A cooperation protocol between Ain Shams University and the Financial Supervision to qualify young people to make informed decisions when managing their money

Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, and Prof. Dr. Mahmoud El-Matini, President of Ain Shams University, signed a cooperation protocol to raise the levels of non-bank financial awareness among university students and spread financial culture among them, and qualify them to make informed decisions when using and managing funds and achieving rationality and financial well-being.

The protocol signing ceremony, which took place at the headquarters of the Financial Supervisory Authority, from Ain Shams University, witnessed by Prof. Dr. Khaled Kadri, Dean of the Faculty of Business, Prof. Dr. Haiam Wahba, Vice Dean of the Faculty of Business for Graduate Studies and Research Affairs, and Prof. Dr. Diaa Khalil, General Supervisor of Innovation and Entrepreneurship at the university, Prof. Dr. Mohamed El-Shafei, Vice Dean of the Faculty of Law for Education and Student Affairs, and Prof. Dr. Yassin El-Shazly, Vice Dean of the Faculty of Law for Community Service and Environmental Development Affairs, Dr. Khaled Serry Siam, former president of the Egyptian Stock Exchange and a faculty member at the Faculty of Law, Ain Shams University, Dr. Mohamed El-Behairy, Director of the Center for Innovation and Entrepreneurship at the university, and from the authority, Counselor Reda Abdel-Moaty, and Dr. Islam Azzam Senior Advisor to the Chairman of the Authority, and Hesham Ramadan, Assistant to the Chairman of the Authority and Executive Director of the Financial Services Institute, the training arm of the Authority, who was entrusted with the implementation and follow-up of the obligations contained in the protocol.

Dr. Omran explained that the terms of the agreement with Ain Shams University, which will extend over five years (2026-2022), represent the period of implementation of the national strategy for awareness and non-bank financial culture, and include activities to motivate young people to entrepreneurship and create serious job opportunities, as well as improving their ability To know and use the methods of financing non-banking projects, and urge young people to experiment with non-bank financial products and services according to their needs.

He added that the Authority's Financial Services Institute will seek, during the implementation of the provisions of the protocol, to raise the culture of youth and protect them from financial fraud and fraud, in addition to raising the capacity and efficiency of young people in financial thinking, and how to use non-bank financial tools to achieve financial independence.

For his part, Dr. Mahmoud El-Metini, President of Ain Shams University, expressed great interest in educating students financially, and that extending bridges of cooperation with the Financial Supervisory Authority would support the financial inclusion process, which is a national priority that stimulates economic growth by integrating all segments of society at all levels, especially marginalized groups and segments. low income at reasonable cost and in a fair and transparent manner; Noting that Ain Shams University includes 200,000 undergraduate students, 25,000 graduate students, and 30,000 administrators, which is a great opportunity to maximize this thought within the university with all its affiliates for financial awareness, adding that a mechanism will be developed to implement the protocol at the Center for Innovation and Entrepreneurship.

Hesham Ramadan, assistant president of the authority, said that the provisions of the protocol are in line with the objectives of the national strategy for awareness and non-banking financial culture, which seeks to raise the financial culture and skill of members of society, encourage saving behavior among individuals, consolidate the principles of the rights of dealers in non-bank financial markets and improve the use of digital financial services in a safe manner. Raising the ability of individuals to properly plan for retirement, and cultivating credit discipline for community members.

It is worth noting that the Financial Services Institute, which was entrusted with the implementation and follow-up of the obligations contained in the protocol by the Authority, aims to develop the skills of workers in the non-banking financial sector, disseminate financial science and culture, and educate investors through workshops, training programs, seminars, specialized scientific conferences, exchange of information and experiences, and cooperation at all levels. Local, Arab and international issues that would raise the level of non-bank financial work in Egypt.

The institute also specializes in preparing studies and research, providing data, information and statistics related to the non-banking financial sector, and working to spread the non-banking financial culture among the different segments of society.

The faculty delegation at Ain Shams University also inspected the Knowledge Complex for Financial Culture of the Financial Supervisory Authority, and got acquainted with the activities of the complex, which work in harmony and coordination in one place.