Regulatory Alerts2014-01-01
Decision of the Board of Directors of the Authority No. (159) of 2014 Regarding the Basic Statute of the Supervision Unit for Microfinance Activities of Associations and Civil Society Institutions
The General Authority for Financial Supervision issued Decision No. 159 of 2014 to establish and govern the Basic Statute of an independent Supervision Unit dedicated to regulating and overseeing microfinance activities conducted by Associations and Civil Society Institutions. The Unit is mandated to issue licensing conditions, risk management standards, and inspection frameworks while protecting counterparties and harmonizing microfinance regulations across financial entities. Its governance structure comprises a Board of Trustees with representatives from the Central Bank, relevant ministries, and the Authority, alongside an Executive Director, all operating under dedicated financial and administrative regulations funded by service fees, budgetary allocations, and fines.