The committee also greenlit the establishment of Saqr for
Promotion, Underwriting, and Real Estate Investment Fund Management, and Nawy
Shares for Promotion, Underwriting, and Real Estate Investment Fund Management.
Additionally, approval was granted for Qardy for Financing Small and Medium
Enterprises (SMEs).
In other decisions, Al Ahly Capital for Microfinance –
Tamkeen was authorized to add micro-leasing to its original scope of business.
Similarly, Erada for Microfinance Projects was permitted to expand its
activities to include SME financing.
The committee further approved the compliance of the
National Bank of Egypt and Qatar National Bank with FRA requirements for
listing in the authority's register, enabling them to trade government
securities and financial instruments in the secondary market.
According to FRA Chairman's Decree No. 3060 of 2023, the
committee is responsible for approving the establishment and licensing of
non-banking financial activities under the authority's supervision. Its mandate
includes approving requests for adding activities and mechanisms to existing
non-banking financial firms, changing regulatory umbrellas for securities and
consumer finance companies, and amending company bylaws.
The committee also provides initial or final approval for incentive schemes, opines on suspending general assembly resolutions for securities and consumer finance companies, and approves the opening, relocation, and closure of branches for non-banking financial firms. Furthermore, it handles requests for liquidation, temporary suspension of activity, voluntary cessation, and the registration, renewal, and delisting of founding agents for non-banking financial companies.