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The government of Egypt takes a so-called “twin peaks” approach to the regulation of its financial sector. The two main regulatory bodies charged with the oversight of financial activities are the Central Bank and the Egyptian Financial Supervisory Authority.
This approach was started by the 2005 Financial Reform Program which delegated powers to the Central Bank and rendered it the sole regulator of the banking system. In 2009 the Egyptian Financial Supervisory Authority was established the non-banking financial marкets sector in order to protect the consumer and sustain systematic stability.
However, legislators in Egypt have yet to include properly forex trading within its regulatory framework and furthermore enact the needed changes so that the law of the country reflect adequately the changing realities in the financial markets.
Another problem we encounter is that not all of the content on the website of the EFSA is available in English, nor is the website itself very informative. We couldn’t find specific information regarding the rules governing online foreign exchange nor about the regulated entities in the country.
Still, foreign entities providing forex trading services are not prohibited.
Forex brokers providing financial services in the country, however, should have in mind the overwhelming preference for Arabic over English, as well as the 90% Мuslim majority living in the country. Local operators should have the Arabic language option available if they aim at reaching the traders in Egypt, as well as swap-free accounts in compliance with Sharia law.
Bank gateways continue to be the most preferred payment methods in Egypt. The National Bank of Egypt and the Arab African International Bank both provide MIGS and Cybersource which are MasterCard and Visa payment gateways respectively. Other popular payment methods for the region are the Saudi Arabia-based OneCard which is a prepaid cash card and CASHU which was established in 2002 by Maktoob.com
