Sarie Eldin: Sudden Activities’ Merger Weakened EFSA Role

Dr. Hani Sarie Eldin – the former Chairman of the Egyptian Capital Market Authority (ECMA), has criticized the procedure of merging the mortgage finance activities, the capital market and the insurance altogether under the supervision of the Egyptian Financial Supervisory Authority (EFSA).

“This decision has a negative impact on the EFSA’s role especially during the current phase which witnesses political instability.” Sarie Eldin added.

“The merger should have been proceeded with conducting further studies and gradually been executed not immediately like we did.”

Talking about the UK Financial Supervisory Authority (FSA)’s experience Sarie Eldin said: “They started to appoint an FSA chairman along with other two consultants, then they went through merging some fields gradually till they finally carried out the full merger.”