AMAN Holding forms new Sharia Supervisory committee
Updated 11/18/2025 1:00:00 PM
Arab Finance: AMAN Holding, a Raya Holding portfolio company and the most integrated fintech group in Egypt, has formed a new Sharia Supervisory committee, as per an emailed press release.
In line with the directives of the Financial Regulation Authority (FRA), the committee will review and certify AMAN’s Islamic finance products, policies, and operational procedures.
The committee is chaired by Mohamed El-Beltagy, Chairman of Board of Directors of the Egyptian Islamic Finance Association, with Mohamed Abdelkader serving as the Committee Secretary, while its members include Magdy Ashour and Mostafa Ibrahim.
As part of enhancing the Islamic finance system within the group, AMAN for Project Finance has designated 19 branches across 19 governorates exclusively for Islamic transactions.
Each AMAN Holding branch now features a dedicated counter for Islamic finance products, including Mudarabah, Murabaha, and Wakalah Bil-Istithmar services.
“The establishment of the new Shariah supervisory Committee reflects AMAN Holding’s deep commitment to offering fully Shariah-compliant financing solutions,” Hazem Moghazi, Co-CEO of Business and Commercial Affairs at AMAN Holding, stated.
“To complement this, we are currently working on issuing new sukuk worth EGP 5 billion for Aman Consumer Finance, alongside other Sukuk packages in cooperation with the new committee," Moghazi added.
It is worth noting that sukuk worth EGP 3 billion were previously issued for AMAN for Project Finance through the former Shariah committee.
For his part, Mohamed El-Beltagy, Chairman of AMAN Holding’s Shariah Supervisory Committee, noted: "Our core mission is to ensure all AMAN Holding products are fully Shariah-compliant, emphasizing quality and transparency in every transaction. We aim to provide flexible financing solutions for corporate and individual clients, thereby enhancing market confidence in all of AMAN Holding's non-banking financial solutions."
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