The move aims to facilitate the financing of their purchase, and to facilitate the meeting of consumer needs.
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FRA Chairperson Mohammed Omran said the ban extends to former employees whose service ended with a clear or implied resignation who may look for employment at any of the entities subject to its supervision and control.
Solvency standards set minimum capital adequacy to meet credit. operating risks at consumer finance companies
2,700 citizens use nano-finance products with loans amounting to EGP 650,000 end-May, says Omran
Transferred financial value funds provide financing for all financing companies, says Omran
These sectors cover the industrial and agricultural development and related marketing activities, as well as complementary products and services.
Contribution from insurance companies amounts to EGP 255m, or 41.2%, of total FRA income
Senior business executives at major institutions to decide registration requests for database without FRA interference, says Omran
Study finds oversupply of companies licensed in insurance brokerage activity relative to the market’s needs
Amendments to registration rules to allow non-company members to be included on audit committees, says Omran
FRA Chairperson Mohamed Omran expressed his pleasure at the election results announced by the IOSCO General Secretariat.
The request was put forward by the coronavirus crisis management team to ensure the sector can continue functioning given the current circumstances.
Authority says all employees nationwide should adhere to precautionary measures
Insurance premiums increase by 19.3% to reach EGP 35.2bn in same year
These decisions regulate the procedures reconciling the situation to the bodies that engaged in the activity before the implementation of the new consumer finance regulatory law
Abdel Salam had submitted his resignation to FRA Chairperson Mohamed Omran on Tuesday. The resignation is effective as of 18 May, when the MCDR’s general assembly comes to an end.
Amendments to executive regulations allow for greater funding opportunities for SMEs, says Omran
several companies want to issue sukuk in 2020, including real estate investment, services, agricultural reclamation
FRA’s support to Takaful insurance activity has encouraged global entities to enter Egyptian insurance market
Tamweely Microfinance started activity in August 2018 with capital of EGP 75m financed by NI Capital, Ayady for Investment and Development, and Post for investments
Mortgage finance, financial leasing, and factoring companies have postponed credit dues for their clients for a period of six months. Clients in these sectors have also been exempted from delaying fines.
FRA chairperson Mohamed Omran said that instalments to be collected starting early March to September without imposing any delay fines.
Constituent committee to hold elections online
Prime Minister Moustafa Madbouly has temporarily suspended all activities that require large gatherings or movement in large numbers between governorates.
The amendments would allow more flexibility in the funds’ investment policies by solving some problems faced in this type of funds. The suggested amendments were discussed in community dialogue sessions managed by the FRA with such funds’ representatives.
CIAF is currently preparing to float $50m sukuk, and promotions are underway to launch them, which is the first sukuk offering witnessed in the Egyptian market, after the approval of legislative controls for issuing sukuk in Egypt.
The FRA source told Daily News Egypt (DNE) that the FRA was not officially notified by any company of the updates yet.
Securitisation bond issuances reach 18 of about EGP 22bn last year
The authority has also excluded Safwat Abdel Moneim for not meeting the conditions required for running the election, as it was revealed that he currently works as a branch head of Mubasher Trade since May 2017. Mubasher is a shareholding company of MCDR.
MFF’s share of total mortgage financing reached at EGP 136.1m in 3Q of 2019, says FRA