The “Egyptian Microfinance Company - Maksab” received the first license, allowing it to engage in microfinance activity based on the application of the “Wakala Investment” formula for its various financing products
El-Dokany, who was appointed late last week, succeeded Farid after the former EGX boss was selected as acting FRA head by the president in early August
Omran had been heading FRA for the past 5 years, and was given a one-year extension on his term in office on 8 August 2021. Farid has been chairperson of the EGX since August 2017
FRA noted that it came to its decision after studying many international practices, after which they concluded that SPACs is a preferred method for many experienced founders and major shareholders
Capital markets play a key role in financing large, as well as small and medium-sized companies, explained MoICMin Al Mashat
