Islam Azzam, Chairperson of the Financial Regulatory Authority (FRA), stated that Egypt holds significant potential to develop its arbitration framework, particularly as the authority expands FinTech use in non-banking financial activities under Law No. 5 of 2022. He made the remarks at the Egyptian Arbitration Day conference. Azzam stressed the need for coordination among regulatory, legislative, and legal bodies to entrench arbitration as a key mechanism for investment disputes.
Islam Azzam delivered his speech at the Egyptian Arbitration Day conference, organized by the Egyptian Centre for Arbitration and Settlement of Non-Banking Financial Disputes (ECAS), chaired by Marian Kaldas. The event gathered experts, specialists, and representatives from regulatory and judicial bodies to bolster arbitration as an effective tool supporting Egypt’s investment climate.
Azzam highlighted arbitration’s role in enhancing investment attractiveness by resolving disputes more efficiently and reducing litigation burdens and costs. He noted global trends where around 90% of companies prefer arbitration as the primary dispute resolution method, while about 60% combine it with other alternatives. Studies, he said, estimate arbitration’s positive impact at over 22% compared to traditional litigation in developing countries, with cost savings up to 80% due to faster resolution, flexibility, and minimal disruption.
He pointed to a recent Prime Minister’s decision amending ECAS statutes to introduce electronic arbitration rules for secure remote proceedings and an expedited system for cases not exceeding EGP 25m.
The FRA chairperson affirmed the authority’s ongoing support for the regulatory framework of non-banking financial activities, including dispute resolution, to build market trust, ensure transaction stability, expand financial inclusion, and boost Egypt’s economic appeal. ECAS was established under Presidential Decree No. 335 of 2019, implementing Article 10 of Law No. 10 of 2009.