FRA
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This came during its virtual participation in the activities of the Fourth African Conference, which was held under the auspices of the PSI (Principals of Sustainable Insurance) initiative of the United Nations Environment Program (UNEP) at the end of last month.
It amends the articles of association of the Investor Protection Fund from Non-Commercial Risks to expand the insurance umbrella covered by the Fund to include the risks resulting from the activities of companies whose papers are registered or financial instruments in the Egyptian Stock Exchange.
This is aimed at maximizing the efficiency of the capital market and achieving transparency in the mechanisms of dealing with activities specialized in securities, following the approval of the Authority’s Board of Directors in its remote meeting.
The fund also aims at the entry of new investors, in addition to increasing the solvency and financial capacity of current investors.
Omran clarified that the new center will focus on strengthening the Egyptian economy’s existence on the global green economy map as the Middle East and Africa (MEA) region’s first sustainable finance center.
Omran clarified that this will take place by allowing factoring companies to provide the service of deduction of the future financial rights of stock brokerage companies arising from engaging in the activity of buying securities on margin.
FRA indicated in a report, Saturday, that the number of microfinance beneficiaries reached 3.2 million by the end of 2020, up from 3.1 million during 2019.
Omran stated that the decision includes that direct trading on the stock exchange be limited to buying and selling without allowing the use of margin buying mechanisms or borrowing securities for the purpose of selling, according to a statement issued, Sunday.
The documents related to the purchase offer file are being prepared, in accordance with the provisions of Chapter 12 of the Executive Regulations of the Capital Market Law No. 95 of 1992.
Egypt’s Financial Regulatory Authority (FRA) chaired by Mohamed Omran decided, Monday to donate LE 250 million to support state’s efforts to provide coronavirus vaccines for people in-need
Azzam has a wide experience in fields of investment and financing.
These activities include money market activities, the stock exchange, real estate finance, micro, medium and micro finance, consumer finance, insurance and financial leasing and factoring, Omran clarified.
The contracts recorded LE 58.6 billion during 2020, compared to LE 55.9 billion during 2019, marking an increase of 4.8 percent.
The indicator of the cumulative development of the volume of total transactions (disbursement and payment of financing) through non-cash payment methods from the beginning of the application in December 2018 until the end of September 2020 reached a total value of LE 2.5 billion.
This initiative comes within the framework of facilitating the compliance of microenterprise finance agencies and their project owners to comply with the requirements of Law No. (18) of 2019 regulating the "use of cashless payment methods."
CAIRO – 13 December 2020: Volume of securitization bond issuance in Egypt amounted to about LE 15.7 billion by the end of November 2020, according to Head of the Egyptian Financial Supervision Authority Mohamed Omran.
The working group includes representatives from each of the Central Bank, the Egyptian Stock Exchange, the Egypt Central Clearing, Depository and Registry Company, the Federation of Egyptian Banks, the Egyptian Insurance Union, a representative of investment banks and the European Bank for Reconstruction and Development (EBRD).
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.
Nano finance is thus one way of supporting certain segments of society, such as women and youth, to become a productive social power, Omran said in a statement Sunday.
