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FRA appoints a founding committee to call for the first general assembly of the Egyptian Financial Leasing Union to elect the first board of directors and appointing another founding committee for the Egyptian Factoring Union - Sunday 5/1/2020

Dr. Mohammed Omran - FRA’s Chairman issued decision No. 1652 of 2019 to form a founding committee to facilitate the procedures of electing the first board of directors of the Egyptian Financial Leasing Union. Financial leasing union headed by Mr. Tarek Fahmy, Chairman of The Egyptian Leasing Association (ELA) and membership of four technical and legal experts in companies licensed by the Authority to practice financial leasing activity. In addition, FRA’s Chairman issued decision No. (1653) of 2019 to form a founding committee to proceed with the election of the first board of directors of the Egyptian Factoring Union. The Union is headed by Mr. Mohammed Gamal Muharram, Chairman of the Egyptian Factoring Association and membership of three officials from companies authorized by FRA to practice factoring that is besides a female representative in accordance with the Financial Leasing and factoring Law No. 176 of 2018 .

FRA’s Chairman said that he set the tasks of the founding committees of both Unions. Both committees shall consider requests of companies practicing these activities to join both Unions. These committees shall go through the procedures related to calling for the first general assembly of both Unions to elect the first board of directors, within a period not exceeding six months from the date of issuing decisions No. (1652, 1653) of 2019.

Dr. Omran added that the founding committees will collect membership fees and approve the revenue and expenses as well as the auditor's report for this period. Also, it shall take all necessary measures to activate both Unions. 

 Dr. Omran revealed that the founding committee of Financial Leasing Union included in its membership Mr. Khaled El-Ezaby, Mr.  Mohammed El-Sabily, Mr. Salah Youssef, Mr. Hala Zaky whereas, the founding committee of Factoring Union includes in its membership Mr. Nazmy Sayed, Mr.  Ahmed Shaheen, Mr.  Ahmed Osama, and Mrs. Ghada Shams.

It is worth noting that by the end of last November FRA’s Board of Directors had previously agreed on the statute of the two Unions.  FRA’s BOD decisions No. (149), (150) of 2019 was issued within the framework of the Authority’s policy to encourage the establishment of professional self-organizing entities from those operating in both financial leasing and factoring activities. Also, these Unions shall define the rules that regulate the obligations and rights of its members and settle complaints submitted by clients - amicably - within a month at most from the date of their submission.