Regulatory Alerts2020-01-01
Decision of the Board of Directors of the Authority No. 114 of 2020
The General Authority for Financial Supervision issued Decision No. 114 of 2020 to formally designate specific goods and services subject to consumer financing activities regulated under Law No. 18 of 2020. The decree explicitly lists nine categories of eligible goods, including furniture, clothing, medical supplies, food, and vehicle spare parts, alongside four categories of eligible services such as vehicle maintenance, appliance repair, home finishing, and residential renewable energy solutions. This regulation takes effect the day after its publication in the Egyptian Official Gazette and on the Authority’s website, thereby expanding the permissible scope of consumer financing provided by licensed financing companies.
12 Egyptian Official Gazette - Issue 178 on 11 August 2020
General Authority for Financial Supervision
Decision of the Board of Directors of the Authority No. 114 of 2020 Dated 5/7/2020
Determining Certain Goods and Services Subject to Consumer Financing Activities Provided by Consumer Financing Companies
Board of Directors of the General Authority for Financial Supervision
Having reviewed Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments; and Law No. 18 of 2020 regulating consumer financing activities; and after approval by the Authority's Board of Directors in its meeting held on 5/7/2020;
DECIDES:
(Article One)
The provisions of the aforementioned Consumer Financing Activities Regulation Law shall apply to the consumer financing activities provided by consumer financing companies regarding the following goods and services:
First - Goods:
- Furniture and home furnishings.
- Clothing, footwear, bags, watches, jewelry, and eyeglasses.
- Medical and cosmetic products and supplies.
- Sports equipment and clothing.
- Children's toys.
- Books and office supplies.
- Food items.
13 Egyptian Official Gazette - Issue 178 on 11 August 2020
- Spare parts for vehicles and passenger cars of all types.
- Purchases issued under a single invoice from various shops and commercial chains.
Second - Services:
- Maintenance of vehicles and passenger cars of all types.
- Maintenance of consumer appliances and equipment.
- Home finishing and furnishing works.
- Renewable energy solutions for homes.
(Article Two)
This Decision shall be published in the Egyptian Official Gazette and on the Authority's website, and shall take effect from the day following its publication in the Official Gazette.
Chairman of the Board of Directors of the Authority Dr. Mohamed Omran