The Financial Regulatory Authority (FRA), chaired by Islam Azzam, has approved the establishment, registration and licensing of seven companies and entities to undertake various activities in the capital market and non-banking finance sector, as part of its mandate to regulate and supervise non-banking financial markets and support their expansion and development.
The decisions included approval for the establishment of Sheria Securities Promotion and Underwriting Company, in accordance with Law No. 95 of 1992 and its executive regulations, to undertake securities promotion and underwriting activities.
Regarding licences to operate in the capital market, the FRA approved granting eFinance Holding for Financial Services a licence to participate in the establishment of companies issuing securities or in increasing their capital.
It also approved granting Golden Way Securities and Bonds Brokerage a licence to undertake bond dealing, intermediation and brokerage activities, which have been added to the company’s permitted activities.
The decisions also included granting Olive Egypt Holding a licence to participate in the establishment of companies issuing securities or in increasing their capital.
Business Community for Financial Investments was also granted a licence to undertake securities portfolio formation and management, as well as investment fund activities, both of which have been added to the company’s permitted activities.
In the non-banking finance sector, the FRA granted preliminary approval to Fawry Consumer Finance to add factoring to its permitted activities.
The company must complete the necessary procedures with the General Authority for Investment and Free Zones (GAFI) to amend Articles 2 and 3 of its articles of association, submit the required documents to the FRA to obtain a licence to undertake the activity, and amend its name to reflect the newly added activity, in accordance with Law No. 159 of 1981 and its executive regulations.
The FRA also approved the registration of Simple Financial Technology and Solutions in the register of companies authorised to collect financial receivables on behalf of companies and entities operating in non-banking finance activities.
This brings the number of companies registered to undertake receivables collection activities to 12 since the issuance of FRA Board Decision No. 278 of 2025.
The FRA grants these approvals under its constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments, including capital markets, futures exchanges, insurance, mortgage finance, financial leasing, factoring, securitisation and consumer finance, as well as approving the establishment and licensing of companies operating in these markets.
The FRA issues establishment, registration and licensing decisions based on recommendations from its Committee for the Establishment and Licensing of Companies and Their Branches.
The committee is responsible for reviewing and issuing preliminary and final approvals for companies, considering applications to add activities and mechanisms, and approving the opening, closure and relocation of branches.
Its responsibilities also include reviewing amendments to companies’ articles of association, approving remuneration and incentive schemes and their amendments, and considering changes to the legislation governing companies, whether entering or leaving the scope of a particular law, for companies operating in the securities and consumer finance sectors.
The committee also examines applications for liquidation and voluntary temporary suspension of activities.