Egyptian Prime Minister Dr. Mustafa Madbouli has issued a decree forming the board of directors of the Financial Supervisory Authority (FSA) for a four-year term, from October 2026 to October 2030. The decree was made in accordance with the law regulating non-bank financial instruments and the republican decision on the FSA's basic system. The new board will be chaired by Dr. Islam Azzam, head of the FSA.
The board of directors includes Dr. Islam Azzam as chairman, with Mohamed El-Sayad and Dr. Tarek Seif as deputy heads. One of the deputy governors of the Central Bank of Egypt, chosen by the governor, will also be a member. The board features prominent figures with experience in economic, technical, and legal fields, including Dr. Mohamed Sami Abdel-Sadek, president of Cairo University, and Dr. Mohamed Awad Ibrahim, CEO of the General Authority for Investment and Free Zones.
Other members of the board include Dr. Ehab Mohamed Abdel-Rahman 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. The new board members were welcomed by Dr. Azzam, who expressed his appreciation for their expertise and experience.
Dr. Islam Azzam expressed his gratitude to President Abdel Fattah El-Sisi and Prime Minister Mustafa Madbouli for their trust in him and the FSA. He emphasized the authority's commitment to developing the non-bank financial sector and maximizing its contribution to the national economy. The FSA aims to achieve financial inclusion goals in line with Egypt's 2030 vision while ensuring balanced growth and protection of dealings.
The new board of directors is expected to enhance the FSA's plans and decisions in the coming period. Dr. Azzam congratulated the new board members and welcomed them to the authority, highlighting the significant addition they bring with their expertise and experience in financial, legal, technical, and administrative fields.
The FSA's efforts to develop the non-bank financial sector are part of Egypt's broader economic strategy. The authority regulates and supervises non-bank financial activities, including insurance, securities, and investment. The new board will work to promote financial inclusion, improve regulatory frameworks, and enhance the competitiveness of the non-bank financial sector.
The formation of the new board of directors is expected to have a positive impact on the Egyptian economy. The FSA plays a crucial role in promoting economic growth and stability by regulating and supervising non-bank financial activities. The authority's efforts to enhance financial inclusion and protect the rights of dealings will contribute to achieving Egypt's economic goals.
Key points
- Egypt's Prime Minister forms a new board of directors for the Financial Supervisory Authority for a four-year term.
- The new board aims to develop the non-bank financial sector and promote financial inclusion in line with Egypt's 2030 vision.
- The board features prominent figures with experience in economic, technical, and legal fields.
