Egypt has appointed Islam Azzam as the acting chairperson of the Financial Regulatory Authority (FRA) under Presidential Decree No. 116 of 2026, the regulator announced on Monday.
Azzam becomes the sixth person to lead the authority since its establishment under Law No. 10 of 2009, which governs the regulation of non-banking financial markets and instruments. The FRA stated that the appointment aligns with state efforts to enhance the efficiency and competitiveness of the non-banking financial sector and bolster its role in economic development.
Azzam brings extensive experience in non-banking financial markets, regulation, and oversight. He previously served as the chairperson of the Egyptian Exchange (EGX) during the second half of 2025, following a tenure as vice-chairperson of the FRA from January 2021 to August 2025. During that period, he oversaw the capital market, insurance, and non-banking financial sectors.
His previous leadership roles include serving as an advisor to the chairman of the Mortgage Finance Authority from 2007 to 2009 and as an assistant to the chairman of the Capital Market Authority between 2003 and 2005. He was also the managing director of the “Bedaya” SME investment fund.
Azzam has held board positions at several financial and economic institutions, including the Board of Trustees of the Anti-Money Laundering and Counter-Terrorism Financing Unit, the Egyptian Arab Land Bank, and the Egyptian Centre for Voluntary Arbitration. His corporate board experience includes Misr Insurance Holding Company, Dakahlia Sugar, Egyptian Resorts Company, and Al Shams Housing and Development.
During his tenure at the FRA, Azzam contributed to the development of the regulatory framework for the insurance sector following the issuance of the Unified Insurance Law No. 155 of 2024. He managed community dialogues regarding the law’s executive regulations, which included increasing minimum capital requirements for insurance firms, updating investment rules for insurance funds, and establishing solvency margin rules to protect policyholders.
He further oversaw the implementation of executive decisions for non-banking finance activities, including the application of Basel III standards and setting minimum capital requirements. Azzam also announced the first phase of the financial derivatives market, introducing futures contracts to the Egyptian market for the first time as a tool for hedging and risk management.
Azzam stated that the FRA will continue its efforts to develop the sector by updating legislative frameworks and digital infrastructure to ensure market transparency and stability.
On the academic front, Azzam served as a Professor of Finance at the American University in Cairo (AUC), where he chaired the graduate studies department in finance from 2005 to 2021. He has held academic and visiting positions at the University of Stellenbosch in South Africa, the London School of Economics, the University of California, Irvine, the Arab Academy for Science, Technology and Maritime Transport, and Cairo University.
He holds a PhD in Economics from the University of California, Irvine (2003), specialising in econometrics, economic forecasting, and monetary policy. His academic credentials also include a diploma in real estate finance from the University of Pennsylvania, an MA in Economics from UC Irvine, an MA from AUC, and a BA in Economics from Cairo University.
The FRA is the sole body responsible for regulating and supervising non-banking financial markets in Egypt. It was established to replace three previous regulators: the Egyptian Insurance Supervisory Authority, the Capital Market Authority, and the Mortgage Finance Authority, while also overseeing leasing and factoring activities.
