Financial Regulatory Authority FRA
Islam Abdel Azim Azzam currently serves as the Vice Chairman of the Financial Regulatory Authority (FRA) since January 2021 and holds the position of Associate Professor of Finance at the American University in Cairo since September 2005. Azzam has previous experience as a Financial Advisor at the African Development Bank from January 2009 to February 2018 and has been a Visiting Professor of Finance at the University of Stellenbosch from January 2011 to February 2024. Azzam earned a Doctorate in Economics with a focus on Econometrics and Monetary Policy, as well as a Master's degree in Econometrics and Quantitative Economics, both from the University of California, Irvine, completing studies in January 2003 and January 2002, respectively.
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Financial Regulatory Authority FRA
The Financial Regulatory Authority is a public Authority, having a legal status, established in accordance to law 10 of the year 2009. The Authority is responsible for supervising and regulating non-banking financial markets and instruments, including the Capital Market, the Exchange, all activities related to Insurance Services, Mortgage Finance, Financial Leasing, Factoring and Securitization. FRA's role is to regulate the market and ensure its stability and competitiveness to attract more local and foreign investments " The mandate of the Authority also includes limiting inconsistency risks and addressing problems arising from applying different supervisory rules". The Financial Regulatory Authority is replace the Egyptian Insurance Supervisory Authority, the Capital Market Authority, and the Mortgage Finance Authority in application of the provisions of the supervision and regulation of Insurance law no. 10 of 1981, the Capital Market law no. 95 of 1992, the Depository and Central registry law no. 93 of 2000, the Mortgage Finance law no. 148 of 2001, as well as other related laws and decrees that are part of the mandates of the above authorities. FRA is also the admin authority for companies established under the provisions of law of financial leasing issued by law no.95 for year 1995