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"Tawakol, Fady"
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Corporate Social Responsibility \CSR\ its Contribution in Achieving Sustainable Development in Egypt 2030 in Light of the Provisions of the Unified Investment Law No. 72 of Year 2017
2021
Promoting the economy, protecting the environment and respecting the social wellbeing is no more the duty of governments and regulators alone, it is the result of social collaborative society work. Each person should be aware of the importance of his/her individual role in promoting the economy. This paper analyses the unified Egyptian Investment Law No. 72 of 2017 and its contribution to achieve sustainable development. It shows how companies' contribution will help them achieve continuous improvements in performance, affect their profits, reputation, motivate employees and attract more capital. It encourages firms to be innovative to provide value to customers, follow environmentally friendly policies, meanwhile, improve competitiveness and work against corruption. Egyptian institutions should jointly have an influential role in making companies submit a Sustainability Report. In cooperation with the Financial Regulatory Authority, they should establish the requirements and the materiality of an ESG Reporting Guide and make its submission compulsory.
Journal Article
Microfinance in Egypt
2017
Microfinance regulation is no longer a new field. Much has been written about it and even more has been done in terms of actually implementing these new ideas. In a number of countries throughout the world, legal frameworks for microfinance have been amended. This paper attempts to explore the main aspects of the current debate on the regulation and supervision of microfinance in Egypt. It mainly argues that appropriate regulation and supervision of microfinance is critically important as there is broad awareness that poor people have different financial service needs. In order to reach its full potential the microfinance industry in Egypt must eventually be able to enter the area of licensed, supervised financial intermediation to be able to capture and minimize any financial crisis or crimes that may possibly occur. Moreover, The paper presents the Risk Based Supervision (RBS) Framework for supervision of financial institutions, including Financial Institutions Engaged in Microfinance, hereinafter collectively referred to as 'institutions' to provide an effective and efficient process to assess the safety and soundness of the institutions. The paper was viewed as a work in progress on which further adjustments could be made, based on analysis of selected country experiences from the field. The paper provides guidelines to all microfinance institutions in Egypt on risk standards that shall be expected of risk management framework at any microfinance institution. It provides those involved in drafting legal texts for microfinance with a commented inventory of regulatory requirements for MFIs. The study does not offer a template for a microfinance law or for the amendment for current legislation so that it becomes more \"microfinance-friendly\". But it may help in drafting regulations in Egypt so that they neither have to reinvent the wheel, nor find themselves limited to referring to microfinance legislation from only a few other countries as a reference point. Given the dynamic nature of its subject matter, we will briefly indicate how more in-depth assessments of legal frameworks for microfinance could appear. In the course of our work, a clearer picture of the main elements of legal frameworks for microfinance has emerged to conduct comprehensive assessments of microfinance regulation in Egypt.
Journal Article
Market Efficiency and Insider Trading
by
Tawakol, Fady
,
Albanna, Hatem Mohamed
in
الأسهم المالية
,
السياسات النقدية
,
القوانين والتشريعات
2018
Insider trading in securities occurs when a person in possession of nonpublic information about a company trades in the company's securities. Insider traders enjoy a much favorable position than other non-insider traders because of their possession of such nonpublic information, and as a result insider trading has been a major issue for stock markets, regulators and of course researchers. In order to avoid problems of information asymmetry all countries have implemented regulations, forcing insiders to provide information concerning selling or buying shares of their firms. Preventing insider trading from taking advantage over other investors is necessary to comply with securities laws. This paper reviews the existing studies on insider trading, market efficiency, regulation and laws of insider trading, and then it examines the trading activities of insiders in the Egyptian stock exchange. The statistical difference between insider trading and average market returns is then tested. Results show that differences between insider trading and average market is not significantly different than zero, which encouragingly supports possibility of achieving the strong-form efficiency hypothesis in the Egyptian stock market.
Journal Article