Islam Azzam, Chairperson of the Egyptian Exchange (EGX), said the coming phase will witness deeper cooperation among African markets, alongside the introduction of new financial instruments and strengthened frameworks for transparency and disclosure. These steps, he noted, are expected to unlock wider investment flows and advance comprehensive, sustainable development across the continent.
Azzam made his remarks during a high-level panel session at the Annual Conference of the African Securities Exchanges Association (ASEA), one of Africa’s leading economic gatherings that brings together capital-market leaders, policymakers, and financial experts to discuss the future of African exchanges and their role in financing the continent’s development priorities.
The EGX chair stressed that Africa holds significant potential for economic growth, with capital markets set to play an increasingly pivotal role in mobilising the long-term financing required for infrastructure, energy projects, and the green transition. He added that greater integration among African exchanges has become a strategic necessity to overcome financing constraints, broaden the investor base, and facilitate smoother capital movement within the continent.
Azzam reviewed the major developments seen in recent years, including strengthened market infrastructure, upgraded listing and disclosure rules, modernised technological systems, and the launch of new indices and financial instruments designed to attract a more diversified investor pool. He highlighted that EGX was among the first exchanges globally to adopt sustainability principles, having launched its first sustainability index more than 14 years ago before establishing a comprehensive institutional framework for responsible investment.
He described the launch of the Egyptian Climate Exchange as a significant milestone, as it enables the trading of carbon-reduction certificates and a range of renewable-energy and green-economy financial instruments. The platform, he said, will help companies access innovative financing tools that support the green transition and contribute to narrowing Africa’s climate-finance gap—estimated at billions of dollars annually.
Azzam also outlined EGX’s efforts to expand Sharia-compliant investment tools, including the EGX33 Shariah Index, comprising 33 compliant companies with highly liquid stocks. The index has grown by more than 38% since the beginning of the year.
“Our work is fully aligned with the Financial Regulatory Authority (FRA) to strengthen regulatory frameworks that support new issuances, whether ETF funds or Islamic sukuk,” he said, adding that Islamic finance has become one of the most promising channels for attracting large-scale investment into African markets.
On the regional front, Azzam called for deeper cooperation among African exchanges in areas such as knowledge-sharing, harmonising accounting and regulatory standards, and linking trading and settlement systems. Such steps, he explained, would enhance liquidity, improve market efficiency, and strengthen competitiveness relative to other emerging markets.
He reaffirmed EGX’s commitment to supporting ASEA initiatives that build resilient, well-integrated markets capable of financing economic growth. Azzam also underscored the importance of boosting financial literacy and enabling small and medium-sized enterprises (SMEs) to access innovative financing tools that support expansion, innovation, and long-term development.
