The Minister of Investment, Dr. Mahmoud Mohieldin, said President Mohamed Hosni Mubarak had issued Decree No. 260 of 2010 on the statute of the Financial Services Institute - which was earlier approved by the Cabinet on July 28, 2010.

Dr. Mohieldin said, "The Institute has a legal personality and independent budget and is affiliated to the Egyptian Financial Supervisory Authority (EFSA)."

"Its mission is developing workers' skills in the non-bank financial service domain with a view to coping with scientific progress and firming up sound professional work rules," added the minister.

Pursuant to the decree, the Institute's board of directors shall be chaired by the EFSA chairman.

Its membership lineup includes 3 associations or consortiums of EFSA - overseen companies and 5 highly experienced figures, including a deputy chairman – to take the Institute chairman's seat in the case of his absence.

The Institute's board of directors shall be formed by an EFSA decree. Its three-year term is renewable.

The statute also stated that the Institute's board of directors shall convene periodically and be the high authority that controls the Institute's affairs, manages it and devises the essential policies to get its objectives achieved, while goal fulfillment supervision shall not discontinue.

The Institute's board of directors is also authorized to make decisions it deems necessary to embark upon its powers.

The Institute's board of directors has also been warranted to form task forces from among its members in order to assist in exercising its missions.

The Institute shall acquire an executive manager whose appointment system and tenure have been fully illustrated by the statute.

Dr. Mohieldin said, "The Institute will be conducting studies and research and providing data, information and statistics on the non-bank financial sector, as well as illuminating the newest international practices in the non-bank financial services domain."

One more task is disseminating financial culture and improving the financial and investment knowledge of investors and dealers at non-bank financial service markets.

The Institute, continued the minister, also aims at introducing the activities of the non-bank financing tools and markets and disseminating financial and investment culture.

[13 September 2010]
Ministry of Investment, Egypt