{"id":622387,"date":"2024-06-05T00:00:00","date_gmt":"2024-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/central-bank-switches-around-rules-for-hiring-auditors-and-accountants-plus-news-from-misr-ins-holding-and-mm-group\/"},"modified":"2024-06-05T00:00:00","modified_gmt":"2024-06-05T00:00:00","slug":"central-bank-switches-around-rules-for-hiring-auditors-and-accountants-plus-news-from-misr-ins-holding-and-mm-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/central-bank-switches-around-rules-for-hiring-auditors-and-accountants-plus-news-from-misr-ins-holding-and-mm-group\/","title":{"rendered":"Central bank switches around rules for hiring auditors and accountants. PLUS: News from Misr Ins. Holding and MM Group"},"content":{"rendered":"<p class=\"tag-border-left\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Banks can no longer have a go-to accountant or auditor. <\/strong>The Central Bank of Egypt has issued fresh regulations putting a limit as to how long banks, payment services providers, credit rating agencies and their likes can use the services of one accounting or auditing firm, it said in a <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/ar\/news-publications\/news\/2024\/06\/02\/11\/03\/cbe-issues-new-regulations-for-the-accounting-firms-and-external-auditors\" style=\"\" rel=\"noopener\">statement<\/a>. The regulations also include a clause that ensures the client can\u2019t retap the same firm except after the passage of a specific period of time. The central bank says this will ensure governance standards and ensure there is no conflict of interest between the client and the firm. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fine print: <\/strong>Firms have 12 months to comply with the new rules.<\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new bank to address a financing gap in the African oil industry:<\/strong> The African Petroleum Producers\u2019 Organization (APPO) and Afreximbank have set up the Africa Energy Bank, a bank that aims \u201cto address the impending funding crisis in the African oil and gas industry, triggered by the global energy transition,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.afreximbank.com\/appo-and-afreximbank-sign-the-establishment-agreement-of-the-aeb-declaring-it-open-for-signature-by-prospective-member-states\/\" style=\"\" rel=\"noopener\">statement<\/a> from Afreximbank. The bank will have an initial capital of USD 5 bn and is set to become operational next month, pending the signature of at least two APPO member countries, the statement read.<\/p>\n<p class=\"tag-border-left\">MICROFINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Misr Ins. Holding\u2019s microfinance arm receives regulatory greenlight:<\/strong> Misr Ins. Holding Company\u2019s microfinance arm \u2014 dubbed Maak \u2014 has received the go-ahead from the Financial Regulatory Authority (FRA), <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64486\/%D8%A7%D9%84%D9%82%D8%A7%D8%A8%D8%B6%D8%A9-%D9%84%D9%84%D8%AA%D8%A3%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B7%D9%84%D9%82-%D8%B4%D8%B1%D9%83%D8%A9-%D9%84%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D9%85%D8%AA%D9%86%D8%A7%D9%87%D9%8A-%D8%A7%D9%84%D8%B5%D8%BA%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing a company official. Maak, which has an initial capital of EGP 75 mn, aims to grant EGP 1 bn in financing during its first year of operations.<\/p>\n<p class=\"tag-border-left\">RETAIL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More details on MTI\u2019s Saudi expansion:<\/strong> EGX-listed MM Group for Industry and International Trade (MTI) has allocated the equivalent of EGP 200 mn to its Saudi venture \u2014 the company through which MTI plans to enter Saudi home appliances and electronics markets, MTI Investor Relations Head, Ashraf Elghannam told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/06\/04\/1798716\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The company plans to enter the Saudi market next month. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Firms have 12 months to comply with the new rules.<\/p>\n","protected":false},"author":1,"featured_media":622388,"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":[7209],"tags":[421,111,271,93,72,76,311,472,1851,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-afreximbank","tag-also-on-our-radar","tag-central-bank-of-egypt","tag-energy","tag-enterpriseam","tag-financial-regulatory-authority","tag-microfinance","tag-misr-insurance-holding","tag-mm-group","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"37a8ab9d-f12a-4770-893e-058014fef0c2","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/439.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s central bank switches around rules for hiring auditors and accountants","related_issue":[622362],"teaser":"Firms have 12 months to comply with the new rules.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.8b4b1473-dc77-466e-86fa-93d9982e5e43.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Central bank switches around rules for hiring auditors and accountants. PLUS: News from Misr Ins. Holding and MM Group - 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\/2024\/06\/05\/central-bank-switches-around-rules-for-hiring-auditors-and-accountants-plus-news-from-misr-ins-holding-and-mm-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central bank switches around rules for hiring auditors and accountants. PLUS: News from Misr Ins. 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We were originally expecting\u2026","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592038,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/24\/central-bank-of-egypt-approves-misr-iran-banks-rebranding-as-midbank\/","url_meta":{"origin":622387,"position":2},"title":"Central Bank of Egypt approves Misr Iran Bank\u2019s rebranding as MIDBank","author":"enterpriseam admin","date":"24 December 2019","format":false,"excerpt":"The Central Bank of Egypt has approved a request from Misr Iran Development Bank to rebrand as MIDBank, an unnamed source told Masrawy. 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