Latest news with #FinancialRegulatoryAuthority
Zawya
17 hours ago
- 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
2 days ago
- Business
- Zawya
Egypt: Erada Finance launches islamic financing services after securing FRA license
Arab Finance: Erada Finance has launched a suite of Islamic financing services following its receipt of a Sharia-compliant financing license from the Financial Regulatory Authority (FRA), as per an emailed press release. This step positions Erada among the first companies to provide such offerings in the Egyptian market. The launch aligns with the company's strategic plan to broaden its financing solutions and support entrepreneurs and business owners through flexible, technology-driven financial services. The goal is to enhance economic empowerment and contribute to job creation through sustainable financing tools. Erada's Islamic financing is currently offered through two main programs: Murabaha and Investment Agency (Wakala Bil Istithmar). These are part of a wider product portfolio aimed at advancing financial inclusion and catering to the diverse needs of customer segments. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- 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. (
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
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.
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
UK Launches 'Green Growth' Campaign in Egypt to Boost Climate Cooperation
By Ahmad El-Assasy The British Embassy in Cairo has officially launched the 'Green Growth' campaign, a high-impact initiative aimed at accelerating climate cooperation and unlocking sustainable economic potential between the United Kingdom and Egypt. The campaign was inaugurated in the presence of Egypt's Minister of Investment, Engineer Hassan El-Khatib, alongside senior officials from the Financial Regulatory Authority, the General Authority for Investment, the Federation of Egyptian Industries, and the Ministries of Finance and International Cooperation. Running through to COP30 in November 2025, the campaign sets out three core objectives: Reinforcing Egypt's leadership on global climate action Opening new trade and investment partnerships with UK businesses Deepening cooperation on Egypt's green transition The UK seeks to support Egypt's pivotal role in the global shift towards green energy. Through joint expertise, the partnership aims to help achieve both Egypt's national climate goals and broader international targets. This collaboration has already seen Egypt engaged in major UK-hosted summits, including the IEA's Future of Energy Security forum, and will intensify in the lead-up to COP30. The UK also plans to support Egypt's green policy frameworks by sharing its world-leading experience in regulatory reforms, carbon markets, network management, and sectoral capacity building. Technical cooperation will further extend to food security and water resilience, enabling Egypt to better adapt to the consequences of climate change. On the trade and investment front, both countries have set an ambitious goal of securing $500 million in green investments over the next six months. The UK government and private sector have already invested more than $1 billion in Egypt's renewable energy sector, recognizing the country's vast potential. As part of this green investment drive, the British International Investment (BII)—the UK's development finance institution—announced a total of $305 million in new support for renewable energy projects in Egypt. On June 16, BII confirmed its participation in building Africa's largest onshore wind farm, a 1.1 GW project in Egypt's Suez region. The institution will contribute nearly $190 million to the project, which is backed by a global alliance of development lenders. The wind farm is expected to significantly reduce Egypt's reliance on natural gas, aligning with its green energy transition. Just a day earlier, BII also pledged $115 million as part of a $479 million funding package for Obelisk Solar Power, aimed at developing Egypt's first utility-scale solar + battery storage plant. Located in Nag Hammadi, the project will deliver 1.1 GW of photovoltaic energy with 200 MWh of storage capacity and is set to begin operations in 2026. British Ambassador to Egypt Gareth Bayley stated: 'The Green Growth campaign reflects our shared ambition to lead on climate action, drive sustainable investment, and build a greener, more resilient future. It not only strengthens UK-Egypt climate goals but also creates new opportunities for innovation, cooperation, and prosperity.' Sherine Shahdy, BII's Egypt Country Director, added: 'Investments in the Obelisk and Suez projects are pivotal steps toward clean energy in Egypt. These projects will not only generate power but stimulate economic growth, create jobs, and deliver reliable energy for communities. BII is proud to be leading this transformational shift.' The campaign builds on the strong climate ties established during COP26 in Glasgow and COP27 in Sharm El-Sheikh, which marked a turning point in UK-Egypt climate diplomacy. Since then, the UK has committed over $250 million to Egypt across technical and financial assistance programs, infrastructure development, and multilateral advocacy. 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