Country Profiles

Egypt

Country Profiles

Egypt

Complementary pensions (Voluntary)

Updated: 31 December 2020
A) Private Pension Funds Laws and regulations:
1. The FRA board of directors' decision number (101) of 2015 concerning the governance rules for private pension funds.
2. Law no. 54 for 1975 for Private Pension Funds.
3. Executive regulation of law no. 54 for 1975 and its amendments in 2005 and 2015.
4. The internal Regulations of the Fund.

B) Insurance Laws and regulations:
1. Law no. 72 for 2007 for compulsory insurance.
2. Anti-money Laundering Law No. 80 of 2002.
3. Law no. 10 for 1981 for insurance supervision and control in Egypt.
4. Executive regulation of law no. 10 of 1981.
5. Companies law no. 159 of 1981 and its executive regulation.

C) Capital Market Laws and regulations:
1. Capital market law no. 95 for year 1992 and its amendment in 2008 and 2018.
2. Executive Regulation of capital market law no. 95 for year 1992 and its amendment in 2018.
3. Investment law no. 72 for year 2017.
4. Executive regulations of investment law.
5. Presidential decree no. 191 of 2009 regulating the stock exchange.
6. Presidential decree no. 191 of 2009 regulating the stock exchange
7. Central Depository and registry law no. 93 for year 2000
8. Executive regulations of the Central Depository and registry law.

D) Mortgage finance laws and regulations:
1. Law no. 93 for 2018 on Social Housing and Mortgage Finance Support.
2. Law no. 148 for 2001 for the Real Estate Finance Law and its amendment on 2014.
3. The Executive regulations of law no. 148 for 2001 and its amendment on 2014.
4. The Advisory opinion of the Islamic Research Academy regarding Mortgage finance.
5. Law no. 88 of 2003 for the central bank of Egypt, the banking sector and money and its amendment on 2005.

E) Financial Leasing law and regulations:
1. Law no. 176 of 2018 regarding financial leasing.

F) Micro Finance law and regulation:
1. Microfinance Law no. 141 of 2014.

G) Other Regulations and Regulatory Decisions:
1. For year 2018, FRA Board of Directors issued 197 decision; 50 supervisory decisions, 74 regulating non- financial markets and 73 decision covering FRA internal issues.
2. Collateral Guarantees Law no. 115 of 2015.
3. Law 10 of 2009 Regulating Non-banking Financial Markets and Instruments.
4. President of the Republic's Decree No. 192 of 2009 for the Statute of the Financial Regulatory Authority.
5. Law No. 120 of 2008 for the Establishment of Economic Courts.
6. Law No. 146 of 1988 concerning companies operating in the field of receiving funds.
7. Listing and Delisting Rules, Membership Rules and Trading Rules in the Egyptian Stock Exchange.
8. Egyptian Guide for Corporate Governance.
9. Egyptian Accounting Standards.
10. Egyptian standards for auditing, limited examination and other assurance functions

Plan sponsors

According to the law no 54 for year 1975 and its executive regulation:

1) The employer and/or employee representative is responsible for establishing the pension funds and taking the license from the Finical Regulatory Authority of Egypt (FRA Egypt).

2) The Egyptian Pension Funds are part of the voluntary pension system and are not subject to the mandatory social security system or its regulating legislations.

3) Membership in the Egyptian pension funds is available to the employees belonging to the same occupation or company, union or authority. The pension funds, established under the law as non-profit organisations and formed without capital, aim to provide to their members or their beneficiaries lump-sum pension, compensation, periodic pension, in any of the following cases:
a) Retirement
b) Death of the members,
c) Disability
d) and any other purpose agreed by FRA.

4) The establishing process include the following:
a) The employer and/or employee representatives submit to the FRA all the document required for establishing the pension funds (article of association, statement about all the      pension funds operations and technical issues in which all the operations based on, names and addresses of pension funds board of directors and any other additional document required by the FRA to ascertain that the funds revenues are sufficient to cover its obligations.
b) After examining the entire documents submitted by the employer and/or employee representatives, the FRA chairperson issues accepting decree for the fund's registration application. Such decree includes the funds purpose, its contributions and benefits decided for its members. In addition, the decree must be published in a governmental newspaper.

Types of plans

1) Defined Benefits Pension Funds:
a) Occupational / voluntary membership.
b) The employer contributions are not mandatory.
c) The employee's contributions are mandatory.
d) Contributions are a fixed rate from a salary or fixed amount of money.
e) The pension fund provides the employee a specific lump-sum cash benefit upon retirement, death, disability based on a formula that considers such factors as years of employment and salary during employment.


2) Defined Contribution Pension Funds:

a) Occupational / voluntary membership
b) The employer contributions are not mandatory.
c) The employee's contributions are mandatory.
d) Contributions are a fixed rate from a salary or fixed amount of money.
e) The pension fund provides the employee a specific lump-sum cash benefit upon retirement, death, disability based on the total employer (if exists) and employee contributions and any gains or losses on fund's investments. All investment profits and losses are passed to fund participants. Thus defined contribution funds provide benefits to employees in the form of higher potential returns than offered by defined benefits funds, but employees also must accept the increased risk of uncertain pension funds pay-outs.

3) Health care benefits Pension Funds:
a) Occupational / voluntary membership
b) The employer contributions are not mandatory.
c) The employee's contributions are mandatory.
d) Contributions are a fixed rate from a salary or fixed amount of money.
e) The pension fund provides the employee a specific health care benefits with a maximum range of the total employer (if exists) and employee contributions paid to the fund and any gains or losses on fund's investments.

4) Mixed between social benefits and defined benefits Pension Funds:
a) Occupational / voluntary membership.
b) The employer contributions are not mandatory.
c) The employee's contributions are mandatory.
d) Contributions are a fixed rate from a salary or fixed amount of money
e) The pension fund provides the employee a specific lump-sum cash benefit upon retirement, death, disability, marriage, death of relatives, and any social benefits approved by the FRA.

5) Mixed between periodic pensions and defined benefits Pension Funds:
a) Occupational / voluntary membership.
b) The employer contributions are not mandatory.
c) The employee's contributions are mandatory.
d) Contributions are a fixed rate from a salary or fixed amount of money.
e) The pension fund provides the employee both a specific lump-sum cash benefit and periodic pension upon retirement, death, disability based on a formula that considers such factors as years of employment and salary during employment.

• Employees can make voluntary additional contributions to the same plan.

 

The FRA Authority:
The Financial Regulatory Authority (FRA) supervises and reviews all the activities performed by Board of Directors and relevant committees (Audit Committee, Investment Committee, etc.) and makes sure that all parties are complied with the applicable laws and regulations mentioned in the Regulatory Framework section.

External Auditor:
The External Auditor is appointed at the General Assembly for fund Members and his main function is performing audit on the pension funds financial statements and make his reports.

The General Assembly for fund Members:
• The General Assembly consists of members who have fulfilled the obligations imposed on them by law and have been plan members for at least six months.
• The General Assembly is held once every year within the first three months following the end of the Fund's fiscal year to consider the following:
1. Financial position Statement.
2. Income and expenses statement.
3. Board of Directors reports.
4. Auditor's report.
5. Electing Board of Directors.
6. Appointing the external auditor and determine his fees.
7. Any other matters, which the Board of Directors deems to be included in the agenda.

 

Board of Director (BOD):
• They are the supreme authority in the management of the Fund's activities and they are separate from the sponsoring company.
• According to the law the BOD, consist of min. 5 members and max. 15 members.
• The BOD structure is chairperson, vice chair, Treasurer, operation manager, and other board members.
• They are responsible for complying with the law and provisions of the Articles of Association provisions to achieve the fund objectives.
• Putting and follow up fund's policies and ensure the good performance of both operation manager and investment manager; also, the board is responsible for hiring qualified investment manager.
• They sets out the plan for investing the Fund's money and establishing the internal control procedures necessary for managing the Fund.

Internal Control Committee:
This committee shall consist of at least three members of the Board of Directors and responsible for:
1. studying the internal audit system of the Fund.
2. preparing a written report of its observations and recommendations.
3. establishing corrective procedures for the internal control system.
4. In addition, follow up on the Fund's compliance with the laws and decisions regulating its activities.

Investment Committee:
This committee is composed of at least three members of the Board of Directors and responsible for:
1. Assisting the Board of Directors in making investment decisions that generate an appropriate return for the Fund.
2. Assisting the Board in appointing a full-time Investment Manager.

Operation Manager:
• Carrying out all the executive activities and transactions of the Fund in accordance with the laws and regulations, and followed by a number of employees.
• Involved in the collection of contributions and payment of benefits.
• He/she can be a board member and operation manager at the same time and can be separate from board.

Investment Manager:
• Performing investment operations according to the law and regulations.

Expand
• According to the law (as mentioned in section 2.1 - Plan sponsor), membership in the pension fund is open to the employees belonging to the same occupation or company, and for that, all types of pension funds or plans (mentioned in section 2.2 - Type of plans) can covers the employees in any of the following sectors:
1. Public sectors
2. Private sectors
3. Unions
4. Banking sector
5. Universities
6. Entertainment sector
7. Press sectors

• Approximately 17.5% of the working labour force is covered by private pension funds.

• Pension funds rules and regulations do not provide any discriminations regarding to admission to membership based on gender, race, religion or otherwise act in a discriminatory manner.

• Membership ends at the retirement age (60 years old) and in some cases, it can be extended to 65 year old.

• When an employee resigns from his/her current company for any reason, plan membership in his/her current company or occupation will be terminated and he/she will start new membership in his/her new company or occupation.

• Membership cannot be transferred to another member, within the same fund or another voluntary pension fund.
Pension funds main activities

1) Revenue collection:
Contributions, membership fees, investment returns, contributions from the employer.

2) Investing Fund surplus in various fields:
The investment process must be perfomed in accordance with the Regulations.

3) The payment obligations:
Pay the benefits to members and their beneficiaries and the payment of general and administrative expenses such as wages, professional fees (auditor/actuary) etc.

Sources of funds

Employee contributions

• Employees contributions in voluntary pension funds is a mandatory source of fund and are determined based on both, how much the employees are able to pay contribution and the actuarial advice.
• There are no any legal minimum/ maximum rates of contribution or earnings limits.
• Employee contributions either are determined as a percentage of a basic salary (usually 10% of monthly salary) or can take form of a premium or fixed amount of money (usually paid on an annual basis).
• In some cases, employee can pay extra contributions based on actuarial advice (they are deducted from bonus, rewards and from any kind of resource).
• In addition, for all cases of employee contributions must be listed in the pension funds rules and approved by the FRA.
• Any amendment in employee contribution rate should be approved by employee and the FRA and must be listed in the pension funds rule.

Employer contributions

• Employer contribution in voluntary pension funds is a voluntary source of fund and is determined based on both, how much the employer are able to pay contribution (if he willing to pay) and the actuarial advice.
• Employer's contributions allocations to pension fund come out from a company's budget surpluses or other revenues related to its activities. Usually, a minimum amount is allocated annually from the company resources to the pension fund and indicated in the regular actuarial reporting statement.
• It must be listed in the pension funds rules and approved by the FRA.

Other sources of funds

Investment return and any resources other than contributions (e.g. membership fees and donations).

Methods of financing

• All types of voluntary pension funds invest their funds according to rules stated by the law and the book reserve method is allowed.
• All contributions, investment return and other sources of funds are used mainly to pay benefits and compensations.
• The social security system is working based on PAYG funding.

Asset management

The Executive regulations of the law and the FRA decision's set up some rules for persons who are participating in the investment and risk management processes as follow:

A) For Investment Management process:
The law states that the pension funds with the assets exceeding 100 million Egyptian pounds (EGP) must hire external qualified investment manager. The investment manager may be a natural person or legal person, and each type has their own terms and requirements.
1) For the natural person:
Investment Manager must has a license from the authority to perform investment management, and to get such licence he/she must has the following qualifications:
    1) Professional experience of not less than 10 years in the work of investment management, liquidity management, participation in the development of investment policies, expertise for making investment decisions for a period of at least two years (required period of professional experience in the case of obtaining professional certificates in investment may be reduced).
    2) To not performing any investment management in any other institution, and except from that, if the investment manager is working for bank or a financial institution.
    3) Should not have been convicted of a criminal offense or sentenced in misdemeanour crime of honour or trust unless he/she has been rehabilitated under a declaration signed by the Chairman of the Board of Directors and under his responsibility.
2) For the legal person:
    1) Must have a license from the authority to perform Investment management.
    2) At least 3 years of experience in the work of investment management.
    3) Managing a portfolios not less than 200 million EGP.

For both types of investment manager (legal person or natural person), they should Follow prudent person rules in investment process.

B) For the risk management process:

Members of both Internal Control Committee and Investment Committee, consisting each of three (3) members or more from the pension funds' board are involved in the risk management process.
• In September 2015, the executive regulations of the law have been modified and have resulted in an adjustment or amendment on pension funds investment channel or instrument, to be as follow:

 Investment channel/pool Min. amount Max. amount
 Banking Deposit & Saving certificates 0% 35%
 Investment certificates, Gov. Bonds & Treasury bills 15% 70%
 Bonds & Securitization Bonds 0% 15%
 Fixed income Funds & Investment funds 0% 20%
 Investment holding funds 0% 15%
 Stocks 0% 20%
 Real estate investment funds 0% 10%
 Real estate
 0%10%
 Loans to members 0%25%
 Others investments 0%5%



 • All investment categories stated above by the executive regulations are financial securities issued by the government or by private sector, except for three categories "real state, loans to funds members and other investment".

• The regulator defined "other investment" category as any kind of investment that the pension funds are willing to perform except all investment channels mentioned in the above table.

• The financial regulatory authority in Egypt (FRA) does not allow for any kind of investments outside the country boarder for regulated non-banking financial activities.

• All investment categories inside the country boarder with foreign currency are allowed by the executive regulation.

• The law requires that pension funds should, regularly, produce compliance reports (towards investment and risk restrictions, investment and risk policies) to the FRA as follow:
(1) Annual compliance reports:
- The law forced the board of directors to prepare a regular compliance report.
- These reports should summarize and describe all the boards activities within a specific period, and if there are any critical issues regarding to the funds' investments activities, the board must declare and announce for it, otherwise the law will force the board of directors to compensate the pension funds losses from their own money.
- The report should contain the process of hiring a qualified investment manager and organize the relationship between investment manager and board of directors.
(2) Auditor report:
- The main function of the auditor is to make sure that the funds' balance sheet is prepared according to both accounting standards and regulatory standards.
- The law forced the auditor to notify the authority and the fund for any errors or irregularities discovered during the examination of the funds' financial position.
(3) Actuarial report:
- The actuarial report should be prepared according to the regulatory standard.
- These standard will show any errors or irregularities discovered regarding to wrong investment policies, and illustrates the adequacy of the funds' money to meet its obligations.
- The law forced the actuary to notify the authority and the fund for any errors or irregularities discovered during the examination of the funds' financial position.

• The FRA have three (3) escalatory warning mechanisms to detect cases of compliance failures (such as breach of investment and risk restrictions) in the investment and risk management of pension funds as follow:
1) Compliance reports, auditor reports, actuary reports:
Review the Board of Directors reports and review of the decisions that are taken and their compliance with the regulation, also reviewing actuarial reports to determine the integrity of the financial position in the long term and its ability to meet their obligations.
2) Financial statements analyzing:
Financial statement analyses help to extract indicators that identify deviations from the regulations.
3) Field supervision:
Periodic field supervision on Fund records to identify any irregularities with regard to investment operations.

Acquisition and maintenance of rights

Waiting period

• There is no waiting period during which employees must work before being affiliated to the plan.

• The minimum age conditions for participating in a plan is 22 and maximum age is 60 and in some cases it can be extended to 65.

Vesting rules

• To accrue the benefits, the pension fund member must pay contributions to the pension funds at least for 3 years.

• According to the pension fund regulations membership can be terminated in case of retirement, death, disability, early retirement, withdrawals, transfer to another job and dismissal.

• In addition, the pension fund management should pay the benefits to the members or to their beneficiaries after the formal document related to each of the above-mentioned cases provided to the funds management.

• In case of member withdrawals, in most cases, employees are entitled to their own contributions.

Preservation, portability, transferability

• All the pensions funds rule provide the treatment of accrued benefits in the case of termination of employment before retirement. Such provisions are reviewed by an actuary and are approved by the FRA.

• The only case for membership "preservation and transferability" is in case of forcible transfer to another job (this happen only in the governmental sector), the member himself can choose between the following:
1. Preservation of accrued benefits until the member attains the plan retirement age.
2. Receive - cash pay-out of the value of accrued benefits stated in provisions reviewed by an actuary and approved by the FRA

Retirement benefits

Benefit qualifying conditions

• Retirement age is regulated in the plan rules. The early retirement age provided in the regulations is 50 years and is not mandatory. Most plans provide for a normal retirement age of 60.

• No type of pension fund is integrated with the social security scheme.

Benefit structure / formula

1) Defined Benefits Pension Funds:
Provide the employee a specific lump-sum cash benefit based on a formula that considers such factors as years of employment and salary during employment.

2) Defined Contribution Pension Funds:
Provide the employee a specific lump-sum cash benefit based on the total employer (if exist) and employee contributions and any gains or losses on fund's investments. All investment profits and losses are passed to fund participants.

3) Health care benefits Pension Funds:
Provide the employee a specific health care benefits with a maximum range of the total employer (if exist) and employee contributions paid to the fund and any gains or losses on fund's investments.

4) Mixed between social benefits and defined benefits Pension Funds:
Provide the employee a specific lump-sum cash benefit upon retirement, death, disability, marriage, death of relatives, and any social benefits approved by the FRA.

5) Mixed between periodic pensions and defined benefits Pension Funds:
Provide the employee both a specific lump-sum cash benefit and periodic pension upon retirement, death, disability based on a formula that considers such factors as years of employment and salary during employment.

Benefit adjustment

• The law stated that the pension funds should perform actuarial review at least once per five years, and then actuary report should include any adjustment in members contributions, benefits, and if the pension fund has surplus or shortages in funds.

• Then the pension fund board should attain the approval of the members for such adjustment through the annual general meeting.

• After that, the FRA reviews such report to approve changes to the fund's rules.

Survivors

• The pension fund regulations and rules stated that each member must sign letter of approval for identifying the beneficiaries. This letter includes the name of beneficiaries, relative position and their percentage from the benefits provided.

• The beneficiaries could be family members or different beneficiaries.

Disability

The provision of disability benefits is mandatory for all types of pension funds. If members prove that they are disabled, they receive disability benefits before retirement age.

Protection of Assets

According to the pension funds law, all pension funds:
1) Are entities independent from their sponsors.
2) Have a separate board of directors and management.
3) Pension fund assets must be completely separate from the assets of the sponsoring employer.
4) Pension fund assets are not assets of the employer in the event of employer bankruptcy.

Financial and Technical Requirements / Reporting

The law requires that pension funds should, regularly, submit the following reports to the FRA within 3 months following the end of the financial year as follow:

(1) Annual compliance reports:
- This report summarizes and describes all boards' activities within the financial year, and if there are any critical issues regarding to the funds' activities. The board must declare and announce for it, otherwise the law will force the board of directors to compensate the pension funds losses from their own money.
- The report should contain the process of hiring a qualified investment manager and organize the relationship between investment manager and board of directors.

(2) Annual Auditor report:
- Pension funds are required to have an external independent auditor, who carries out the audit activity.
- The audit report must contain information about:
1. If the funds' financial statements are prepared according to both accounting standards and regulatory standards.
2. Any errors or irregularities discovered during the examination of the fund's financial position.

(3) Actuarial report:
- According to the law, the actuary report made at least once per each 5 years or when deemed necessary. However, the common practice is once per 2 years.
- Actuarial valuations must also be conducted in the following cases: salary changes, contributions rate changes, mergers and / or winding up, conversion from one plan to another, changes in the plan membership, changes in benefits.
- The actuarial report should be prepared according to the regulatory standard.
- if the pension fund is said to be under funded (illegal situation), the pension funds management either raise the contributions or reduce the benefits, however all these procedures are performed after actuary review and the FRA approval.
- The actuary report must show any errors or irregularities discovered regarding to wrong investment policies, and illustrates the adequacy of the fund's money to meet its obligations.
- The law enforces the actuary to notify the authority and the fund for any errors or irregularities discovered during the examination of the funds' financial position.

(4) Annual Financial statement:
- Financial statement is provided annually according to the law.
- The FRA established a format for reporting financial statements.

 

Whistleblowing

• The law forced the actuary, external auditor to notify the FRA for any errors or irregularities discovered during the examination of the funds' financial position.

• Whistleblowing portal is available in the FRA website.

Standards for service providers

• Actuaries should registered with the FRA.

• Auditors must be members of the Institute of Certified Public Accountants of Egypt and must be approved by the FRA.

• The FRA must approve investment manager.

Fees

• All the managerial and administrative expenses and fees charged by Pension funds management have a maximum limit settled by actuary (usually from 3% to 5% of annual contributions).

• Investment expenses charged by pension fund investment manager are not included in the administrative expenses and the FRA requires the pension fund investment manager to inform of such expense annually.

Winding up / Merger and acquisition

• According to the law, in all cases winding up, merger and acquisition requires 75% of pension fund member's approval.

• In case of liquidation, pension claims are priority debt and must be paid before other creditors.

Bankruptcy: Insolvency Insurance / Compensation Fund

• According to the law, in case of insolvency, bankruptcy, pension fund management should perform actuarial review, the report should be sent to the FRA for assessment.

• In addition, the law allows reinsuring against any insurable risk.

Disclosure of information / Individual action

• According to the law, financial statements are reported annually to the annual general meeting of pension funds members, and after that are reported to the FRA.

• Pension funds members can complain to the FRA against pension funds decisions and investment manager decisions and these requests will be reviewed with regard to compliance with plan rules and legal requirements.

• According to the law, Pension Funds Board of Director are responsible to compensate the pension funds in case of negligence in their performance from their private money.

Other measures

N/A

Taxation of employee contributions

Tax-exempt

Taxation of employer contributions

Tax-exempt

Taxation of investment income

Tax-exempt.

All types of pension funds are exempted from all duties related to the registration and documentation of real estate transactions that a fund may conclude, as well as stamp duties related to funds' activities. Real estate owned by a pension fund is tax-free. Capital gains on funds' investments in securities, loans and all type of deposits are tax-free.

Taxation of benefits

Tax-exempt
The Financial Regulatory Authority (FRA) is established in accordance with the Law no. 10 of 2009. The FRA is responsible for supervising and regulating non-banking financial markets and instruments, including Pension funds, Capital Market, Futures Exchanges, Insurance Activities, Mortgage Finance, Financial Leasing, Factoring, and Securitization. The FRA plays a pivotal role in ensuring stability and soundness of these markets and boosting their competitiveness to attract further domestic and foreign investments. The FRA also works on reducing risks resulting from the lack of coordination, in addition to addressing problems emanating from the presence of different regulatory methods.
The FRA replaced the Egyptian Insurance Supervisory Authority (EISA), the Capital Market Authority (CMA), and the Mortgage Finance Authority (MFA). It applies the provisions of Law no. 10 of 1981 on Insurance Supervision and Control, Capital Market Law no. 95 of 1992, Central Depository and Registry Law no. 93 of 2000, Mortgage Finance Law no. 148 of 2001, as well as other related laws and decrees that are part of the FRA's terms of reference. In addition, the FRA is the competent authority that applies the provisions of Financial Leasing Law no. 95 of 1995.

FRA's Objectives:
• Maintaining stability and soundness of non-banking financial markets.
• Regulating and developing non-banking financial markets.
• Protecting rights of stakeholders.
• Issuing various means, systems, and rules ensuring efficiency and transparency of these markets.
• Stability and Integrity of non-banking financial markets.
• Issuing various rules and regulations which ensure efficiency and transparency of these markets.

The FRA Main Roles:
The Authority, in pursuit of achieving the purposes for which it has been established, in particular:
1. Licenses non-banking financial activities;
2. Inspects licensed entities engaged in non-banking financial activities;
3. Regulates the dissemination of information related to non-banking financial markets;
4. Ensures the transparency and competitiveness in non-banking financial services through proper regulation of non-banking financial markets;
5. Protect non-banking market investors' rights;
6. Take necessary measures to limit market manipulation and fraud;
7. Supervise training of market participants;
8. Cooperate and coordinate with other non-banking regulatory bodies abroad, thus developing and increasing efficiency of means and methods of supervision in non-banking financial markets and instruments domains;
9. Communicate, cooperate and coordinate with societies and organizations which regulate work of financial supervision authorities across the globe, thus empowering the Authority to assume its competences according to the best international practices;
10. Contribute to spreading investment culture and awareness;
11. This in addition to the roles mentioned in each of: the Supervision and Regulation of Insurance Law no. 10 of 1981, the Capital Market Law no. 95 of 1992, the Depository and Central registry Law no. 93 of 2000, the Mortgage Finance Law no. 148 of 2001.

Financial Regulatory Authority
Building No. 136/b smart village
6th October City, Giza Governorate
Egypt
Tel: 0020235345350
Fax: 0020235370036
www.fra.gov.eg

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