Egyptian Prime Minister Dr. Mostafa Madbouli held a meeting with Dr. Islam Azzam, head of the Financial Regulatory Authority, to review the latest developments in the non-banking financial sector. The meeting, which took place in the new capital, focused on enhancing the efficiency of the stock market, insurance, and non-banking finance. The discussions also centered on expanding the role of these activities in the national economy and protecting the rights of those involved.
During the meeting, Dr. Madbouli emphasized the government's interest in developing the non-banking financial sector, given its vital role in driving the national economy and attracting investments. He highlighted the importance of providing safe investment paths for citizens under the full supervision of the Financial Regulatory Authority. The Prime Minister also stressed that protecting the rights of those involved in this sector is a top priority.
Dr. Islam Azzam presented an overview of the latest regulatory frameworks for non-banking financial activities. He discussed recent decisions aimed at improving service quality, meeting citizens' needs, and enhancing regulatory performance. These decisions include obliging finance companies to use verification codes to strengthen customer identity verification and ensure they are aware of procedures and consent to terms.
The head of the Financial Regulatory Authority shed light on several recent decisions, including those aimed at promoting responsible financing, limiting defaults, and combating money laundering. He mentioned the connection between the Authority and all companies under its supervision, which will provide real-time data and enable advanced analysis using artificial intelligence techniques.
Dr. Azzam emphasized that customer access to information related to insurance products, financing, or investment vehicles, as well as being informed of their rights and obligations, are essential foundations for non-banking financial activities. He also highlighted the importance of data protection and effective complaint and grievance mechanisms.
The meeting also touched on efforts to raise the efficiency of companies and expand risk management. The application of "Basel 3" standards to the non-banking finance sector is set to begin in January. Additionally, discussions covered recent and upcoming listings on the Egyptian stock exchange, particularly for state-owned companies.
The Egyptian government is working to enhance the non-banking financial sector, with a focus on developing the stock market, insurance, and financing activities. The sector has seen significant growth, with 171,000 new codifications on the Egyptian stock exchange by the end of the second quarter. The value of trading has also increased by 78.3% compared to the same period last year.
Key points
- The Egyptian Prime Minister and the head of the Financial Regulatory Authority discussed developments in the non-banking financial sector.
- The meeting focused on enhancing the efficiency of the stock market, insurance, and non-banking finance.
- The sector has seen significant growth, with 171,000 new codifications on the Egyptian stock exchange.
