Consumer finance companies are looking FRA licensing

valU, Premium Card, Souhoola and Aman are looking for consumer finance licensing: Consumer finance outfits valU (an arm of EFG Hermes), Premium Card, Aman Installment Company (a subsidiary of Raya Holding), and Souhoola (a CI Capital subsidiary) will apply to the Financial Regulatory Authority (FRA) to receive licenses, according to Al Mal. The licenses will be awarded under the Consumer Credit Act, a piece of legislation that regulates the consumer finance sector. President AbdelFattah El Sisi ratified the legislation last month.

CORRECTION- 1 April 2020

An earlier version of this story suggested that the companies had already submitted initial requests for the license.