News

Financial control meets the party youth coordination delegation to coordinate on strengthening the role of non-banking financial activities in the economy

Aya Hussein

In continuation of the efforts to strengthen the partnership approach adopted by the FRA’s administration to develop non-banking financial services with all related parties, Dr. Mohamed Farid, Chairman of the FRA’s Board of Directors, received Thursday At the Authority’s headquarters in the Smart Village, a delegation from the Coordination of Youth Parties and Politicians, including members of the People’s Assembly and the Senate, as well as members of the Coordination Committee, to consult on strengthening the role of non-banking financial activities in supporting the national economy and supporting the Egyptian government’s vision in achieving the goals of economic and social development plans.

Dr. Farid started his speech by welcoming the coordination delegation, expressing his appreciation for the role played by the coordination committee at various levels, explaining that the authority adopts and implements an approach based on partnership with all parties and institutions to enhance the role of non-bank financial activities in supporting the national economy, as he attended the meeting Each of Dr. Islam Azzam and Mr. Ahmed Al-Sheikh, the two vice-presidents of the commission, Dr. Muhammad Abdel Aziz, assistant to the commission’s president, and Mr. Mohamed Ayyad, director of the commission’s media center, and counselor Reda Abdel-Moati, chief advisor to God. A.

The meeting was attended by the Coordination of Youth Parties and Politicians, Representatives of the People’s Assembly, namely Martha Mahrous, Marcel Samir, Muhammad Tayseer Matar, Muhammad Ismail, Iman Al-Alfi, Ghada Ali and Muhammad Tariq, and from the Senate, Akmal Najati, Muhammad Farid and Alaa Mostafa and Ahmed Al-Kenawy, in addition to Reem Al-Qadi, Mohamed Salem, Mustafa Abu Zaid, Moamen Selim, and Ahmed Yehia.

Dr. Farid gave a presentation on the establishment of the General Authority for Financial Supervision and the constitutional articles that guarantee its independence and define its terms of reference in oversight and supervision of markets and tools Non-banking financial markets, as well as its work on organizing and developing non-banking financial markets and balancing the rights of all parties dealing with the provision of means and systems that guarantee the efficiency of markets and the transparency of the activities in which they are practiced.

Dr. Farid mentioned that the FRA According to Law No. 10 of the year 2009 it has many specializations such as incorporation, licensing, inspection, supervision, control, awareness and protection.

Dr. Farid also referred to the relative importance of the funds granted through Entities subject to the supervision and control of the Authority that Ch This is a remarkable development during the recent period, stressing that the non-banking financial sector subject to the control, supervision and regulation of the Authority includes various companies and institutions, professionals and beneficiaries, which requires a prudent and continuous monitoring process in parallel with the development of professional cadres. The Authority stated that the approach adopted and implemented by the current administration aims to increase the levels of clarity and certainty regarding the efforts being made to develop and develop all activities, according to a development process that relies on dialogue and partnership and the study of international experiences to be guided by the best international practices.

Dr. Farid continued The development of the legislative framework is among the main elements of the non-banking financial services development frameworks adopted by the Authority, which includes, in addition to that, the development of all professionals, the development of products and markets, the enhancement of financial technology mechanisms, and the raising of awareness and knowledge levels to achieve financial, investment and insurance inclusion.

Dr. Farid reviewed the frameworks for developing the non-banking financial sector in accordance with the Authority’s vision, which included the development of professionals by raising professional competence and providing training programs that include the best practices Arasat International, with the automation of the professional testing process to ensure the efficiency of professionals working in all activities, and the development frameworks included the development of financial tools and innovative financing and investment solutions in line with economic changes, with the aim of developing markets and products, as well as qualifying companies for technological services to support the achievement of financial, investment and insurance inclusion With the development of the regulatory and service frameworks through the use of regulatory and supervisory technology and the application of the control approach based on risk with the development of unified models for the speedy processing of requests and the completion of the procedures necessary to provide all services from the Authority.

The meeting also included the Chairman of the Authority By presenting developments in the performance of indicators and the current situation of all non-banking financial activities and the targets that the Authority seeks to achieve, stressing the importance of concerted all necessary efforts to issue legislative controls and amendments as well as issuing new laws that support the development and growth of non-banking financial activities and achieve financial stability for all entities subject to the Authority’s supervision to ensure Hedge against the occurrence of any future financial risks as a result of economic changes It works on the stability and growth of markets and the protection of the rights of all dealing parties.

For her part, Representative Ghada Ali, a member of the Economic Committee in the House of Representatives for the Coordination of Parties Youth, emphasized the importance of the Coordination delegation’s visit to the Authority’s headquarters to see closely the important role it plays. The General Authority for Financial Regulatory Authority in supervising and controlling all non-banking financial markets and instruments and the efforts made by the authority to support the growth and development of all activities and achieve a greater contribution to the national product and increase economic growth rates.

The meeting also included a number of Discussions that ensure that the participating members raise a number of questions and inquiries regarding the Authority’s vision to develop all activities subject to its control, and stress the importance of the necessary coordination to support the efforts undertaken by the Authority at all levels.

The discussion revolved around several issues And issues that all flow into how to develop non-banking financial activities to play a greater role in supporting the national economy and how to facilitate the citizen’s access to non-banking financial services while ensuring the efficiency and quality of the service provider and the solvency of corporate companies. hoping to achieve financial stability for the non-banking financial sector.

During the discussion, the coordination members stressed the great importance that the non-banking financial sector plays due to its unique components and various financing solutions that enhance the effectiveness of its role in supporting the national economy. They affirmed that the next stage will witness permanent coordination and continuous communication with the financial control to develop the legislative framework for the activities and markets of the Authority to serve economic and social development plans.

The delegation emphasized that the coordination is cooperating with all national institutions in the country to improve the quality of financial services And enhancing levels of financial inclusion for larger groups of Egyptian society, which improves their lives.

At the end of the meeting, Dr. Mohamed Farid, Chairman of the Authority, accompanied the participants on an inspection tour that included reviewing the management of market services and how to provide the various services it provides. The authority is for all the dealing parties, whether individuals or institutions, in an automated manner to ensure the facilitation of obtaining these services and the speedy completion of procedures. The Era of Financial Services and the Egyptian Center for Directors, the Regional Center for Sustainable Finance and the Egyptian Center for Optional Arbitration and Dispute Settlement and the role played by each party according to its various specializations in support of the Authority’s activities and the development and growth of markets.