Regulatory Alerts2015-01-01
Decision of the Board of Directors of the Authority No. (2) of 2015
The Financial Regulatory Authority of Egypt issued Decision No. 2 of 2015 to formally establish the Egyptian Microfinance Union as an independent, non-profit legal entity headquartered in Cairo or Giza. The Statutes mandate that licensed microfinance entities, banks, and credit guarantee companies join the Union, which is tasked with developing the sector, coordinating among members, protecting competition, and advising on related legislation. The document outlines the Union's governance structure, including a General Assembly and Board of Directors, while defining member rights, financial obligations, funding sources, and voting mechanisms to ensure balanced representation.
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