Regulatory Alerts2019-01-01
Chairman's Decision No. (169) for the Year 2019
The Financial Regulatory Authority (FRA) of Egypt issued Chairman's Decision No. 169 of 2019 to formally approve the signing of articles of association for twenty-eight Egyptian joint stock companies licensed to conduct financial leasing and eight companies licensed for factoring. This decision operationalizes the incorporation of these entities under Law No. 176 of 2018 on Financial Leasing and Factoring, ensuring compliance with the Authority's licensing framework and previously granted deadline extensions. The decision takes immediate effect upon publication on the Authority's website and directs competent departments to implement its provisions accordingly.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision No. (169) for the Year 2019
Dated 8/2/2019
Chairman of the Board of Directors of the Financial Regulatory Authority
After reviewing the Law on Joint Stock Companies, Companies with Limited Liability by Shares, Limited Liability Companies, and Single-Person Companies issued under Law No. 159 of 1981, and Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments, and Law No. 176 of 2018 issuing the Law on Financial Leasing and Factoring, and the Board of Directors Decision No. (137) of 2018 concerning the conditions for granting and maintaining licenses for financial leasing and factoring companies, and the Board of Directors Decision No. (6) of 2019 extending the deadline for signing the articles of association for financial leasing and factoring companies, and the memorandum issued by the Central Administration for Company Establishment and Licensing on this matter, and with the approval of the Chairman of the Authority, dated 12/2/2019,
"It is Decided"
(Article One)
Approval is granted for signing the articles of association of Egyptian joint stock companies licensed to conduct financial leasing activities, in accordance with the provisions of Law No. 176 of 2018 issuing the Law on Financial Leasing and Factoring, and the Authority's Board of Directors Decision No. (137) of 2018, as follows:
| No. | Company Name |
|---|---|
| 1 | Tamweel for Financial Leasing |
| 2 | Plus for Financial Leasing |
| 3 | Al Ahly for Financial Leasing |
| 4 | United for Financial Leasing |
| 5 | Adeles for Financial Leasing |
| 6 | Cairo for Financial Leasing |
| 7 | Arab African International for Financial Leasing |
| 8 | Enma for Financial Leasing |
| 9 | Hermes Investment Group for Financial Leasing |
| 10 | Eyles for Financial Leasing |
| 11 | Global Lease for Financial Leasing |
| 12 | BM for Financial Leasing |
| 13 | Al Tamweel for Financial Leasing (First) |
| 14 | Egyptian Real Estate Finance |
| 15 | International Financial Leasing Company - Incolease |
| 16 | QNB for Financial Leasing |
| 17 | Al Tawfiq for Financial Leasing |
| 18 | Corp Lease for Financial Leasing - Egypt |
| 19 | Orix Egypt for Financial Leasing |
| 20 | Al Ahly Kuwaiti - Egypt for Financial Leasing |
| 21 | JP for Financial Leasing |
| 22 | Tact Lease for Financial Leasing |
| 23 | Nile for Financial Leasing |
| 24 | Emirates NBD for Financial Leasing |
| 25 | Sa'id for Financial Leasing |
| 26 | Archer Finance for Financial Leasing |
| 27 | TD for Financial Leasing |
| 28 | Al Hayat for Financial Leasing |
(Article Two)
Approval is granted for signing the articles of association of Egyptian joint stock companies licensed to conduct factoring activities, in accordance with the provisions of Law No. 176 of 2018 issuing the Law on Financial Leasing and Factoring, and the Authority's Board of Directors Decision No. (137) of 2018, as follows:
| No. | Company Name |
|---|---|
| 1 | Egyptian Factoring Company |
| 2 | QNB Al Ahly Factoring Company |
| 3 | Drive Factoring Company |
| 4 | Tamweel for Real Estate Finance |
| 5 | Cairo Factoring Company |
| 6 | Al Masrien Factoring Company |
| 7 | Plus Factoring Company |
| 8 | Hermes Investment Group Factoring Company |
(Article Three)
This Decision shall be published on the Authority's website and shall take effect from the date of its issuance. Competent departments are tasked with its implementation according to their respective jurisdictions.
Chairman of the Board of Directors Financial Regulatory Authority
Dr. Mohamed Omran
Smart Village, Building No. B-136, Giza, Egypt Postal Code: 12577 Tel.: +202 35345350 - Fax: +202 35370036 info@fra.gov.eg
Smart Village, Building no. B-136, Giza Postal Code : 12577 Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg