finance: The Financial Regulatory Authority (FRA) has issued decision No. 126 of 2025 extending the deadlines for submitting periodic financial statements for insurance companies and insurance pools, as per a statement. This comes as part of ongoing efforts to ease procedural requirements and support sector growth. The decision, issued by the FRA's board of directors under the chairmanship of Mohamed Farid, applies to financial periods ending in March, June, and September 2025. Specifically, the submission deadline for statements covering the period ending March 31st, 2025, has been extended by one month to July 30th, 2025. For the period ending June 30th, 2025, the deadline has been extended by 15 days to September 15th, 2025. Similarly, the deadline for the period ending September 30th, 2025, has been extended by 15 days to December 15th, 2025. The resolution also allows an additional 15-day extension for the submission of consolidated financial statements from companies that include affiliated insurance entities. The FRA noted that the extension is intended to give insurance sector entities sufficient time to prepare financial statements in accordance with the rules and requirements issued under the Unified Insurance Law. The decision also takes into account companies' need for a revised timeframe following the adoption of resolution No. 183 of 2024, which set the start and end dates for financial periods and required quarterly financial statements starting 2025. These quarterly reports must include comparative figures from the same period in the previous year and comply with Egyptian accounting standard No. 50 on insurance contracts. They are to be reviewed and submitted with a limited review report from the company's auditor. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
19-06-2025
- Business
- Zawya
Egypt: FRA issues new rules for insurance, reinsurance brokerage under unified insurance law
Arab Finance: The Board of Directors of the Financial Regulatory Authority (FRA), chaired by Mohamed Farid, has issued decision No. 69 of 2025, setting professional rules and standards for the registration and practice of insurance and reinsurance brokerage, as per a statement. The decision is part of the FRA's strategy to raise the efficiency and professionalism of the insurance market, aligning it with international standards and strengthening the protection of all parties involved. It is based on the provisions of the Unified Insurance Law No. 155 of 2024, outlining the responsibilities and registration procedures for brokers defined as natural or legal persons licensed by the FRA to mediate insurance or reinsurance deals in return for commission or fees. Under the new rules, all brokers must register on the FRA's electronic platform within 45 days of the decision's effective date. The registration period in the authority's registry has been extended from three to five years, with renewal applications to be submitted at least three months before expiry. Companies must also notify the FRA within one week of any broker's termination. Moreover, the decision introduces several governance and integrity requirements. Board members of brokerage companies must not have any criminal record related to moral turpitude in the five years preceding application, must not be affiliated with insurance companies, and must enjoy full civil rights. Hence, companies must include at least two board members with relevant experience, one executive and one independent. Foreign companies or financial institutions wishing to operate as brokers in Egypt must obtain approval from their home regulator and be subject to consolidated oversight. Reinsurance brokerage is restricted to legal entities, and no company may combine both insurance and reinsurance brokerage activities without separate licenses. The decision also mandates a minimum issued and paid-up capital of EGP 5 million, as set out in FRA decision No. 196 of 2024. Each company must open at least two branches within three years of commencing operations, with each branch led by a registered broker. For the first time, the FRA will allow freelance brokers to apply to operate through private offices, provided they meet specific documentation and staffing requirements. Existing private offices must regularize their status within one year. Brokerage companies must also convene general assemblies annually within three months of their fiscal year-end. Additionally, brokers must maintain complete records of transactions, commissions, claims, and cancellations, in both paper and electronic formats, to improve oversight and standardize practices across the sector. The new regulations aim to increase public awareness of insurance activities, enhance sector inclusion, and align Egypt's insurance market with international best practices. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
19-06-2025
- Business
- Zawya
Egypt's FRA issues new website and cybersecurity rules for insurance sector
Egypt's Financial Regulatory Authority (FRA) has issued new regulations establishing licensing, technical, and cybersecurity standards for the websites of all companies and individuals operating in the country's insurance sector. The new rules, outlined in Resolution No. (62) of 2025, mandate that private insurance funds with assets of EGP 10 million or more must establish an official website. The FRA will be the sole authority to issue licences for these websites, in accordance with the Unified Insurance Law No. 155 of 2024. Smaller funds and individuals working in the insurance sector will be permitted to create websites, provided they adhere to the same set of regulations. The measures are part of a broader framework outlined in the Unified Insurance Law. Article (3) of the law defines the insurance sector as comprising insurers, reinsurers, and related professions and activities. It also authorises the FRA's Board of Directors to licence other insurance services based on market demand, subject to established standards and capital requirements. Technical and Content Mandates Under the resolution, chaired by FRA Chairperson Mohamed Farid, all insurance sector websites must meet specific technical standards. These include having a responsive design for accessibility across mobile phones, tablets, and computers, as well as compatibility with all major internet browsers. Websites must also be user-friendly, provide easy access to information, and comply with the Web Content Accessibility Guidelines (WCAG) for users with disabilities. Arabic must be the primary language, with other languages optional. Search Engine Optimisation (SEO) best practices must be implemented. Entities are required to publish essential information, including a company profile, their FRA-issued licence number, detailed descriptions of services, and clear contact information. The sites must also feature financial reports, periodic disclosures, and a dedicated Frequently Asked Questions (FAQ) section. The resolution requires all website content to be updated regularly to ensure accuracy, completeness, and compliance with technical controls. Cybersecurity and Data Protection The regulations place a strong emphasis on information security, mandating a range of technical safeguards to protect user data. These include: The use of modern encryption protocols (SSL/TLS). The implementation of advanced security systems such as network firewalls, Web Application Firewalls (WAF), and Intrusion Detection/Prevention Systems (IDS/IPS). The use of anti-virus and anti-malware software (EPP/EDR). Entities must adhere to international standards, particularly ISO 27001 and NIST, and conduct annual penetration tests and regular software updates. Any security breach or cyberattack must be reported to the FRA immediately. Furthermore, all affected entities must comply with the Anti-Cyber and Information Technology Crimes Law No. 175 of 2018 and the Personal Data Protection Law No. 151 of 2020. This includes creating clear privacy policies, obtaining written consent from users before sharing their data with third parties, and providing a mechanism for users to request the modification or deletion of their data. The rules also require regular data backups for disaster recovery and the retention of system application logs for a minimum of five years. Outsourcing and Compliance The resolution permits the outsourcing of website design and development to data hosting providers that are officially registered with the FRA. However, the licensed entity must retain qualified technical staff to evaluate the quality and security of the outsourced work. An outsourcing plan approved by the board of directors is also required. The FRA said the measures are designed to regulate the creation of websites for private insurance funds and other entities in the sector. The authority stated the initiative is part of its strategy to modernise the industry's digital infrastructure, enhance digital transformation, and ensure compliance with governance, transparency, and data protection standards. All affected entities have a three-month grace period from the resolution's effective date to regularise their status. The FRA has committed to processing complete licence applications within 15 days of submission.
