Egypt taps Islam Azzam to lead Financial Regulatory Authority

Azzam brings extensive experience in Egypt’s non-bank financial sector. He served as chairman of the Egyptian Exchange (EGX) during the second half of 2025 and previously worked as vice chairman of the FRA from January 2021 to August 2025, where he oversaw capital markets, insurance and other non-bank financial activities.

During his tenure at the regulator, Azzam contributed to developing the insurance regulatory framework under Law No. 155 of 2024, issued executive rules for non-bank finance companies and worked on implementing Basel III standards. He also oversaw the launch of the first phase of Egypt’s derivatives market.

Azzam previously held several senior roles in Egypt’s financial sector, including adviser to the Social Housing and Mortgage Finance Fund (SHMFF), assistant chairman of the Capital Market Authority, and managing director of the Bedaya SME Fund. He has also served on the boards of a number of financial institutions and companies.

In remarks following his appointment, Azzam said the authority would continue efforts to modernise legislative and regulatory frameworks, develop digital infrastructure and strengthen transparency and efficiency in financial markets.

Academically, Azzam served as a professor of finance and chaired the graduate department at the American University in Cairo (AUC), and has held visiting academic positions at international universities. He holds a PhD and two master’s degrees in economics, a diploma in real estate finance and a bachelor’s degree in economics from Cairo University.

The FRA regulates and supervises Egypt’s non-bank financial sector, including capital markets, insurance, mortgage finance, leasing and factoring activities. It was established under Law No. 10 of 2009, replacing several separate regulatory bodies.