Egypt's president has issued a decree appointing Islam Azzam as acting chairperson of the Financial Regulatory Authority (FRA), the body overseeing non-banking financial markets. The appointment, under Presidential Decree No. 116 of 2026, aims to boost the sector's efficiency and its contribution to economic development.
The Financial Regulatory Authority (FRA) announced on Monday the appointment of Islam Azzam as its acting chairperson, pursuant to Presidential Decree No. 116 of 2026. Azzam is the sixth leader since the FRA's creation under Law No. 10 of 2009, which regulates non-banking financial markets and instruments.
Azzam has substantial experience in non-banking financial regulation. He served as chairperson of the Egyptian Exchange (EGX) in the second half of 2025, after being vice-chairperson of the FRA from January 2021 to August 2025, during which he supervised the capital market, insurance, and non-banking sectors.
Earlier roles included advisor to the Mortgage Finance Authority's chairperson from 2007 to 2009 and assistant to the Capital Market Authority's chairperson from 2003 to 2005. He also managed the “Bedaya” SME investment fund.
At the FRA, Azzam helped develop the insurance regulatory framework after the Unified Insurance Law No. 155 of 2024, including raising minimum capital requirements, updating investment rules, and setting solvency margins to safeguard policyholders. He oversaw executive decisions for non-banking finance, such as applying Basel III standards and minimum capital rules, and launched the first phase of the financial derivatives market with futures contracts introduced as hedging tools.
Azzam said the FRA will keep advancing the sector through legislative updates and digital enhancements to promote transparency and stability. Academically, he was a finance professor at the American University in Cairo (AUC), chairing the graduate finance department from 2005 to 2021, and held positions at institutions like Stellenbosch University and the London School of Economics.
He earned a PhD in economics from the University of California, Irvine in 2003, focusing on econometrics, economic forecasting, and monetary policy. The FRA was formed to succeed three prior regulators and now oversees leasing and factoring activities.
