2018-05-23

A circular dated May 22, 2018 regarding the need for banks to ensure that associations obtain a license to collect donation funds before opening accounts for them.

Cairo, May 22nd, 2018 Honorable Professor/ Chairman of the Board of Bank Al-Falah Regarding that some banks include names of certain associations in their charity lists, without these associations obtaining licenses to collect money contrary to the Charity Organizations Law number 70 for the year 197, I urge you to ensure that the aforementioned associations obtain licenses from the Ministry of Social Solidarity before allowing them to open accounts and collect donations through them. Please take proper action in this matter. Sincerely, Gamal Nageem

Egypt

Central Bank of Egypt

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