Chairperson of the Egyptian Mortgage Federation (EMF), Nagui Fahmy, announced the launch of the federation’s Accredited Mortgage Programme (AMP), set to take place on 2 November.
Established in 2015, under the supervision of the Egyptian Financial Regulatory Authority (FRA), the EMF currently has 28 members involved in developing the mortgage finance industry in Egypt. EMF members are primarily concerned with adopting initiatives that support the industry, making recommendations on regulating legislations and raising awareness of mortgage finance, while consolidating concepts and customs of its practice.
“Our goals, from day one, have been centered on improving the sector’s performance, and aligned with the FRA’s strategic objectives; aiming for the creation of inclusive financial systems and improving the competitiveness of the national economy,” said Fahmy.
The first major objective that the EMF works to achieve is to develop the skills of professionals working in the field of mortgage finance, which the EMF sets out to achieve through education and training programmes in order to raise the efficiency of the bodies engaged in the sector.
The federation’s most recent initiative is the AMP, “this programme is among our major accomplishments this year; it is aimed at individuals and entities wishing to become professionals in any of the branches related to the mortgage financing sector,” explained Fahmy. Material for the programme is prepared by a lineup of experts at the EMF; in this regard, Fahmy went on to clarify that “through a comprehensive and fresh educational approach, the material focuses on the Egyptian mortgage market, types of products and services, credit and risk, as well as laws and legal documentation. A number of subjects centering around governance in all branches of this sector were incorporated by the Administrative Control Authority, to ensure structured and solid performance of graduates.”
As part of its practical approach to the mortgage industry, the AMP focuses on preparing students to master post-sale services; an indispensable aspect of real estate mortgage financing.
The programme is accredited by the EMF and will be under the patronage of the Financial Regulatory Authority.
Due to the increasing demand, the first class for the programme is initially comprised of 30 students who are projected to attend 60 hours of classes across 5 weeks, and will be concluded with a final exam to measure the progress of each student. The first round is set to commence on 2 November, and will take place at the National Academy for Financial Services.
The second objective, which the EMF unveiled during the launch of its significantly informative and dynamic website that gives a closer look at its activities, features articles of mortgage finance law and its executive regulations, the Financial Regulation Authority’s decisions, and a thorough frequently asked questions section.
Magdy El-Yamani, Managing Director of the EMF, elaborated on the EMF’s website map clarifying that, “We realised that there was a tremendous lack of information and data regarding this specific sector.”
The market continues to show signs of a pressing need for clearer and more feasible mortgage systems. According to research, the reliance on mortgage financing solutions is increasing in Egypt with the volume of mortgage finance granted during 2018 reaching around EGP 2.2bn, showing a growth rate of 57% compared to EGP 1.4bn the previous year.
