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- Appointment of administrative structure and formation of committees
Cairo: The newly formed Consumer Finance Federation under the directives of the Financial Regulatory Authority concludes its first official session in attendance of the appointed board of directors.
With an agenda to activate the Federation and initiate procedures, the session was headed by Mr. Said Zater, Chairman of the Consumer Finance Federation in the presence of Mr. Hisham Abouldahab, the federation's Deputy Chair, and members of the Board of Directors Mr. Osama Farid, Mr. Ahmed Osama, Mrs. Yasmin Hilal, Mr. Ayman Muhammedin, and Mr. Alaa Morsi.
The Federation’s primary objective is to invigorate the consumer finance field in Egypt and further support the existing efforts of the Egyptian government and the Financial Regulator Authority when it comes to the field. The session commenced with several discussions on the framework and structure that the Federation will follow to meet its objectives. Key decisions taken include setting up the Federation’s headquarters in Talaat Harb square in Cairo’s downtown. Several appointments were made including naming Mrs. Safia Burhan Secretary-General of the Federation, and Mr. Ashraf Hashish, Executive Director of the Federation.
Mr. Said Zater, Chairman of the Federation commented on the objectives and plans for the federation and how "The aim is to put in place an effective union that drives changes and development of the Egyptian consumer finance activity. Consumer Finance centers around consumers and their interests. The industry and its drivers play an integral role in facilitating livelihoods and invigorating an economy that has for the past years shown solid growth and new opportunities”.
“Our immediate responsibility is to kick off the administration and structure of the federation and set in place the best practices we want to introduce in the industry. We created several committees that will soon be activated to ensure that all of the members within the federation have an active role in shaping the industry. We aim in the upcoming period to hold dialogue sessions with members of the Federation to discuss obstacles facing the activity and any proposals that would serve everyone.”
The committees formulated include a membership affairs committee, a complaints committee, and training committee. It is worth noting that the Egyptian Consumer Finance Federation was recently formulated late September, under the directives of the FRA.
© Press Release 2021
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