Latest in Tag: FRA Highlight
Latest in Tag: FRA
FRA finalises Sukuk regulations’ amendments, paving the way for promising investment
several companies want to issue sukuk in 2020, including real estate investment, services, agricultural reclamation
FRA allows capital contribution of commercial insurance companies to Takaful entities
FRA’s support to Takaful insurance activity has encouraged global entities to enter Egyptian insurance market
Tamweely adopts FRA-outlined measures to protect microfinance customers from COVID-19 fallout
Tamweely Microfinance started activity in August 2018 with capital of EGP 75m financed by NI Capital, Ayady for Investment and Development, and Post for investments
FRA discusses impact of postponing credit obligations on securitisation bonds
Mortgage finance, financial leasing, and factoring companies have postponed credit dues for their clients for a period of six months. Clients in these sectors have also been exempted from delaying fines.
FRA extends non-payment risk policy instalments deadline for MSMEs
FRA chairperson Mohamed Omran said that instalments to be collected starting early March to September without imposing any delay fines.
FRA sets 6-month time limit for Federation for Securities to hold internal elections
Constituent committee to hold elections online
FRA advises NBFCs to adopt e-system as precautionary measure against COVID-19
Prime Minister Moustafa Madbouly has temporarily suspended all activities that require large gatherings or movement in large numbers between governorates.
FRA approves amendments to Capital Market Law to ease regulation of real estate funds
The amendments would allow more flexibility in the funds’ investment policies by solving some problems faced in this type of funds. The suggested amendments were discussed in community dialogue sessions managed by the FRA with such funds’ representatives.
CIAF presents prospectus for sukuk offering to FRA end of next week
CIAF is currently preparing to float $50m sukuk, and promotions are underway to launch them, which is the first sukuk offering witnessed in the Egyptian market, after the approval of legislative controls for issuing sukuk in Egypt.
Mandatory purchase offer must be made for TE’s share: FRA
The FRA source told Daily News Egypt (DNE) that the FRA was not officially notified by any company of the updates yet.
FRA reviews most important achievements in 2019
Securitisation bond issuances reach 18 of about EGP 22bn last year
FRA announces excluded candidates in MCDR election
The authority has also excluded Safwat Abdel Moneim for not meeting the conditions required for running the election, as it was revealed that he currently works as a branch head of Mubasher Trade since May 2017. Mubasher is a shareholding company of MCDR.
Total mortgage finance in Egypt increases 67.6% in 3Q of 2019
MFF’s share of total mortgage financing reached at EGP 136.1m in 3Q of 2019, says FRA
Cooperation between the CBE, FRA, NTRA, AMLA to develop legislative framework for financial technology
Ayman Hussein, Sub Governor of CBE for Payment Systems and Information Technology, said “Financial technology and its applications contribute to financial inclusion,” adding that there is a fruitful cooperation between the CBE and the Ministry of Communications, where technology has become an important role in the banking sector.
FRA launches NBFIs national strategy, introduces five financial laws to parliament’s current session: Omran
Stakes in four companies to be offered on EGX before 31 March 2020, including Banque du Caire
FRA approves establishing Regional Centre for Sustainable Finance by presidential decree
Centre aims to raise awareness of sustainable development and promote a green economy culture within financial sector: Omran
FRA approves trading fees reduction on EGX transactions to boost investment
This will reduce trading service fees to 0.005% from 0.00625%, clearing and settlement fees to 0.0100% from 0.0125% and stock market commissions to 0.0100% from 0.0120%.
FRA moves to reduce fees on EGX transactions by 41%
The committee also recommended reducing the expenses of the Investor Protection Fund by 50% to 0.00005%, down from 0.0001%, and cut fees on trading on stocks listed on the EGX by 50%.
Egypt prepares draft law to oblige men to insure their ex-wives
“Divorced woman to be paid insurance benefits immediately after divorce,” says deputy chairperson of FRA
Pharos receives short selling license from FRA
The approval comes pursuant to the decision of the FRA No 268 of 2019 issued in February to regulate the practice of borrowing securities for the purpose of selling.
Microfinance balances increase to EGP 13.79bn end-June: FRA
Funding increased by EGP 4.04bn in a year, clients up 14.1%
Broker Care Insurance Brokerage targets EGP 20m premiums in FY 2020
Broker Care obtained the operating license from the FRA on 7 July, appointing Abu Hagar as chairperson.
HC starts utilising short selling mechanism
Egyptian market moving toward competing with its counterparts in world’s money markets: Shoukry
Acumen sues FRA for EGP 20m over damages to brand reputation
The company demanded a compensation of EGP 20m for damages suffered as a result of the defamation of the company’s reputation within the stock market.
FRA approves legislative amendments to Central Depository and Registry law
Omran added, in a Sunday statement, that the proposed amendments aim to make the Central Depository and Registry Law comprehensive, regulating the clearing and settlement operations, whether in the current or future exchanges
Value of mortgage finance drops to EGP 440.7m during Q1 2019
The report pointed out the acquisition by investors according to monthly income segments (up to EGP 2,500) of 58% of the value of mortgage finance during Q1, while the share of those with monthly income (more than EGP 3,500) was about 22%.
FRA sets plan for non-banking financial sector to implement state strategy for digital transformation
FRA determines six phases to implement plan
FRA considers new amendments to short selling controls
Proposed amendments include offering shares for borrowing through MCDR
FRA aims to increase micro funding beneficiaries to 4 million with EGP 15bn funding in 2022
Conference of HC Securities demands cooperation with banks to facilitate real estate funding
Possible challenges ahead: former chairperson of FRA
Financial Markets Adviser and former Chairperson of the FRA, Sherif Samy, said that every country in the world is keen to protect its consumers and to control markets through drafted laws, including activities of services and trade sectors. But for consumer financing activities, countries are different in dealing with them, as Samy clarified to Daily …