Financial Regulatory Authority
This should make life easier for consumers who want to secure their needs of the new products, said FRA chairman Mohamed Omran in a statement Tuesday.
FRA included the amounts invested in treasury bills and government bonds within its budget under the income item, which resulted in the volume of its budget for the fiscal year 2021/2020 to reach a total amount of LE 1.054 billion.
Chairman of the authority Mohamed Omran said services charges on trading in listed bonds will be reduced to be 5 per 100,000 with a maximum limit of 250 pounds.
The issuance is made through a deal of Ijara Sukuk that is compatible with the provisions of Islamic Sharia; it is a negotiable and expedited payment and is not transferable into shares with a maturity of 5 years.
Omran said that this precautionary measure is taken in line with the state measures to curb the spread of coronavirus.
The FRA chairman asked listed companies on the Egyptian Exchange and companies operating in the non-banking financial activities to adhere to the remote voting of shareholders.
Those who have complaints can send them to the authority via email "Complaints@fra.gov.eg", he said.
Chairman of FRA Mohamed Omran asked listed companies on the Egyptian Exchange and companies operating in the field of non-banking financial activities, to adhere to preparing a system for remote voting by shareholders.
This comes as the first application of Resolution No. 172 for 2018 which put a regulatory framework for the rules for issuance of short-term debt instruments.
He expressed satisfaction over the development in non-banking activities, noting the noticeable rise in the value of issued securities to exceed LE 1 trillion.
Omran added that the authority offers a 50-percent discount on examining and studying green bond issuance to encourage organizations and investors to invest in it.
Omran clarified during a conference to announce the issuance of the first short-term securitization for payment of Premium Card that the biggest challenge is offering green bonds.
The volume of real estate financing rose to LE 12 billion in the first six months of this year, compared with LE 10.7 billion in December of 2018.
He said the financial centers in Africa have a good opportunity to transfer African countries into global green financial hubs once funds are provided.
Omran's remarks were made at the end of International Organization of Securities Commissions (IOSCO) meetings held in Russia's Saint Petersburg city.
FRA approved offering licenses to credit rating companies specialized in small and medium-sized enterprises
The new law takes into consideration the Egyptian experiment over the past five years as far as funding of micro-sized projects is concerned, Omran said in a statement Sunday.
Moody's Investors Service had expected Egypt to become one of the Islamic sukuk issuers during 2019.
The committee will also be tasked with outlining measures for FRA accredited companies to conduct any of the activities related to securities.
The bill included LE 1.6 billion for the purchase of Sarwa Capital's 261.8 million shares at a price of LE 7.36 per share representing 30 percent of the issued share capital.