Arab Finance: Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), met with representatives of Jefferies to explore investment opportunities in the non-banking financial segments, particularly the insurance sector, as per a statement.

Besides Jefferies, one of the leading full-service investment banking and capital markets firms, Farid also gathered with the financial and business community and international investors during a business mission organized by the Egyptian-British Business Association in London.

The joint meetings support the authority’s commitment to strengthening cooperation with major international financial institutions and exchanging views on developments in financial markets and investment prospects. This aims to develop Egypt’s non-banking financial sector and attract more foreign investment.

Farid highlighted that the insurance industry is witnessing a qualitative shift and rapid development, supporting the country’s objectives to boost financial inclusion and expand the scope of social protection for the most vulnerable groups.

Following the issuance of the Unified Insurance Law in July 2024, the FRA amended the rules, policies, and investment ratios for private insurance funds and insurance companies, according to the chairman.

The amendment secured more diverse investment channels for the first time compared to previous years. These include metal investment fund certificates, or any metal-backed certificates or financial instruments traded on the Egyptian Exchange (EGX), open-ended investment fund certificates for listed stocks, as well as venture capital (VC) fund certificates and direct equity funds.

Moreover, the authority required insurance companies to allocate at least 2.5% of their paid-up capital to investment in open-ended investment fund certificates that invest in listed stocks.

They were also ordered to direct 5% of their invested capital to investment in commodity and metal investment fund certificates or other financial instruments backed by metals traded on the EGX.

In line with its effort to enhance the sector's efficiency, the FRA also issued a set of supporting legislation and regulatory measures, including determining the minimum capital for insurance companies.

The insurance firms are required to increase their minimum issued and paid-up capital to EGP 600 million in two phases over two years.

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