In the framework of FRA’s initiative towards spreading the financial culture in various activities under its supervision including the capital market , insurance and private insurance funds, mortgage finance and microfinance activity among all segments of Egyptian society,
Judge Khalid Al Nashar – FRA’s Deputy Chairman announced that the Authority has held an educational meeting on non-banking financial tools at El Sawy Culture wheel – in the presence of Dr. Mohamed Abdel Monem El Sawy – Director of the Sawy Culture Wheel. He emphasized that the seminar highlights the results of benefiting from the development that occurred in the ICTs in order to facilitate access to banking and non-banking products and services and the associated risks that increased upon taking the right financial-investment decision.
Al-Nashar said that number of experts from the Authority presented financing alternatives offered by non-banking financial activities (non-traditional) including mortgage finance, financial leasing and factoring. The seminar focused on microfinance activity, stressing that it is available through more than 1600 branches of companies and NGOs licensed to practice the activity. In addition to the protection of clients being provided by insurance activity and micro insurance to enable them to cope with the burden of accidents and disasters. Also, the seminar sheds light on the importance of investment funds and index funds as means of investment for small investors, and how to choose a brokerage and portfolio management company to limit the risks that may be faced by dealers in the capital market.
Also, the seminar presented FRA’s supervisory role in order to maintain the safety and stability of non-banking financial markets. Besides, it sheds light on the mechanisms provided by Law No 10 of 1981 on Insurance Supervision and Control to protect the rights of the clients in the non-banking financial markets and strike a balance among these markets in addition to the measures it deems necessary to reduce the manipulation and fraud in non-banking financial markets, taking into account the commercial risks that may be exist.