Egyptian Prime Minister Mostafa Madbouli has issued a decree forming a new board of directors for the Financial Supervisory Authority (FSA), effective from October this year until October 2030. The board will be chaired by Dr. Islam Azzam, head of the FSA, in accordance with the law regulating non-bank financial instruments and the authority's bylaws. The new board comprises several high-profile members, including representatives from the Central Bank of Egypt and experts in economics, finance, and law.
The new board members include Dr. Mohamed Sayyad and Dr. Tarek Sief, deputy heads of the FSA, as well as a deputy governor of the Central Bank of Egypt, to be chosen by the governor. Other members are Dr. Mohamed Sami Abdel Sadek, president of Cairo University; Dr. Mohamed Awad Ibrahim, CEO of the General Authority for Investment and Free Zones; Dr. Ihab Ibrahim, academic president of the American University in Cairo; Dr. Yasmine Mahmoud Foad, professor of finance at the American University in Cairo; and Dr. Amani Samir Abdel Fattah, a banking expert specializing in credit and investment.
Dr. Islam Azzam, head of the FSA, expressed his gratitude to President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouli for their trust in the new board. He emphasized the FSA's commitment to developing the non-bank financial sector and maximizing its contribution to the national economy. Azzam highlighted the authority's goals to expand and deepen the sector's activities, supporting the financial inclusion targets outlined in Egypt's Vision 2030.
The FSA aims to achieve a balance between the growth of financial activities and the protection of dealings parties' rights. Azzam welcomed the new board members, noting that their expertise in finance, law, and administration would enhance the authority's efficiency and decision-making over the next four years. The new board is expected to play a crucial role in shaping the future of Egypt's non-bank financial sector.
The FSA is responsible for regulating and supervising non-bank financial instruments, including insurance, securities, and financial leasing. The authority's role is critical in promoting financial stability and protecting investors' interests. With the new board in place, the FSA is poised to continue its efforts to develop the sector and promote financial inclusion.
The Egyptian government has been working to enhance the country's financial sector, with a focus on promoting financial inclusion and stability. The formation of the new FSA board is part of these efforts, aimed at ensuring the sector's growth and development. The board's members bring a wealth of experience and expertise, which is expected to benefit the authority and the sector as a whole.
The new FSA board will play a key role in shaping the sector's future, with a focus on promoting financial inclusion, stability, and growth. The authority's efforts are expected to contribute to Egypt's economic development, in line with the country's Vision 2030. The board's formation marks an important step towards achieving these goals.
Key points
- The new board of directors for the Financial Supervisory Authority has been formed, effective from October this year until October 2030.
- The board will be chaired by Dr. Islam Azzam, head of the FSA.
- The new board members bring a wealth of experience and expertise in finance, law, and administration.
