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Approving the largest Staff promotions since FRA?s establishment

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• Dr. Omran: Women occupy new leadership positions, representing 32% of the Heads of General and Central Departments and Sectors


FRA has conducted the largest staff promotions since its establishment according to Law No. 10 of 2009.  According to the said Law, FRA replaced three regulatory bodies supervising insurance activities, capital market and real estate finance. FRA started to practice its regulatory role stated in the laws and decisions related to these activities to maintain the safety and stability of these markets. Dr. Mohammed Omran –  FRA’s Chairman issued decisions to promote 78 of FRA’s staff  to occupy leadership positions, including 51 of  middle leaderships where women represented about 35% of them, in addition to 27 new leaderships managing Central Departments and Sectors.

FRA’s Chairman said that FRA prepared the first integrated strategy for the non-banking financial sector in Egypt to be implemented within four years. FRA’s strategy aimed at creating an inclusive non-banking financial system and a catalyst for economic growth characterized by independence and gender equality. In this respect, the focus was on FRA’s human resources exclusively, besides reassuring their belief in the goals of FRA’s strategy and possessing the skills and ability to implement it effectively.  Dr. Omran added that FRA used to set a role model and this was clearly shown upon implementing the goals of its strategy, as it included empowering women in its priorities where women represented 32% of the new leaders who manage work in general and central departments and sectors. In addition to empowering youth to become the dominant feature of the team leading the work at FRA.

Dr. Omran noted that he was keen to create leadership ranks that opened the way for many to compete in achievement after the ceiling of promotion in front of them reached an end and remained suspended for many years. The new administrative structure helped to upgrade 12 leaders to occupy the position of Deputy Heads of Central Departments (new post) – and upgrade other 14 seniors to occupy the position of General Manager. This is in addition to three leaders, including two women, to occupy Deputy Heads of Money Market Operations Sector,   Non-Banking financing supervision and control sector and the Central Department for Chairman Office Affairs. This was after rounds of evaluation conducted by consultants and houses of expertise in human development to restructure the Authority’s sectors and restructure the work cycle to rely mainly on mechanization that enabled the Authority to accomplish many of its tasks remotely during the first wave of the spread of the new Corona virus.

Dr.  Omran added that the Authority’s message which was translated into the slogan launched during the last two years, “Building bridges, not walls”, reflected the regulator’s vision of continuous communication with the non-banking financial sector. He noted that the regulator’s role was not limited to regulation only but rather focused on creating an enabling and encouraging environment for investment, an environment that is opened to development and modernization and at the same time protects the dealers in the sector.  He added that it was not possible to achieve the above without care and attention to the manpower capable of achieving those goals and convincing them of the tasks assigned to them. So, the current Board of Directors was interested in instilling a unified culture that included a belief in effectiveness, achievement, objectivity and mastery of work.

FRA’s Chairman stated that the human capital that any establishment possesses is the real capital and one of the most important capabilities capable of shaping the position and image of the Authority among the Units operating in non-banking financial markets and activities. He added that the appreciation – material and moral – in its two parts is a catalyst for improving the performance and productivity of employees in the long term.  He stressed that FRA’s current management ensured the value and mastery of the work.

The 2014 constitution has become a bright spot in the history of the Financial Regulatory Authority, as it granted the Authority unprecedented independence and placed it in the ranks of independent regulatory bodies in a step that was required and vital to contribute to the development of FRA’s regulatory performance. This required a human force with a balanced personality that is able to judge matters objectively and is dedicated to carrying out its tasks with perfection.

This news item was originally published by the Finance Regulatory Authority (FRA EG). For more information, please see the Source Link.

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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