Arab Finance: Islam Azzam, Executive Chairman of the Financial Regulatory Authority (FRA), heads its newly formed board of directors under a decree issued by Prime Minister Mostafa Madbouly, as per a statement.

The board’s four-year term runs from October 2026 to October 2030.

The decree follows the law governing oversight of non-banking financial instruments and the presidential decree establishing the FRA’s statute.

Azzam was appointed as Executive Chairman of the FRA for a one-year term under Presidential Decree No. 116 of 2026, issued in March.

Azzam is the sixth to head the FRA since its establishment under Law No. 10 of 2009 concerning the oversight regulation of non-banking financial markets and instruments.

Having served as Chairman of the Egyptian Exchange (EGX) during the second half (H2) of 2025, Azzam has extensive experience in non-banking financial markets, regulation, and supervision.

He was also the FRA’s Vice Chairman from January 2021 to August 2025, when he oversaw the capital market, insurance, and non-banking financial activities.

During his tenure at the authority, Azzam contributed to developing the regulatory framework for the insurance sector following the issuance of the Unified Insurance Law No. 155 of 2024.

He participated in issuing the law's executive regulations, which included increasing the minimum capital requirements for insurance firms and setting the minimum capital requirements for non-banking financial companies within the Basel III framework.

He previously announced the launch of the first phase of the derivatives market, allowing trading in futures contracts on EGX. This offers advanced tools for hedging and risk management, which promotes the efficiency of financial markets and attracts investments.