Board of Directors Secretariat

Decision No. (19) of 2016 of the Authority's Board of Directors

Dated 28/7/2016
Regarding the Social or Charitable Purposes to Which Profits and Returns from the Charitable Investment Fund's Investments are Distributed

The Board of Directors of the General Authority for Financial Supervision, Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its Executive Regulations, And the decisions issued pursuant to them; And the Law of Associations and Non-Governmental Organizations issued by Law No. (84) of 2002; And Law No. (10) of 2009 regarding the regulation of supervision over non-banking financial markets and instruments; And Presidential Decision No. (192) of 2009 issuing the Basic Statute of the General Authority for Financial Supervision; And Decision No. (17) of 2016 of the Authority's Board of Directors regarding the conditions to be met by founders of a charitable investment fund company; And upon the approval of the Authority's Board of Directors in its session held on 28/7/2016; Has decided

(Article One)

The social or charitable purposes to which profits and returns from the Charitable Investment Fund's investments are distributed until its termination shall be limited to one or more of the following fields:

First: Education and Training:

1. Assisting in financing the establishment and/or equipping and operating of universities, schools, or other educational institutions and training centers across all stages and levels.

2. Providing support to licensed universities, schools, or other educational institutions in conducting scientific research domestically and abroad that serves Egyptian society in all fields.

3. Financing the provision of books, periodicals, machines, equipment, or other necessary supplies and equipment for educational institutions and training centers across all stages and levels to support the educational process.

4. Supporting transitional training programs for job seekers according to labor market needs.

5. Providing scholarships and benevolent loans to students and learners.

Second: Social Care:

1. Assisting in financing the construction and/or operation of homes for housing or caring for orphans, homeless individuals, unable expatriate students, or the elderly.
2. Financing the provision of cash or in-kind assistance to widows, female heads of households, persons with disabilities, poor families, or indebted individuals.
3. Assisting in financing the construction and/or operation of centers for child care, youth centers, and sports clubs for the underprivileged.

Third: Healthcare:

1. Assisting in financing the construction, equipping, and/or operation of hospitals, healthcare units, and treatment centers.
2. Financing the analysis of all or part of the costs of surgical operations, medications, hospitalization, or the purchase of medicines or medical supplies for the underprivileged.
3. Financing medical caravans for villages lacking healthcare services.

Fourth: Development of Poor Villages and Slums:

Fifth: All other purposes aimed at developing and serving society, subject to the Authority's approval.

(Article Two)

It is required that the distribution of profits and returns from the Charitable Investment Fund's investments until its termination be conducted through one of the public authorities, government bodies, or one of the associations or non-governmental organizations licensed by the Ministry of Social Solidarity.

(Article Three)

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall be enforced from the day following its publication in the Egyptian Gazette.

Chairman of the Board of Directors
Sherif Samy