Egypt fast-tracks recycling plant to turn Suez Canal into 'green canal'    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Contact Finance obtains first consumer credit licence from FRA
These decisions regulate the procedures reconciling the situation to the bodies that engaged in the activity before the implementation of the new consumer finance regulatory law
Alyaa Stohy Published in Daily News Egypt on 22 - 04 - 2020

Contact Finance has obtained the first licence to practice consumer finance activities in Egypt, according to Mohamed Omran, Chairperson of the Financial Regulatory Authority (FRA).
The company has now come under the umbrella of new provisions laid out under Law No 18, 2020, on regulating consumer finance activity, instead of Law No 159 of 1981. Contact Finance is now also subject to the decisions made by the FRA's Board of Directors.
These decisions regulate the procedures reconciling the situation to the bodies that engaged in the activity before the implementation of the new consumer finance regulatory law.
Article Six of the new law outlines a period of six months from the date that the law is implemented to reconcile a company's situation.
Omran added that he has issued Resolution No. 494 of 2020, approving the second licence to carry out consumer finance activities, and which will be given to Aman Financial Services Company.
The first article of the law organising consumer finance activity has defined providers as the producers of goods or their distributors who engage in the activity of consumer finance.
The law demands that consumer finance providers (whose main activity is distribution or selling goods subject to funding) obtain an FRA approval.
Omran noted that regulations and supervision of consumer finance activity will only have a positives impact. This includes an improved economy due to increased investments and operation rates, with improved competitiveness and a possible reduction in prices.
Furthermore, an accurate database will be formed, helping the state adopt proper policies and allowing investors to make sound investment decisions. A supervisory body to which consumers can file complaints will be made available to protect them from harmful practices.

Clic here to read the story from its source.