Head of Financial Supervision: Technology and real estate developers law are top priorities for 2021

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Dr. Muhammad Omran, Chairman of the Financial Supervisory Authority, revealed that the Authority aspires in 2021 to continue its main role in developing the legislative structure for the non-banking financial services sector, and to fill legislative gaps for some activities that fall under the system of non-banking financial services, such as the completion of a draft law to regulate the practice of Financing activity through real estate developers, and the Authority intends to continue to regulate markets, maintain their stability, and continue to implement its role in protecting the rights of dealers in all non-banking financial services markets.

 

Omran added, in the annual report of the Financial Supervisory Authority, that it seeks to shift to the use of modern technology and tools in providing services and support non-banking financial sector institutions in digital transformation to provide services, thus contributing to broadening the base of financial inclusion and reducing the cost of obtaining those services, in addition to In addition, the authority will focus on raising societal awareness of the non-banking financial services available to obtain financing for all segments of society, especially marginalized groups, which will increase their productivity and raise their standard of living. The authority will also spread sustainability applications and increase community awareness of the green economy.

 

Imran indicated that despite the severe economic damage as a result of the Coronavirus pandemic, the Financial Supervision Authority has worked hard to limit the impact of the pandemic on the non-banking financial sector, and the authority has taken a set of measures that will facilitate the dealers and work on the safety of And the stability of non-bank financial markets, and this led to the authority to maintain the performance of the non-banking financial sector during the year, and some activities were even able to outperform last year's performance, surpassing all expectations.