Arab Finance: Dr. Mohamed Farid, Chairman of the General Authority participated Financial control, In a discussion session on the latest developments in the potential risks of financial stability in the non -banking financial sector, within the activities of the periodic meetings of the consulting group for the Middle East and North Africa region emanating from the Financial Stability Council (FSB), in Sharm El Sheikh for two days.
The participation of Dr. Farid as a member of the Consultative Group for the Middle East and North Africa region that emanates from the Financial Stability Council, in his capacity as Chairman of the Financial Supervisory Authority, Vice President of the International Organization for Control Bodies on Financial Markets (iosco), and Chairman of the Development and Emergian Markets Committee (GEMC).
The discussion session was chaired by Hassan Abdullah, Governor of the Central Bank of Egypt, in the presence of Meshari Al -Kadhi, representing the Saudi Central Bank, and Muhammad Al -Amayreh, representing the Central Bank of Jordan, and joined me by Volding, representing the Bank of England via the Internet.
Hassan Abdullah, Governor of the Central Bank of Egypt and his Saudi counterpart, Ayman Al -Sairi, heads the advisory group of the Financial Stability Council for the Middle East and North Africa, which includes in its membership, Dr. Mohamed Farid, head of the General Authority for Financial Supervision, and the governors of central banks for a number of countries, including Jordan, Kuwait, Oman, and Qatar , Tunisia, Turkey, and the Emirates.
During his participation, Dr. Farid focused on the importance of enhancing the flexibility of the non -banking financial sector companies in the face of various shocks, and that this must be a major goal for all regulatory and organizational authorities at the present time, as a proper understanding of the risks and their proactive management enhances the flexibility and solidity of financial institutions Non -banking, explaining the maximum importance of non -banking financial institutions in advanced economies and emerging markets in terms of opportunities, as well as challenges related to proper development and market performance.
He explained that these institutions have a positive performance, citing the report of the Global Financial Stability Fund issued by the International Monetary Fund in April 2023, which referred to the important role these institutions play in the global financial system, enhance access to financing, support for economic growth, and the growth of the global financial asset share that They are kept by non -banking financial institutions from about 40% to approximately 50% since the global financial crisis, which highlights the importance of non -banking financial institutions for mediation in basic financial markets, such as bonds issued by governments and companies.
The Chairman of the Financial Supervision Authority pointed to the report of the Financial Stability Council issued in December 2024, which reflected the growth of the size of non -bank financial institutions by 8.5%, which raised the share of non -banking financial institutions from the total global financial assets to 49.1%.
He also mentioned that the Financial Supervisory Authority launched a financial stability unit as a basis for the development of the sector in a sustainable manner in the context of working to reduce the various regular risks.
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