Egyptian Businessmen Association, EFSA Review Financial Developments

The Egyptian Businessmen Association, headed by Hussein Sabour held a seminar yesterday evening (Wednesday) which hosted the Banking Committee and Finance Association Sherif Samy chairman of the Egyptian Financial Supervisory Authority(EFSA), to consider the latest developments relating to non-banking financial activities, which are supervised by the Commission.

 During the meeting the Financial Authority reviewed the latest legislative and regulatory developments in money market sector, insurance, mortgage finance.

 The insurance and private insurance funds and activities and real estate finance enjoyed the most attention to the business and their discussions.

 Sabour said some developers are granted long repayment periods to customers may last for years, unlike what we find in other countries, where the developer gets on the profitability of financing, which included selling price in installments.

 The amendments of Mortgage finance act which prepared by the authority in consultation with the Ministry of Housing allowing to increase the premiums of Mortgage by 25%.