Back to the complete issue
Thursday, 29 November 2018

Cabinet approves Consumer Credit Act, sent to house for final vote

LEGISLATION WATCH- The Madbouly Cabinet has reportedly approved the a bill that would create a consumer credit act and has sent it to the House of Representatives to become law, unnamed government sources told El Watan. The bill would, among other things, require companies to obtain a license from the Financial Regulatory Authority to sell goods on installment (see our note on that earlier this month). The 22-article draft would require companies seeking a license to have at least EGP 10 mn in capital The FRA will only grant licenses to companies who operate exclusively in consumer finance, which the proposed law defines as “any activity or operation aiming to fund purchases of consumer and durable goods and transportation vehicles”, and related sectors.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.