The Financial Regulatory Authority (FRA), under the leadership of Islam Azzam, has introduced a new requirement for all non-bank financing companies and entities. These organizations must now submit detailed monthly activity reports through an official electronic platform. This submission is due within the first 15 days of each month, covering the data from the previous month. The FRA will also facilitate an additional submission period from October 12 to October 29, 2026. During this time, entities can address any outstanding data issues and can review entries that have been made since January 2026.
New Submission Guidelines
According to Circular No. 7 of 2026, all non-bank financing entities are mandated to upload their monthly data through the FRA’s electronic platform. This requirement necessitates submitting accurate and complete information concerning previous month activities by the 15th of each month. The FRA emphasizes that companies perform meticulous reviews of their data before uploading it to ensure that every entry aligns accurately with their available records. This approach is designed to eliminate any errors or inconsistencies that could undermine the integrity of the data submitted.
Extended Submission Period
As a special provision, the FRA will keep the platform accessible from Monday, October 12, until Thursday, October 29, 2026. This initiative aims to ensure thorough compliance, allowing all non-bank financing entities to submit any outstanding data while verifying the information recorded since the start of 2026. This is a critical step towards maintaining the accuracy and completeness of the submitted data, and it provides an opportunity for companies to amend any inaccuracies proactively.
Enhancing Regulatory Oversight
Azzam stated that these new requirements are aimed at fortifying the FRA’s supervisory and regulatory capabilities in the non-bank financial sector. By collecting comprehensive data on financing activities, the FRA will be better positioned to conduct in-depth assessments and analyses of operational performance indicators. This proactive data management approach will help identify potential risks early on, thus empowering the FRA to tackle challenges more effectively.
Integration of Databases
Compliance with these new monthly reporting requirements will play a vital role in achieving full synchronization between the databases of non-bank financing companies and the FRA’s own database. Such integration will not only ensure data is routinely updated but also facilitate the production of precise performance indicators for each activity. This clarity enables market participants to hone their offerings, tailoring them to the evolving needs of consumers.
In addition to these initiatives, Decision No. 2684 of 2026 mandates that consumer finance companies must create a robust technological infrastructure for connecting their databases with that of the FRA. Effective from September 24, this decision requires companies to furnish specific data immediately after financing applications are authorized. They must also provide real-time information related to customers’ transactions, classify financed goods and services, and keep track of customer repayment behaviors, all of which are integral to assessing financial stability.
By reinforcing these regulations and encouraging collaboration through integrated data systems, the FRA aims to create a more transparent and efficient non-bank financing landscape. This initiative will not only enhance the quality of data but also boost the capacity for quick decision-making within companies, better aligning their products with customer demands.