The issuance, led by FRA Chairman Dr. Mohamed Farid, is central to the regulator's mandate to organize and develop Egypt's non-bank financial sector.
The unprecedented guide is described as a crucial tool for
institutional transformation, enhancing operational efficiency, and achieving
the FRA's vision of improving the business environment, simplifying procedures,
and boosting transparency. This is intended to support a strong, advanced
non-bank financial sector capable of attracting local and foreign investments,
fostering financial inclusion, and promoting economic stability.
Dr. Farid emphasized that the guide is an execution of the
FRA's ambitious strategic plan to upgrade the institutional and regulatory
infrastructure of the non-bank financial sector. This aims to build an
investment-friendly environment that ensures greater financial stability,
advances financial inclusion, and protects the rights of all stakeholders.
"This guide is not merely a reference; it is a pivotal
implementation tool in the FRA's digital transformation journey and a starting
point for unifying procedures to ensure fairness and efficiency in service
delivery," Dr. Farid added. He also confirmed the FRA's commitment to
regularly updating its services to reflect global legislative developments and
ensure a more inclusive, sustainable, and competitive non-bank financial
sector.
The guide serves as the sole, official reference for all
companies, institutions, and individuals dealing with the FRA across all key
areas under its supervision, including:
Capital Markets and Investment (establishment, trading,
investment funds, issuance services, and corporate governance).
Insurance and Reinsurance (including professional
registration).
Non-Bank Financing Activities (real estate finance, financial
leasing, factoring, microfinance, and SME services).
Other Services (financial reports, compliance, complaints,
auditors, etc.).
Designed for maximum transparency, the guide standardizes
procedures through precise definitions for each service, clear identification
of required documents, and a streamlined submission mechanism. Crucially, it
sets mandatory, specific timeframes for service acquisition, eliminating
subjective discretion and ensuring speed and efficiency.
The FRA urges all stakeholders in non-bank financial activities to utilize this guide as their primary, trusted reference, and confirms its commitment to periodic updates reflecting legislative and regulatory developments to maintain alignment with international best practices.