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4 conditions for candidacy for membership in the Board of Directors of the First Consumer Finance Association


Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, issued the articles of association of the Egyptian Federation of Entities working in the field of consumer finance, and the articles of association set 4 conditions for candidacy for membership in the Federation’s Board of Directors, which are:

 

1- He must be of good conduct and of good reputation.

 

2- He must hold the position of Chairman, Managing Director or Member of the Board of Directors of the member company of the Union, and for the providers of consumer financing, he must be responsible for his consumer finance activity.

 

3- He should not have been previously convicted of a criminal or misdemeanor penalty for a crime affecting the East or East, or in one of the crimes stipulated in any of the laws regulating non-bank financing activities, or in the Central Bank, Banking and Currency Law, or the Anti-Money Laundering Law. And during the 5 years preceding the candidacy, unless he was reinstated.

 

4- He has not been issued against him or caused the issuance of there are administrative measures - except for a warning - or judicial procedures from the Authority or the Federation towards the member who nominated him, during the 5 years preceding his candidacy, provided that a certificate is issued by the body or union to that effect.

 

The articles of association also specified the formation of the Consumer Finance Association Board of Directors consisting of 7 members, which will be formed as follows:

 

3 representing consumer finance companies.

 

3 They represent providers of consumer finance.

 

A seat is reserved for women, whether representing consumer finance companies or consumer finance providers, and the term of membership in the Board of Directors is 4 years, renewable for other periods.

 

What is meant by consumer financing is all forms of financing that aim to enable the borrower to purchase a durable commodity for the purpose of consumption and pay for it over an extended period of time, and according to this definition, consumer finance includes cars, household appliances, tools and equipment, as it primarily addresses the domestic sector and it can also Legal persons benefit from it.

 

 

Consumer finance achieves multiple benefits for producers and consumers alike from the producer side, as it contributes to increasing the demand for consumer assets and equipment that they produce in a way that improves production efficiency and profitability, and on the consumer side, it helps improve their living standards and their ability to buy products that they cannot afford. Pay promptly and plan their spending well.

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