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A Presidential Decree was issued to appoint Dr. Mohammed Omran as Chairman of the Egyptian Financial Supervisory Authority (EFSA)

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President Abdel Fattah El Sisi issued decree no. 502 of 2017 appointing Dr. Mohammed Omran as the Chairman of the Egyptian Financial Supervisory Authority (EFSA) for a period of four years starting from 7 August 2017, that is after the approval of the House of Representatives on his nomination in its session dated 2 October 2017.

The Egyptian Financial Supervisory Authority (EFSA) was established by Law No. 10 of 2009 that merges Capital Market Authority, Insurance Supervisory Authority and Mortgage Finance Authority.  EFSA supervises and regulates non-banking financial markets and instruments including Capital Market, insurance, private insurance funds, mortgage finance, financial leasing, factoring and securitization. EFSA aims at achieving the safety and stability of such markets and instruments besides regulating and developing activities and maximizing their competitiveness to attract more local and foreign investments. The Egyptian Constitution issued in 2014 puts EFSA in the ranks of independent Authorities and regulating bodies and sets the mechanism for appointing of its Chairman by a presidential decree after the approval of the House of Representatives. Dr. Omran is the first Chairman of the Egyptian Financial Supervisory Authority (EFSA) to be appointed in accordance with that mechanism after being stated in the Egyptian Constitution.

 It is worth mentioning that Dr. Mohammed Omran holds an MBA from Cairo University and a PhD in Finance from the University of Plymouth, UK. He has also worked as a visiting professor at several universities and academic and research centers such as the University of Plymouth- UK, the University of Oklahoma, USA, the World Bank in Washington, the University of Valle- Canada and the University of Vaasa- Finland. Also, he held a number of positions in the Arab Monetary Fund in Abu Dhabi, United Arab Emirates and in the International Monetary Fund – Washington. He was an Advisor to the Egyptian Minister of Investment, Acting Executive Director of the Egyptian Institute of Directors and the Chairman of the Egyptian Exchange (EGX).
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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