The Financial Markets Authority grants approval to seven companies and entities to conduct non-banking financial activities
Cairo – Nahd Imam: The General Authority for Financial Supervision (GAFI), chaired by Dr. Islam Azam, has granted approvals to seven companies and entities to engage in and provide various non-banking financial activities. This move is part of the Authority’s ongoing efforts to develop the markets under its supervision, enhance the diversity of financial services and products, and foster a more attractive investment environment, thereby expanding the base of beneficiaries of non-banking financial services.
The approvals included the establishment of the Egyptian Ratings Agency “Matra” to operate in the field of securities rating and classification.
The Authority also approved the registration of “ALF” in the register of companies collecting financial receivables on behalf of non-banking financing companies and entities, making it the fourth company registered in the register prepared by the Authority to govern the activities in this sector. The Authority continues to review registration applications submitted by more than 30 companies seeking to be included in the register.
The approvals also covered the establishment of “E-Finance Holding for Financial Services,” whose primary objective is to participate in the establishment of companies issuing securities or in increasing their capital, thereby supporting the deployment of investments in companies and enhancing their ability to access funding sources through the capital market.
In the insurance sector, the Authority approved the registration of the Government Insurance Fund against Risks Arising from Medical Errors in the register of government insurance funds maintained by the Authority, in line with the Authority’s role in regulating and supervising insurance entities and mechanisms under its oversight.
The Authority also approved the establishment of the “MSSM Corporation Real Estate Investment Fund” to engage in real estate investment fund activities, thereby adding a new entity to the real estate investment system through specialized investment funds.
In the financing sector, the Authority granted “Aman for Consumer Financing” approval to add real estate financing to its activities. It also licensed “Corplease for Financial Leasing” to add consumer financing to its main activity.
These approvals fall within the constitutional and legal mandate of the General Authority for Financial Supervision to regulate and supervise non-banking financial markets and instruments, which include capital markets, futures exchanges, insurance activities, real estate financing, financial leasing, factoring, securitization, consumer financing, and other related activities. The Authority is also authorized to approve the establishment and licensing of companies operating in these markets.
Founding, licensing, and approval decisions related to the conduct of various activities are issued based on the recommendations of the Company Establishment and Licensing Committee and its branches. This committee is responsible for studying and issuing preliminary and final approvals for companies, applications to add activities and mechanisms, opening, closing, and transferring branches, reviewing amendments to articles of association, approving incentive and reward systems and their amendments, changing the legal umbrella for companies operating in the securities and consumer financing sectors, as well as examining applications for liquidation and voluntary temporary suspension of activities.
The Authority emphasizes that the diversity of approvals issued reflects its continued commitment to developing the structure of non-banking financial markets, balancing the protection of stakeholders’ rights with the provision of diverse financial services and solutions that meet their needs, support market competitiveness, and enhance the efficiency of non-banking financial services.
