الهيئة العامة للرقابة المالية

أحداث وفاعليات الهيئة

FRA Chairman Delivers Keynote Speech at IUMI MENA Forum 2025 – Wednesday  28 May 2025

Dr. Mohamed Farid – FRA Chairman:

• Marine insurance is essential for international trade, providing stability and security for commercial transactions.
• The new Unified Insurance Law will bolster the financial strength of insurance companies, contributing to overall financial stability.
• Developing comprehensive climate risk databases is critical for robust and effective planning within the marine insurance sector.
• FRA firmly supports “differentiated responsibility” in global climate efforts, acknowledging its vital role in helping developing countries confront the escalating impacts of climate change.
• We continuously track the swift impacts of climate change and the escalating frequency of natural disasters, enabling us to evolve risk management strategies.
• The substantial expansion of infrastructure and domestic transportation networks significantly enhances Egypt’s capacity to attract investments.

Dr. Mohamed Farid, FRA Chairman delivered the keynote address at IUMI MENA Forum 2025. The Insurance Federation of Egypt “IFE”, in collaboration with the International Union of Marine Insurance (IUMI), organized the event. The forum witnessed prominent attendees, including Frédéric Denèfle , IUMI President; Rear Admiral Tarek Abdullah, Head of the Maritime Transport Sector at the Ministry of Transport; Alaa El-Zohairy, Chairman of the Egyptian Insurance Federation; alongside key FRA officials and representatives from leading Egyptian insurance firms.

During his speech, Dr. Farid underscored marine insurance’s foundational role in driving international trade growth and its critical contribution to global economic integration and free trade. He emphasized its importance in mitigating risks associated with cross-border cargo transport, noting that the very genesis of marine insurance was a decisive factor in the evolution of trade.

FRA Chairman also highlighted Egypt’s historically pivotal role in international trade, a distinction stemming from its unique geographical position both before and after the opening of the Suez Canal. He pointed out that Egypt’s first marine insurance legislation was enacted in 1888, following the canal’s inauguration in 1869. This legislative milestone solidified Egypt’s status as a significant maritime transport and trade hub amidst growing international commerce and rising shipping risks. Subsequently, Egypt witnessed the introduction of its first local marine insurance product in 1931.

Dr. Farid affirmed FRA’s unwavering commitment to balance insurance protection needs with economic advancements to strengthen the insurance sector’s capabilities. This dedication culminated in the Unified Insurance Law, a transformative development for the Egyptian insurance market’s regulatory framework. He emphasized that the strong performance of domestic insurance companies is indispensable for enabling the Egyptian market to effectively interact with global counterparts, acting as a crucial conduit for connecting both local and international investors. He concluded by reiterating FRA’s sustained efforts to enhance the regulatory framework, thereby reinforcing this essential role.

This initiative was crucial for boosting the sector’s efficiency and effectiveness. New regulations introduced a minimum capital requirement for insurance companies, mandating a two-phase increase to reach EGP 600 million in the second phase, significantly enhancing financial solvency.

Beyond capital, specific rules and ratios were established for investing insurance and reinsurance company funds. This strategically balances return with risk, optimizing asset management efficiency. To foster transparency and financial governance, mandatory deadlines were also set for preparing and presenting financial statements for all insurance entities. Dr. Farid highlighted that sufficient capital empowers companies to invest more effectively and refine their risk assessment mechanisms.

Dr. Farid further stressed the critical need to build and develop comprehensive climate risk databases. This is essential for robust planning across the insurance sector, particularly for marine insurance, given its direct ties to climate risks. He warned that a lack of accurate data severely impedes strategic planning, especially regarding carbon emissions from maritime transport fuels.

He also noted that FRA is intently monitoring accelerating climate changes, especially with the escalating frequency of natural disasters. Events once occurring every 70-80 years now repeat with alarming severity every 7-8 years. This dramatic shift presents substantial challenges for both regulators and insurance companies, demanding the urgent and continuous development of climate risk management tools.

Moreover, FRA Chairman advocated for the “differentiated responsibility” principle in tackling climate challenges. He argued that justice and accountability demand that industrially developed nations, historically responsible for pollution, contribute more significantly to global climate mitigation and adaptation efforts. This would channel crucial funding to developing countries, enabling them to build climate-resilient infrastructure and access clean energy technologies.

In a related context, Dr. Farid observed Egypt’s escalating appeal to international investors, particularly from East Asia and Europe. These investors are increasingly eyeing the Suez Canal Economic Zone for new export-oriented manufacturing facilities. This trend is driven by a global shift towards diversifying supply chains and a growing reliance on clean energy sources in industrial production.

Dr. Farid concluded his address by highlighting Egypt’s remarkable boom in infrastructure projects and transportation networks over the past five years. These advancements are significantly bolstering Egypt’s capacity to attract international investments. He noted that the enhanced efficiency and quality of local road networks now facilitate easier and larger investment flows. FRA, he emphasized, remains committed to foster a robust and effective insurance market, with a particular focus on marine and sustainable insurance.

FRA Joins Faculty of Economics & Political Science Annual Employment Forum for the Second Year in a Row – Wednesday 28 May 2025

Dr. Mohamed Abd Elaziz – Assistant to Chairman:

• Empowering youth with advanced skills and robust non-bank financial literacy is essential for their career readiness.

FRA recently participated in the 25^th  Annual Employment and Training Forum, hosted by Cairo University’s Faculty of Economics and Political Science. This event, held under the patronage of Prof Mohamed Sami Abdel-Sadek, President of Cairo University, brought together a wide array of public and private sector organizations.

The opening session featured prominent figures, including Professor Dr. Ghada Abdelbary, Vice President of Cairo University for Community Service and Environmental Development Affairs; Prof. Ahmed Ragab, the Vice President of Cairo University for Education and Student Affairs; Prof.Dr. Hanan Mohamed Aly Hassan Acting as Faculty Dean. In addition to Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman and Prof.Dr. Mamdouh Ismail Vice-Dean for Community Service and Environmental Development.

During the opening session, Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman conveyed the Authority’s appreciation for being part of this important event. He emphasized that equipping youth with knowledge and boosting their non-bank financial literacy is crucial for their empowerment and integration into the job market. This also eases their access to essential financing for launching or expanding future ventures, thereby creating numerous job opportunities that positively affect both youth and the national economy. He emphasized that youth are fundamental to the future and an invaluable asset to the workforce.

Dr. Abdel Aziz also detailed FRA’s ongoing initiatives to bolster financial literacy and awareness across all societal segments, particularly among youth. These efforts align with  FRA’s strategic objectives of achieving comprehensive financial, investment and insurance inclusion.

Dr. Abdel Aziz concluded by expressing his hope for Cairo University to swiftly launch a specialized scientific institute or center. This institution would focus on the non-bank financial sector’s job market needs, in collaboration with professional and international organizations. The objective is to produce graduates from the Faculty of Economics and Political Science who are uniquely prepared and highly competitive for employment.

Following the ribbon-cutting ceremony, attendees toured the participating organizations’ booths, including FRA’s. The Authority’s team, led by officials from the Central Departments for Awareness and Financial Literacy and Human Resources, presented FRA’s mandate and its vital role in developing, supervising and regulating non-bank financial services to protect stakeholders’ rights. They also showcased FRA’s support for students and young professionals through training programs and career opportunities.

FRA’s consistent participation in the forum for a second year demonstrates its deep commitment to enhance non-bank financial literacy and prepare young talent for integration into this essential sector. This active involvement robustly supports national economic growth and the achievement of sustainable development goals.

FRA Chairman Delivered a Keynote Speech  at CAISEC’25 Cybersecurity Conference – Monday 26 May 2025

• The conference featured a notable governmental presence, bringing together ministers from key sectors such as Health, Finance, Communications, Higher Education, Supply and Education.

Dr. Mohamed Farid – FRA Chairman :

• Cyberattacks and data breaches represent the new battlefield, necessitating preparation as a fundamental requirement for achieving financial stability.
• We prioritize cybersecurity by developing robust policies and systems to safeguard customer data, crucial for market stability.
• Our goal is to foster a work environment that ensures data security and market stability for all operating entities, thereby strengthening the sector’s contribution to the national economy.
• While Egypt’s rapid digital transformation brings new opportunities, it also escalates cybersecurity challenges and threats.
• Technological advancements must be matched by enhancing human expertise to effectively close the information gap.
• Sixteen companies have already secured FinTech licenses from the Authority, spearheading digital transformation within the non-bank financial sector.
• The Authority currently has four registered outsourcing service providers, with more companies anticipated to enter this market in the near future.

Dr. Mohamed Farid, FRA Chairman delivered a keynote speech at the fourth edition of Caisec25. This prominent event, a key forum for electronic security innovations in the Middle East and Africa, provided a platform for Dr. Farid to detail FRA’s ongoing commitment to foster a secure and stable environment that bolsters the non-bank financial sector’s contribution to the national economy. These efforts are central to FRA’s continuous drive to implement policies and measures that safeguard customer data and ensure market stability.

The two-day conference’s main sessions featured a distinguished lineup of government officials, including Dr. Khaled Abdel Ghaffar, Deputy Prime Minister and Minister of Health; Dr. Amr Talaat, Minister of Communications and Information Technology; Ahmed Kouchouk, Minister of Finance. In addition to  Dr. Ayman Ashour, Minister of Higher Education and Scientific Research; Mohamed Abdel Latif, Minister of Education and Technical Education and Dr. Sherif Farouk, Minister of Supply and Internal Trade.

In his address, FRA Chairman underscored the Authority’s unwavering focus on cybersecurity as the regulator of the non-bank financial sector which encompasses the capital market, insurance and other non-bank financing activities. He emphasized that developing robust policies and systems to protect customer data is paramount for market stability, a fundamental responsibility of any financial sector regulator.  He stressed that FRA is actively working to establish a secure data environment and stable markets for non-bank financial institutions, thereby fortifying the sector’s economic role.

Dr. Farid further articulated that FRA’s regulatory framework explicitly acknowledges cyberattacks and database breaches as the new battlefield. He therefore stressed the critical need for heightened cybersecurity measures. Egypt’s accelerating digital transformation across every sector amplifies this urgency, offering new opportunities, but concurrently fostering an increasing number of cybersecurity threats.

He explained that this situation demands prompt action to develop policies and operating systems that strengthen FinTech governance. This ensures non-bank financial institutions can effectively use these technologies, ultimately boosting market stability.

FRA Chairman also spoke about the rapid and revolutionary pace of artificial intelligence (AI) development. He stressed the vital need to strengthen the recovery capabilities of institutions and markets, recognizing that technological progress inherently introduces new risks. Therefore, a heightened state of preparedness is crucial to cultivate a flexible non-bank financial sector that can both harness technological advancements and manage associated risks with greater efficiency and effectiveness.

Dr. Farid underscored that technological progress must be accompanied by enhanced human capital efficiency to achieve ambitious goals and narrow existing knowledge gaps. He highlighted the indispensable role of human capital in business models. Accordingly, specialists in electronic security and cybersecurity innovation should prioritize the provision of comprehensive, varied and sustained training programs for human resources.

FRA Chairman affirmed that such training has become indispensable, largely due to the recent accelerated digitization of non-bank financial transactions. This surge was directly spurred by FRA’s issuance of various decrees implementing Law No. 5 of 2022, which provides the essential regulatory and legislative framework for integrating and fostering technology use in non-bank financial activities and services.

FRA has proactively established a robust FinTech framework. This began with Decree No. 139 of 2023, outlining the essential technological infrastructure, information systems and security measures for integrating FinTech into non-banking financial activities. Following this, Decree No. 140 of 2023 addresses critical areas such as digital identity, digital contracts, and digital registries, alongside compliance requirements. Significantly, it marks the first comprehensive regulatory decree from financial sector regulators to detail the electronic Know Your Customer (e-KYC) process for digital onboarding.

Further solidifying this comprehensive framework, Decree No. 141 of 2023 established an outsourcing registry specifically for FinTech within non-bank financial activities. This registry lists authorized companies that provide vital electronic services, including customer identification and contract recording to financial firms operating in this specialized domain.

These initiatives have already shown substantial progress: sixteen institutions and entities have successfully obtained diverse FinTech licenses from the Authority, actively spearheading digital transformation. Furthermore, around 110 institutions and entities adhere to the Authority’s cybersecurity requirements. Despite these achievements, FRA’s regulatory journey continues, as it regulates more than 3,500 companies and institutions across various financial activities and markets.

Dr. Farid further highlighted that four companies currently offer outsourcing services, with significant potential for this number to increase substantially. These registered firms play a crucial role in the digital landscape, handling electronic identification, verification, and authentication, facilitating electronic customer identification, enabling the digital execution of non-bank financial product contracts, and managing electronic registration, storage and retrieval from digital registries.

مؤتمرات و ندوات

Press Releases

FRA Chairman Delivers Keynote Speech at IUMI MENA Forum 2025 – Wednesday  28 May 2025

Dr. Mohamed Farid – FRA Chairman:

• Marine insurance is essential for international trade, providing stability and security for commercial transactions.
• The new Unified Insurance Law will bolster the financial strength of insurance companies, contributing to overall financial stability.
• Developing comprehensive climate risk databases is critical for robust and effective planning within the marine insurance sector.
• FRA firmly supports “differentiated responsibility” in global climate efforts, acknowledging its vital role in helping developing countries confront the escalating impacts of climate change.
• We continuously track the swift impacts of climate change and the escalating frequency of natural disasters, enabling us to evolve risk management strategies.
• The substantial expansion of infrastructure and domestic transportation networks significantly enhances Egypt’s capacity to attract investments.

Dr. Mohamed Farid, FRA Chairman delivered the keynote address at IUMI MENA Forum 2025. The Insurance Federation of Egypt “IFE”, in collaboration with the International Union of Marine Insurance (IUMI), organized the event. The forum witnessed prominent attendees, including Frédéric Denèfle , IUMI President; Rear Admiral Tarek Abdullah, Head of the Maritime Transport Sector at the Ministry of Transport; Alaa El-Zohairy, Chairman of the Egyptian Insurance Federation; alongside key FRA officials and representatives from leading Egyptian insurance firms.

During his speech, Dr. Farid underscored marine insurance’s foundational role in driving international trade growth and its critical contribution to global economic integration and free trade. He emphasized its importance in mitigating risks associated with cross-border cargo transport, noting that the very genesis of marine insurance was a decisive factor in the evolution of trade.

FRA Chairman also highlighted Egypt’s historically pivotal role in international trade, a distinction stemming from its unique geographical position both before and after the opening of the Suez Canal. He pointed out that Egypt’s first marine insurance legislation was enacted in 1888, following the canal’s inauguration in 1869. This legislative milestone solidified Egypt’s status as a significant maritime transport and trade hub amidst growing international commerce and rising shipping risks. Subsequently, Egypt witnessed the introduction of its first local marine insurance product in 1931.

Dr. Farid affirmed FRA’s unwavering commitment to balance insurance protection needs with economic advancements to strengthen the insurance sector’s capabilities. This dedication culminated in the Unified Insurance Law, a transformative development for the Egyptian insurance market’s regulatory framework. He emphasized that the strong performance of domestic insurance companies is indispensable for enabling the Egyptian market to effectively interact with global counterparts, acting as a crucial conduit for connecting both local and international investors. He concluded by reiterating FRA’s sustained efforts to enhance the regulatory framework, thereby reinforcing this essential role.

This initiative was crucial for boosting the sector’s efficiency and effectiveness. New regulations introduced a minimum capital requirement for insurance companies, mandating a two-phase increase to reach EGP 600 million in the second phase, significantly enhancing financial solvency.

Beyond capital, specific rules and ratios were established for investing insurance and reinsurance company funds. This strategically balances return with risk, optimizing asset management efficiency. To foster transparency and financial governance, mandatory deadlines were also set for preparing and presenting financial statements for all insurance entities. Dr. Farid highlighted that sufficient capital empowers companies to invest more effectively and refine their risk assessment mechanisms.

Dr. Farid further stressed the critical need to build and develop comprehensive climate risk databases. This is essential for robust planning across the insurance sector, particularly for marine insurance, given its direct ties to climate risks. He warned that a lack of accurate data severely impedes strategic planning, especially regarding carbon emissions from maritime transport fuels.

He also noted that FRA is intently monitoring accelerating climate changes, especially with the escalating frequency of natural disasters. Events once occurring every 70-80 years now repeat with alarming severity every 7-8 years. This dramatic shift presents substantial challenges for both regulators and insurance companies, demanding the urgent and continuous development of climate risk management tools.

Moreover, FRA Chairman advocated for the “differentiated responsibility” principle in tackling climate challenges. He argued that justice and accountability demand that industrially developed nations, historically responsible for pollution, contribute more significantly to global climate mitigation and adaptation efforts. This would channel crucial funding to developing countries, enabling them to build climate-resilient infrastructure and access clean energy technologies.

In a related context, Dr. Farid observed Egypt’s escalating appeal to international investors, particularly from East Asia and Europe. These investors are increasingly eyeing the Suez Canal Economic Zone for new export-oriented manufacturing facilities. This trend is driven by a global shift towards diversifying supply chains and a growing reliance on clean energy sources in industrial production.

Dr. Farid concluded his address by highlighting Egypt’s remarkable boom in infrastructure projects and transportation networks over the past five years. These advancements are significantly bolstering Egypt’s capacity to attract international investments. He noted that the enhanced efficiency and quality of local road networks now facilitate easier and larger investment flows. FRA, he emphasized, remains committed to foster a robust and effective insurance market, with a particular focus on marine and sustainable insurance.

FRA Joins Faculty of Economics & Political Science Annual Employment Forum for the Second Year in a Row – Wednesday 28 May 2025

Dr. Mohamed Abd Elaziz – Assistant to Chairman:

• Empowering youth with advanced skills and robust non-bank financial literacy is essential for their career readiness.

FRA recently participated in the 25^th  Annual Employment and Training Forum, hosted by Cairo University’s Faculty of Economics and Political Science. This event, held under the patronage of Prof Mohamed Sami Abdel-Sadek, President of Cairo University, brought together a wide array of public and private sector organizations.

The opening session featured prominent figures, including Professor Dr. Ghada Abdelbary, Vice President of Cairo University for Community Service and Environmental Development Affairs; Prof. Ahmed Ragab, the Vice President of Cairo University for Education and Student Affairs; Prof.Dr. Hanan Mohamed Aly Hassan Acting as Faculty Dean. In addition to Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman and Prof.Dr. Mamdouh Ismail Vice-Dean for Community Service and Environmental Development.

During the opening session, Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman conveyed the Authority’s appreciation for being part of this important event. He emphasized that equipping youth with knowledge and boosting their non-bank financial literacy is crucial for their empowerment and integration into the job market. This also eases their access to essential financing for launching or expanding future ventures, thereby creating numerous job opportunities that positively affect both youth and the national economy. He emphasized that youth are fundamental to the future and an invaluable asset to the workforce.

Dr. Abdel Aziz also detailed FRA’s ongoing initiatives to bolster financial literacy and awareness across all societal segments, particularly among youth. These efforts align with  FRA’s strategic objectives of achieving comprehensive financial, investment and insurance inclusion.

Dr. Abdel Aziz concluded by expressing his hope for Cairo University to swiftly launch a specialized scientific institute or center. This institution would focus on the non-bank financial sector’s job market needs, in collaboration with professional and international organizations. The objective is to produce graduates from the Faculty of Economics and Political Science who are uniquely prepared and highly competitive for employment.

Following the ribbon-cutting ceremony, attendees toured the participating organizations’ booths, including FRA’s. The Authority’s team, led by officials from the Central Departments for Awareness and Financial Literacy and Human Resources, presented FRA’s mandate and its vital role in developing, supervising and regulating non-bank financial services to protect stakeholders’ rights. They also showcased FRA’s support for students and young professionals through training programs and career opportunities.

FRA’s consistent participation in the forum for a second year demonstrates its deep commitment to enhance non-bank financial literacy and prepare young talent for integration into this essential sector. This active involvement robustly supports national economic growth and the achievement of sustainable development goals.

FRA Chairman Delivered a Keynote Speech  at CAISEC’25 Cybersecurity Conference – Monday 26 May 2025

• The conference featured a notable governmental presence, bringing together ministers from key sectors such as Health, Finance, Communications, Higher Education, Supply and Education.

Dr. Mohamed Farid – FRA Chairman :

• Cyberattacks and data breaches represent the new battlefield, necessitating preparation as a fundamental requirement for achieving financial stability.
• We prioritize cybersecurity by developing robust policies and systems to safeguard customer data, crucial for market stability.
• Our goal is to foster a work environment that ensures data security and market stability for all operating entities, thereby strengthening the sector’s contribution to the national economy.
• While Egypt’s rapid digital transformation brings new opportunities, it also escalates cybersecurity challenges and threats.
• Technological advancements must be matched by enhancing human expertise to effectively close the information gap.
• Sixteen companies have already secured FinTech licenses from the Authority, spearheading digital transformation within the non-bank financial sector.
• The Authority currently has four registered outsourcing service providers, with more companies anticipated to enter this market in the near future.

Dr. Mohamed Farid, FRA Chairman delivered a keynote speech at the fourth edition of Caisec25. This prominent event, a key forum for electronic security innovations in the Middle East and Africa, provided a platform for Dr. Farid to detail FRA’s ongoing commitment to foster a secure and stable environment that bolsters the non-bank financial sector’s contribution to the national economy. These efforts are central to FRA’s continuous drive to implement policies and measures that safeguard customer data and ensure market stability.

The two-day conference’s main sessions featured a distinguished lineup of government officials, including Dr. Khaled Abdel Ghaffar, Deputy Prime Minister and Minister of Health; Dr. Amr Talaat, Minister of Communications and Information Technology; Ahmed Kouchouk, Minister of Finance. In addition to  Dr. Ayman Ashour, Minister of Higher Education and Scientific Research; Mohamed Abdel Latif, Minister of Education and Technical Education and Dr. Sherif Farouk, Minister of Supply and Internal Trade.

In his address, FRA Chairman underscored the Authority’s unwavering focus on cybersecurity as the regulator of the non-bank financial sector which encompasses the capital market, insurance and other non-bank financing activities. He emphasized that developing robust policies and systems to protect customer data is paramount for market stability, a fundamental responsibility of any financial sector regulator.  He stressed that FRA is actively working to establish a secure data environment and stable markets for non-bank financial institutions, thereby fortifying the sector’s economic role.

Dr. Farid further articulated that FRA’s regulatory framework explicitly acknowledges cyberattacks and database breaches as the new battlefield. He therefore stressed the critical need for heightened cybersecurity measures. Egypt’s accelerating digital transformation across every sector amplifies this urgency, offering new opportunities, but concurrently fostering an increasing number of cybersecurity threats.

He explained that this situation demands prompt action to develop policies and operating systems that strengthen FinTech governance. This ensures non-bank financial institutions can effectively use these technologies, ultimately boosting market stability.

FRA Chairman also spoke about the rapid and revolutionary pace of artificial intelligence (AI) development. He stressed the vital need to strengthen the recovery capabilities of institutions and markets, recognizing that technological progress inherently introduces new risks. Therefore, a heightened state of preparedness is crucial to cultivate a flexible non-bank financial sector that can both harness technological advancements and manage associated risks with greater efficiency and effectiveness.

Dr. Farid underscored that technological progress must be accompanied by enhanced human capital efficiency to achieve ambitious goals and narrow existing knowledge gaps. He highlighted the indispensable role of human capital in business models. Accordingly, specialists in electronic security and cybersecurity innovation should prioritize the provision of comprehensive, varied and sustained training programs for human resources.

FRA Chairman affirmed that such training has become indispensable, largely due to the recent accelerated digitization of non-bank financial transactions. This surge was directly spurred by FRA’s issuance of various decrees implementing Law No. 5 of 2022, which provides the essential regulatory and legislative framework for integrating and fostering technology use in non-bank financial activities and services.

FRA has proactively established a robust FinTech framework. This began with Decree No. 139 of 2023, outlining the essential technological infrastructure, information systems and security measures for integrating FinTech into non-banking financial activities. Following this, Decree No. 140 of 2023 addresses critical areas such as digital identity, digital contracts, and digital registries, alongside compliance requirements. Significantly, it marks the first comprehensive regulatory decree from financial sector regulators to detail the electronic Know Your Customer (e-KYC) process for digital onboarding.

Further solidifying this comprehensive framework, Decree No. 141 of 2023 established an outsourcing registry specifically for FinTech within non-bank financial activities. This registry lists authorized companies that provide vital electronic services, including customer identification and contract recording to financial firms operating in this specialized domain.

These initiatives have already shown substantial progress: sixteen institutions and entities have successfully obtained diverse FinTech licenses from the Authority, actively spearheading digital transformation. Furthermore, around 110 institutions and entities adhere to the Authority’s cybersecurity requirements. Despite these achievements, FRA’s regulatory journey continues, as it regulates more than 3,500 companies and institutions across various financial activities and markets.

Dr. Farid further highlighted that four companies currently offer outsourcing services, with significant potential for this number to increase substantially. These registered firms play a crucial role in the digital landscape, handling electronic identification, verification, and authentication, facilitating electronic customer identification, enabling the digital execution of non-bank financial product contracts, and managing electronic registration, storage and retrieval from digital registries.

FRA in the News

القرية الذكية- 10 نوفمبر 2020 : د. عمران بصفته رئيساً لمجلس إدارة معهد الخدمات المالية يوقع اتفاقاً مع معهد دراسات البورصة IEB الإسباني لمنح درجة الماجستير في الأسواق المالية بحضور السفير الإسباني بالقاهرة ،وسفيرنا في مدريد عبر تقنية الفيديو كونفرس

FRA Chairman Delivers Keynote Speech at IUMI MENA Forum 2025 – Wednesday  28 May 2025

Dr. Mohamed Farid – FRA Chairman:

• Marine insurance is essential for international trade, providing stability and security for commercial transactions.
• The new Unified Insurance Law will bolster the financial strength of insurance companies, contributing to overall financial stability.
• Developing comprehensive climate risk databases is critical for robust and effective planning within the marine insurance sector.
• FRA firmly supports “differentiated responsibility” in global climate efforts, acknowledging its vital role in helping developing countries confront the escalating impacts of climate change.
• We continuously track the swift impacts of climate change and the escalating frequency of natural disasters, enabling us to evolve risk management strategies.
• The substantial expansion of infrastructure and domestic transportation networks significantly enhances Egypt’s capacity to attract investments.

Dr. Mohamed Farid, FRA Chairman delivered the keynote address at IUMI MENA Forum 2025. The Insurance Federation of Egypt “IFE”, in collaboration with the International Union of Marine Insurance (IUMI), organized the event. The forum witnessed prominent attendees, including Frédéric Denèfle , IUMI President; Rear Admiral Tarek Abdullah, Head of the Maritime Transport Sector at the Ministry of Transport; Alaa El-Zohairy, Chairman of the Egyptian Insurance Federation; alongside key FRA officials and representatives from leading Egyptian insurance firms.

During his speech, Dr. Farid underscored marine insurance’s foundational role in driving international trade growth and its critical contribution to global economic integration and free trade. He emphasized its importance in mitigating risks associated with cross-border cargo transport, noting that the very genesis of marine insurance was a decisive factor in the evolution of trade.

FRA Chairman also highlighted Egypt’s historically pivotal role in international trade, a distinction stemming from its unique geographical position both before and after the opening of the Suez Canal. He pointed out that Egypt’s first marine insurance legislation was enacted in 1888, following the canal’s inauguration in 1869. This legislative milestone solidified Egypt’s status as a significant maritime transport and trade hub amidst growing international commerce and rising shipping risks. Subsequently, Egypt witnessed the introduction of its first local marine insurance product in 1931.

Dr. Farid affirmed FRA’s unwavering commitment to balance insurance protection needs with economic advancements to strengthen the insurance sector’s capabilities. This dedication culminated in the Unified Insurance Law, a transformative development for the Egyptian insurance market’s regulatory framework. He emphasized that the strong performance of domestic insurance companies is indispensable for enabling the Egyptian market to effectively interact with global counterparts, acting as a crucial conduit for connecting both local and international investors. He concluded by reiterating FRA’s sustained efforts to enhance the regulatory framework, thereby reinforcing this essential role.

This initiative was crucial for boosting the sector’s efficiency and effectiveness. New regulations introduced a minimum capital requirement for insurance companies, mandating a two-phase increase to reach EGP 600 million in the second phase, significantly enhancing financial solvency.

Beyond capital, specific rules and ratios were established for investing insurance and reinsurance company funds. This strategically balances return with risk, optimizing asset management efficiency. To foster transparency and financial governance, mandatory deadlines were also set for preparing and presenting financial statements for all insurance entities. Dr. Farid highlighted that sufficient capital empowers companies to invest more effectively and refine their risk assessment mechanisms.

Dr. Farid further stressed the critical need to build and develop comprehensive climate risk databases. This is essential for robust planning across the insurance sector, particularly for marine insurance, given its direct ties to climate risks. He warned that a lack of accurate data severely impedes strategic planning, especially regarding carbon emissions from maritime transport fuels.

He also noted that FRA is intently monitoring accelerating climate changes, especially with the escalating frequency of natural disasters. Events once occurring every 70-80 years now repeat with alarming severity every 7-8 years. This dramatic shift presents substantial challenges for both regulators and insurance companies, demanding the urgent and continuous development of climate risk management tools.

Moreover, FRA Chairman advocated for the “differentiated responsibility” principle in tackling climate challenges. He argued that justice and accountability demand that industrially developed nations, historically responsible for pollution, contribute more significantly to global climate mitigation and adaptation efforts. This would channel crucial funding to developing countries, enabling them to build climate-resilient infrastructure and access clean energy technologies.

In a related context, Dr. Farid observed Egypt’s escalating appeal to international investors, particularly from East Asia and Europe. These investors are increasingly eyeing the Suez Canal Economic Zone for new export-oriented manufacturing facilities. This trend is driven by a global shift towards diversifying supply chains and a growing reliance on clean energy sources in industrial production.

Dr. Farid concluded his address by highlighting Egypt’s remarkable boom in infrastructure projects and transportation networks over the past five years. These advancements are significantly bolstering Egypt’s capacity to attract international investments. He noted that the enhanced efficiency and quality of local road networks now facilitate easier and larger investment flows. FRA, he emphasized, remains committed to foster a robust and effective insurance market, with a particular focus on marine and sustainable insurance.