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FRA?s Chairman mourns Dr. Ashraf El-Sharkawy – Thursday 19/12/2019

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Dr. Mohammed Omran – FRA’s Chairman mourned the former Chairman of the Authority Dr.  Ashraf El-Sharkawy who passed away after midnight yesterday, May his soul rest in peace.

Dr. Omran said, “I worked with Dr. Ashraf Elsharkawy when he was FRA’s Chairman in the period (February 2011 – June 2013), that period I was the Chairman of Egyptian Stock Exchange. Then both of us left on 30/6/2013, but communication between us was continuous on the personal level, as was the communication on the professional level when he was the Minister of Public Business sector.”

Dr. Omran added that Dr. El-Sharkawy endured the pain of his illness, and this did not prevent him from continuing the march of giving. The last time we met together when he came to the authority’s headquarters two weeks ago to participate in a documentary film on the authority. He gave his testimony in the process of forming a unified regulator on non-banking financial services activities within ten years.

According to Omran, conditions of his illness prevented him from participating in the ceremonial event, he apologized for not attending due to his illness just a few hours before the start of the ceremony, and he asked me to keep it tight so that this would not affect the ceremony.  Judge / Khaled El-Nashar, FRA’s Deputy Chairman received the honorary shield instead.

Dr. Omran was due to visit Dr. El-Sharkway to give him the honorary shield, but he asked me to wait for some time until he was discharged from the hospital, but fate did not give us the opportunity to meet again…. God forgive him.

Dr. Omran, on behalf of the Board of Directors of the Authority and all the employees of the Financial Regulatory Authority (FRA), extends their sincere condolences to his family and calling on the Lord to forgive him… May his soul rest in eternal peace.

It is worth noting that the late Dr. Ashraf Mahmoud Kadry El Sharkawy- former Public Business Sector Minister had held the position of Chairman of the Financial Regulatory Authority; he was a professor of financial accounting – Faculty of Commerce – Cairo University, and a visiting professor at the Department of Finance and Investment – Misr International University during the period 2003-2007. Also, he was  a visitor professor and lecturer in finance and investment in the MA in Business Management, Arab Academy for Science, Technology & Maritime Transport during the period from 2005-2010.

In addition, he contributed to setting many regulatory rules for financial markets. These rules included updating regulatory rules for both offering and IPO prospectuses, whether for private or public offering, rules for licensing those operating in securities field, rules of investment funds disclosure. Also, he contributed to setting rules for issuing bonds in patches, issuance of bonds by legal entities other than companies, listing rules, licensing rules for operating companies, and rules for management services companies in the field of investment funds. Besides, he chaired finance committees to agree on all the Public and Private Offering prospectuses since 2008.

Moreover, he contributed to preparing capital adequacy rules for companies operating in the securities field. He participated in committees for filing criminal cases in the capital market. Also, he participated in preparing the executive rules for issuing securities. He represented the Authority in grievance committees from the Authority’s administrative decisions. He was the Executive Director of Quality Control Unit since 2008 in the Authority.

After leaving FRA’s Chairmanship, he was appointed Head of the Accounting Department at the Faculty of Commerce, Cairo University.

He also participated in working groups formed by the International Organization of Securities Commissions (IOSCO) on securitization, primary bond market and financial disclosure rules for companies issuing securities and companies listed on Stock markets.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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