FRA’s support to Takaful insurance activity has encouraged global entities to enter Egyptian insurance market
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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
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 chairperson Mohamed Omran said that instalments to be collected starting early March to September without imposing any delay fines.
Constituent committee to hold elections online
Prime Minister Moustafa Madbouly has temporarily suspended all activities that require large gatherings or movement in large numbers between governorates.
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 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.
The FRA source told Daily News Egypt (DNE) that the FRA was not officially notified by any company of the updates yet.
Securitisation bond issuances reach 18 of about EGP 22bn last year
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.
MFF’s share of total mortgage financing reached at EGP 136.1m in 3Q of 2019, says FRA
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.
Stakes in four companies to be offered on EGX before 31 March 2020, including Banque du Caire
Centre aims to raise awareness of sustainable development and promote a green economy culture within financial sector: Omran
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%.
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%.
“Divorced woman to be paid insurance benefits immediately after divorce,” says deputy chairperson of 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.
Funding increased by EGP 4.04bn in a year, clients up 14.1%
Broker Care obtained the operating license from the FRA on 7 July, appointing Abu Hagar as chairperson.
Egyptian market moving toward competing with its counterparts in world’s money markets: Shoukry
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.
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
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 determines six phases to implement plan
Proposed amendments include offering shares for borrowing through MCDR
Conference of HC Securities demands cooperation with banks to facilitate real estate funding
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 …
Activities worth EGP 70bn to experience first legislative framework ever