Latest news with #MaiAbdelHamid
Zawya
08-05-2025
- Business
- Zawya
Egypt's FRA, Local Development Ministry, and SHMFF coordinate to expand non-banking services
Egypt - In a move to expand access to non-banking financial services nationwide, the Financial Regulatory Authority (FRA) held a high-level coordination meeting with the Ministry of Local Development and the Social Housing and Mortgage Finance Fund (SHMFF). The meeting brought together FRA Chairperson Mohamed Farid, Minister of Local Development Manal Awad, and SHMFF's CEO Mai Abdel Hamid. The discussions focused on establishing collaborative frameworks to deliver FRA-regulated financial and insurance services to broader segments of the population, particularly in underserved governorates. The initiative supports Egypt's national strategy for financial inclusion and sustainable development. Participants reviewed a broad spectrum of non-banking financial tools, including mortgage finance, leasing, factoring, consumer finance, and capital market products, as well as insurance services. The aim is to leverage these tools to enhance economic resilience at the local level and protect vulnerable citizens from financial risks. Farid stressed the FRA's commitment to strengthening partnerships with government institutions to demonstrate how non-banking solutions can support development goals. 'We are working to design innovative financing, investment, and insurance services tailored to the needs of citizens in governorates across Egypt, especially in marginalized and rural communities,' he said. He highlighted the importance of integrating efforts with the Ministry of Local Development to extend financial services to villages and districts targeted by national initiatives, particularly those under the Decent Life program and local development strategies. Minister Manal Awad underscored the value of this partnership, describing it as a pivotal step toward empowering governorates with modern financial tools. 'Our goal is to foster an enabling environment where citizens can access effective financial and insurance services, raise their living standards, and create local job opportunities,' she said. Awad also stressed the need to enhance financial literacy and public awareness of available services to ensure active citizen participation in economic life. To translate the initiative into action, the parties agreed to form joint working groups comprising representatives from the FRA, the Ministry of Local Development, and the SHMFF. These teams will develop an implementation roadmap based on local priorities, aiming to ensure the broadest possible access to non-banking financial services. The collaboration is seen as a model for institutional integration, aligning efforts among key state bodies to accelerate progress toward Egypt's sustainable development goals and improve the quality of life across all governorates.
Zawya
03-03-2025
- Business
- Zawya
Mortgage finance in Egypt reaches $1.60bln, benefiting 617,500 citizens
Egypt- Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (SHMFF), announced that total mortgage financing in Egypt has reached approximately EGP 81.22bn, benefiting 617,500 recipients through 22 banks and eight mortgage finance companies. She noted that direct cash subsidies granted to beneficiaries amounted to EGP 10.13bn, with an average mortgage loan of EGP 131,500 per client. Since June 1, 2014, a total of 19 housing announcements have been issued, attracting applications from 2.1 million citizens. Abdel Hamid shared these updates during a meeting of the Social Housing and Mortgage Finance Fund's Board of Directors, chaired by Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities. The meeting reviewed progress on housing projects for low- and middle-income citizens under the presidential initiative Housing for All Egyptians, the status of the initiative's fifth phase, and key performance indicators. El-Sherbiny stated that nearly one million housing units for low-income citizens have been completed or are under construction as part of the initiative. Of these, 721,000 units have been fully delivered, while 251,000 are still being developed. The initiative's fifth and sixth phases include the construction of 54,600 green housing units across nine cities. Additionally, 27,944 middle-income and investment housing units are under construction in 15 cities and governorates. Providing further details on the 'Housing for All Egyptians 5' announcement, Abdel Hamid revealed that 78,000 housing units are included in this phase. She noted that approximately 762,000 citizens have purchased application booklets, with 589,000 paying the reservation deposit. Around 571,000 applicants have submitted their requests online through the fund's official website. The government's continued efforts to expand affordable housing options reflect its commitment to addressing the growing demand for homeownership while ensuring access to mortgage financing for low- and middle-income citizens.
Zawya
24-02-2025
- Business
- Zawya
Egypt launches automated system for social housing reconciliation procedures
Egypt - Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (SHMFF), has announced the launch of an automated system for handling reconciliation requests related to violations of the Social Housing Law. This system will process cases documented by judicial officers across the country against individuals found in breach of Social Housing Law No. 93 of 2018. The introduction of this system is part of SHMFF's broader efforts to digitize its services, aligning with the state's digital transformation strategy. This initiative aims to streamline service delivery, reduce bureaucracy, and enhance governance and transparency by eliminating direct interactions between service providers and applicants. It ensures efficient, high-quality service for citizens while reinforcing the legal framework governing Egypt's social housing program. Under the new system, individuals against whom judicial reports have been filed will receive SMS notifications containing a link to the reconciliation platform. Upon accessing the link, violators must enter their national ID number and password if they already have an account on the fund's website. If not, they must first create an account. Once logged in, they will be directed to the 'Reconciliation Request' section, where they can download the reconciliation request form. The next step requires them to visit an automated post office with their national ID card to pay the designated reconciliation fees. After completing this step, violators must fill out the reconciliation form and upload it along with the payment receipt to the system. They will then wait for an SMS confirmation indicating whether their reconciliation request has been accepted. Once approved, they must return to the post office to pay the fine. In cases where reports have already been transferred to the judicial authorities, the system will issue a formal statement for reconciled individuals. Abdel Hamid stressed the importance of ensuring that subsidized housing units are used by their rightful beneficiaries. She emphasized that residents must occupy their housing units continuously and regularly for a minimum of seven years. Any actions such as renting, selling, or altering the designated use of the unit constitute a violation, exposing the beneficiary to strict legal penalties. To reinforce compliance, the judicial control system will intensify field inspections in the coming period to crack down on violations and guarantee that subsidized housing reaches the people who need it most. The implementation of the new system has already produced significant results. Since its launch, a total of 10,087 reports have been processed. Out of these, 3,940 cases have been successfully reconciled, while 4,253 convictions have been issued against violators. Additionally, 1,756 cases remain under prosecution, and 372 reports have proceeded to court trials. Furthermore, judicial authorities have issued 2,231 court rulings mandating the retrieval of unlawfully occupied housing units. Of these, 1,389 rulings have been executed, with efforts ongoing to reclaim the remaining units in accordance with final court decisions. To strengthen deterrence and ensure compliance with social housing regulations, the penalties for violations have been substantially increased. If a subsidized housing unit is found to have been sold illegally, it will be permanently withdrawn from the violator. For cases involving rental violations, the reconciliation fee has been raised to EGP 50,000 if settled before court proceedings commence. If reconciliation is sought after legal proceedings have begun, the fee increases to EGP 75,000. It is important to note that reconciliation for rental violations will only be permitted once, and violators will be required to remove the infraction and pay the necessary fine to complete the process. Abdel Hamid urged citizens to stay informed about these new procedures and compliance requirements through SHMFF's official digital platforms and social media channels. She also encouraged individuals to reach out to customer service centers located in city authorities and housing directorates for further assistance. Additionally, citizens can submit inquiries and concerns via the fund's designated complaint and suggestion platform. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
