By Hossam Mounier
The Egyptian Federation for Mortgage Finance’s first general assembly will be held this Thursday, according to Sabry El-Bendary, General Manager of local employment of Faisal Islamic Bank of Egypt (FIB).
El-Bendary, who is also one of the banks’ representatives and a candidate for federation membership, said the general assembly is to elect its first board of directors. Representatives from banks, real estate, financial leasing and insurance companies will participate.
The founding committee of the federation, formed by the Egyptian Financial Supervisory Authority (EFSA), opened the door for elections for the 11-member board of directors until 11 June.
A total of 11 candidates representing the banking sector ran for the elections, in addition to nine representing financing and refinancing companies, and two representing professional associations.
Members of the board of directors will elect the president and vice president after holding the general assembly meeting. Executive steps will also be taken to activate the federation’s role in overcoming obstacles of the real estate finance sector with the help of responsible authorities in the state.