El-Sisi names Islam Azzam as FRA Chairman

Updated 3/10/2026 8:06:00 AM

Arab Finance: President Abdel Fattah El-Sisi has issued presidential decree No.116 of 2026, appointing Islam Azzam as the acting Chairman of the Board of Directors of the Financial Regulatory Authority (FRA), according to a statement.

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.

This appointment aligns with the state's direction to enhance the efficiency and competitiveness of the non-banking financial sector and expand its role in driving economic development.

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.