{"id":570738,"date":"2020-04-13T04:33:08","date_gmt":"2020-04-13T04:33:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/"},"modified":"2020-04-13T04:33:08","modified_gmt":"2020-04-13T04:33:08","slug":"egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/","title":{"rendered":"Egypt\u2019s consumer finance players now need to ensure compliance with FRA"},"content":{"rendered":"

REGULATION WATCH- Consumer finance players face new oversight requirements under<\/strong> FRA: <\/strong>The boards of consumer finance companies must now set up committees to monitor performance and ensure regulatory compliance after the new Consumer Credit Act brought the sector under the Financial Regulatory Authority\u2019s (FRA) purview, according to a statement outlining a set of new decisions<\/a>. The companies are also now required to submit yearly financial statements to the regulator. The full list of new decisions for the sector can be found on the FRA\u2019s website<\/a>.<\/p>\n

Background: <\/strong>The Consumer Credit Act, which was ratified by the president last month<\/a>, introduces a new regulatory framework for consumer finance companies governing business creation and operations, as well as provides companies that finance purchases of consumer durables with more clarity regarding expanding their businesses. Under the legislation, the FRA was established as the sector\u2019s primary regulator.<\/p>\n","protected":false},"excerpt":{"rendered":"

REGULATION WATCH- Consumer finance players face new oversight requirements under FRA: The boards of consumer finance companies must now set up committees to monitor performance and ensure regulatory compliance after the new Consumer Credit Act brought the sector under the Financial Regulatory Authority\u2019s (FRA) purview, according to a statement outlining a set of new decisions. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[4487,514,72,76,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570738","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-consumer-credit-act","tag-consumer-finance","tag-enterpriseam","tag-financial-regulatory-authority","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"a418decb-190f-4892-a2a8-72290a56f045","is_powered_by":true,"section_story_id":"ef7701a0-d587-43d5-83be-5cd65ef90328","story_type":"1","photo_url":"","photo_position":"above","related_issue":[570724],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s consumer finance players now need to ensure compliance with FRA - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s consumer finance players now need to ensure compliance with FRA\" \/>\n<meta property=\"og:description\" content=\"REGULATION WATCH- Consumer finance players face new oversight requirements under FRA: The boards of consumer finance companies must now set up committees to monitor performance and ensure regulatory compliance after the new Consumer Credit Act brought the sector under the Financial Regulatory Authority\u2019s (FRA) purview, according to a statement outlining a set of new decisions. […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-13T04:33:08+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s consumer finance players now need to ensure compliance with FRA\",\"datePublished\":\"2020-04-13T04:33:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/\"},\"wordCount\":157,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Consumer Credit Act\",\"consumer finance\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"regulation\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/\",\"name\":\"Egypt\u2019s consumer finance players now need to ensure compliance with FRA - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2020-04-13T04:33:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Egypt\u2019s consumer finance players now need to ensure compliance with FRA\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Egypt\u2019s consumer finance players now need to ensure compliance with FRA - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/","og_locale":"en_US","og_type":"article","og_title":"Egypt\u2019s consumer finance players now need to ensure compliance with FRA","og_description":"REGULATION WATCH- Consumer finance players face new oversight requirements under FRA: The boards of consumer finance companies must now set up committees to monitor performance and ensure regulatory compliance after the new Consumer Credit Act brought the sector under the Financial Regulatory Authority\u2019s (FRA) purview, according to a statement outlining a set of new decisions. […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2020-04-13T04:33:08+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Egypt\u2019s consumer finance players now need to ensure compliance with FRA","datePublished":"2020-04-13T04:33:08+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/"},"wordCount":157,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["Consumer Credit Act","consumer finance","EnterpriseAM","Financial Regulatory Authority","regulation","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/","url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/","name":"Egypt\u2019s consumer finance players now need to ensure compliance with FRA - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2020-04-13T04:33:08+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Egypt\u2019s consumer finance players now need to ensure compliance with FRA"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":599523,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/fra-completes-first-draft-of-consumer-credit-act\/","url_meta":{"origin":570738,"position":0},"title":"FRA completes first draft of Consumer Credit Act","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"LEGISLATION WATCH- FRA completes first draft of Consumer Credit Act: The Financial Regulation Authority finished writing the first draft of its proposed Consumer Credit Act, FRA Deputy Chairman Khaled El Nashar told Al Mal. The proposed law differentiates between retailers offering sales on installment and consumer finance houses: All consumer\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570457,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/01\/consumer-finance-companies-are-looking-fra-licensing\/","url_meta":{"origin":570738,"position":1},"title":"Consumer finance companies are looking FRA licensing","author":"enterpriseam admin","date":"1 April 2020","format":false,"excerpt":"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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568639,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/consumer-credit-act-talks-to-be-finalized-in-next-two-weeks-fra-says\/","url_meta":{"origin":570738,"position":2},"title":"Consumer Credit Act talks to be finalized in next two weeks, FRA says","author":"enterpriseam admin","date":"29 January 2020","format":false,"excerpt":"LEGISLATION WATCH- The Consumer Credit Act will be introduced to the House of Representatives within the coming two weeks, Chairman of the Financial Regulatory Authority Mohamed Omran said yesterday, after the House Economic Committee signed off on the legislation. The local press is reporting that the committee introduced a new\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575592,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/","url_meta":{"origin":570738,"position":3},"title":"Consumer finance companies get six-month extension to comply with Consumer Credit Act","author":"enterpriseam admin","date":"20 October 2020","format":false,"excerpt":"REGULATION WATCH- Consumer finance companies will get an additional six months to complete their licensing and bring their operations in line with the new Consumer Credit Act, the FRA decided, according to the local press. Companies must submit a timeline outlining their plans by 31 October, and will have until\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566688,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/mabrouk-consumer-finance-players\/","url_meta":{"origin":570738,"position":4},"title":"Mabrouk consumer finance players","author":"enterpriseam admin","date":"7 July 2021","format":false,"excerpt":"Consumer finance providers are in line for an exemption from value-added tax (VAT), under an agreement the Financial Regulatory Authority reached with tax authorities, FRA Deputy Chairman Islam Azzam said in a statement (pdf). This came as the regulator sought to give consumer finance players the same VAT treatment afforded\u2026","rel":"","context":"In "Taxation"","block_context":{"text":"Taxation","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/taxation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572620,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/seven-would-be-consumer-finance-companies-want-to-enter-the-increasingly-crowded-industry\/","url_meta":{"origin":570738,"position":5},"title":"Seven would-be consumer finance companies want to enter the increasingly crowded industry","author":"enterpriseam admin","date":"1 July 2020","format":false,"excerpt":"Seven consumer finance companies have license applications in with the FRA to formally join an increasingly crowded industry, Al Mal reports, citing unnamed sources with knowledge of the matter. The newspaper suggests there are as many as 25 consumer finance companies that need to finish their license applications, with the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570738"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570738\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570724"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570738"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570738"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}