Egypt is broadening its non-banking financial sector with a new round of regulatory approvals. These approvals expand activity across capital markets, insurance, and alternative financing.

The approvals include Egypt’s second credit rating agency, the country’s first temporarily licensed specialized medical insurance company, and additional licenses across derivatives, real estate funds, leasing, and factoring.

Why You Should Care

The latest approvals highlight the Financial Regulatory Authority’s continued effort to deepen Egypt’s non-banking financial ecosystem. The new licenses introduce new market participants in specialized sectors while expanding competition in areas such as credit ratings, derivatives trading, insurance, and real estate investment funds. For investors and financial institutions, the move signals continued regulatory support for diversifying financial services and strengthening market infrastructure.

The Details

The Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has granted 10 new licenses covering a range of non-banking financial activities.

Among the approvals is a license for the International Company for Credit Rating Solutions to provide securities evaluation, rating, and ranking services. The approval makes it Egypt’s second operational credit rating agency. It also makes it the first licensed under FRA Resolution No. 178 of 2025, which sets comparative criteria for rating agency licenses.

The regulator also approved Sigma Securities Brokerage and Aspire Securities and Bonds Brokerage to operate in futures brokerage. This brings the total number of companies licensed to operate in this sector to eight since the launch of the derivatives market on the Egyptian Exchange (EGX).

Within the insurance sector, MedRight Health Solutions received a temporary license to practice specialized medical insurance. This makes it the first company to obtain a temporary license in this field under the Unified Insurance Law No. 155 of 2024 and FRA Resolution No. 90 of 2025.

Meanwhile, NextCare secured a temporary license to manage healthcare programs. The approval brings the total number of companies operating in this activity under temporary licenses to eight since the Unified Insurance Law came into effect.

The FRA also licensed Co-Wealth Fund Company to operate as a real estate investment fund. In addition, Co-Wealth received approvals for securities promotion, underwriting, and real estate investment fund management.  Additionally,  Thndr for Real Estate Asset Investment was also licensed to operate a real estate investment fund.

Furthermore, Commercial International Finance Company (CIFC), a non-banking financial fully owned subsidiary of the Commercial International Bank (CIB), was granted a license to practice financial leasing as an expansion of its corporate purpose. This is subject to its adherence to standard leasing contract templates approved by the FRA. Additionally, Halan has received licenses to offer both real estate finance and factoring services.

The Ripple

The approvals expand the number of licensed firms operating across Egypt’s non-banking financial sector.

They introduce the country’s second operational credit rating agency and increase the number of licensed derivatives brokerage firms to eight. The approvals also mark the first temporary license for a specialized medical insurance company under the Unified Insurance Law. Meanwhile, it brought the total number of temporarily licensed healthcare management companies to eight.

The latest licenses also broaden participation in real estate investment funds, financial leasing, real estate finance, and factoring. This comes as the FRA continues to expand the range of regulated financial services available in the market.

What to Watch

The approvals reflect the FRA’s continued implementation of recent regulatory frameworks, including the Unified Insurance Law No. 155 of 2024. This also includes the licensing criteria for credit rating agencies established under FRA Resolution No. 178 of 2025. 

The newly licensed companies will now begin operating under the FRA’s regulatory framework across insurance, capital markets, and non-banking finance. The approvals reflect the Authority’s ongoing efforts to expand access to financial services while strengthening the sectors under its supervision.