EFG Finance Receives the License from the FRA for its New NBFI Venture Set to Offer Innovative Financial Solutions for Small and Medium Enterprises to Drive Growth and Success
تاريخ النشر: 13th, March 2024 GMT
EFG Finance، the non-bank financial institutions (NBFI) arm of EFG Holding، announced today that it has obtained the required license from the Financial Regulatory Authority (FRA) to introduce its newest subsidiary that will provide financial services tailored for small and medium enterprises. The company is poised to complement EFG Finance's core offering by catering to the financing needs of small and medium-sized enterprises (SMEs) in Egypt.
With this new venture، the financial institution seeks to bridge the gap in its product offering، targeting businesses that fall between the micro and small enterprises supported by Tanmeyah and larger enterprises served by EFG Corp-Solutions. The new platform will focus on providing tailor-made financing products and support to SMEs as they navigate their growth journeys.
"We are delighted to announce the acquisition of a new license، allowing us to introduce a new subsidiary to the EFG Holding family. At EFG Holding، our relentless dedication to providing a comprehensive range of financial products ensures accessibility for individuals and businesses across all income levels and sizes. Our commitment lies in crafting innovative financial solutions that not only fuel economic growth but also empower our clients to prosper، while generating promising returns for our shareholders through new ventures." Commented Karim Awad، Group CEO of EFG Holding.
Upon its launch، the company will provide the SME ecosystem with seamlessly accessible and highly scalable products and services through various distribution channels، all facilitated by digital processing and delivery. Leveraging technology to complement the underwriting experience، the NBFI platform aims to expand its customer base and deliver a superior user experience. The offerings will be supported by a careful assessment of customers' specific risk attributes and growth needs.
Aladdin ElAfifi، CEO of EFG Finance، an EFG Holding company، commented on the news، saying، “We are thrilled to announce the forthcoming launch of our new SME business، a testament to our unwavering commitment to offering products and services that cater to the growth and prosperity of the Egyptian economy. With the acquisition of the license، we are poised to introduce a revolutionary platform designed specifically to meet the unique financial needs of small and medium-sized enterprises across Egypt. At EFG Finance، we recognize the vital role that SMEs play in driving economic growth and job creation. Through this new company، we aim to empower these enterprises with access to innovative financial solutions، leveraging cutting-edge technology and extensive industry experience. Working under a renowned group such as EFG Holding has its advantage، as it facilitates the creation of powerful synergies across various lines of business، delivering innovative and convenient solutions to clients.”
EFG Finance is the fastest-growing NBFI platform in Egypt and a growth engine for financial inclusion. The platform is home to numerous brands، including Valu، MENA’s leading universal financial technology powerhouse، micro and small finance player Tanmeyah، leasing and factoring platform EFG Corp-Solutions، mortgage finance provider Bedaya، insurance company Kaf، and e-payment platform PayTabs Egypt.
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Ahmed Abdelwahab writes: Arabic Between Globalization and Identity: Challenges and Solutions
One day، I was invited to lunch at a well-known Arabic restaurant. At the table next to mine، a scene caught my attention: an Arab family was speaking in English، interspersed with a few clear Arabic words. One of the children asked his mother in English، “Mom، can I please have some sweets?” The mother smiled and replied in English as well: “Wait، habibi، after lunch.” Although I work in an international educational institution، this scene stirred many questions in my mind: Why is English preferred within an Arab family، in an Arab restaurant، and without any obvious necessity? And to what extent does this language pattern affect children’s sense of belonging and cultural identity?
Language: Between Challenge and Belonging
Field observations indicate that the majority of Arab children in international schools across Egypt and the Gulf prefer speaking English in their daily interactions. With the dominance of foreign digital content، English has become woven into the fabric of their daily lives—sometimes at the expense of their mother tongue. But the issue runs deeper than just usage; language is not merely a tool for communication. It is a vessel for thought، a bridge to culture and identity، and a key to understanding oneself and others.
Language Acquisition... Not Just Learning
What our children need is not to study Arabic as a rigid academic subject، but to acquire it the way a child acquires their first language—through natural exposure، participation، and interaction. Acquisition doesn't begin at the blackboard; it begins in life itself.
Many of our Arab children in international schools—despite their heritage—are treated as learners of Arabic، rather than as natural language acquirers، as if Arabic were foreign to their identity. For Arabic to become alive in their hearts، it must be woven into the details of their daily lives: they must breathe it، not merely memorize it; taste it in plays، use it in games، and express their thoughts and emotions through it. Only then does Arabic stop being a “school subject”… and become a way of life.
The Family: The Primary Nurturer of Language
Some parents mistakenly believe that speaking to their children in a foreign language is a sign of cultural sophistication and a means to secure their academic future. This belief is often accompanied by a growing disinterest among children in Arabic content، which frequently lacks the excitement and imagination found in othe r languages.
Yet، the family remains the child’s first language institution—the most authentic guardian of identity. When the home conversation is replaced by a foreign language، it's as if we’re whispering to the child: “Your mother tongue isn’t a priority.” This silent message widens the gap، weakening the bond with the native language over time. We must reawaken parents’ awareness of the importance of Arabic and guide them with practical ways to promote it at home: shared reading، play، songs، and engaging Arabic programs. Arabic is not just a language—it is heartbeat and identity. Its acquisition begins when it becomes part of a child’s everyday life: in the warmth of home، in grandparents’ stories، and in the songs of childhood.
The Teacher: A Linguistic Role Model in the Classroom
How many of us were drawn to a subject or a language because of an inspiring teacher? A teacher is not merely a transmitter of information، but a living example of the beauty and authenticity of language. When a teacher performs with mastery and genuine passion، Arabic transforms in students’ eyes from a “requirement” into a “desire،” and from a “subject” into a “daily passion.” This highlights the importance of empowering teachers and training them in modern interactive methods that help students connect emotionally and intellectually with the language. Yet، the reality is not without challenges: the heavy administrative and instructional loads placed on Arabic teachers often prevent them from delivering consistently engaging lessons. Thus، rethinking the number of allocated periods، and providing sufficient time for preparation and creative teaching، is no longer a luxury—but a necessity for fostering vibrant، profound، and creative Arabic education.
Society: A Supportive or Alienating Environment
For genuine language acquisition to occur، there must be a vibrant Arabic-speaking environment that brings the language to life in the details of everyday life — in signage، public transportation، and community spaces.
Cultural institutions — such as cultural centers، reading clubs، and public speaking platforms — are vital pillars in shaping linguistic and cultural awareness among young people. However، for these institutions to be truly effective، they must offer activities tailored to children and youth، considering their ages and interests. These should be presented in fluent and appealing Arabic that blends enjoyment with learning. High-quality Arabic film screenings، followed by interactive activities such as discussions، reenactments، or rewriting endings، can play a key role in this effort. It's also essential that these institutions evolve from being mere book-reading spaces into dynamic environments that foster critical thinking، creative writing، and self-expression. Only then can these venues transform into true "platforms of life،" pulsing with language، culture، and belonging — rather than remaining as constrained cultural facilities.
Media... The Secret Key
Arab digital media—especially that aimed at children and young adults—bears a significant responsibility today in shaping linguistic taste. Yet much of the available content is limited، lacking appeal، or presented in poor quality. What we truly need is modern Arabic content that aligns with the mindset of the digital generation: content that respects their intelligence and speaks to them in a balanced language—combining eloquence with modernity، depth with charm.
AL-Tools and the Arabic Language
In this context، artificial intelligence tools—like ChatGPT—offer a valuable opportunity to support Arabic language learning through interactive and contemporary methods suited to today’s learners. However، such tools must be approached with educational and cultural awareness. Despite their impressive capabilities، they were not originally developed within an Arabic-speaking context. Therefore، they require careful guidance and critical review when applied to Arabic language education. Our collective responsibility is to actively contribute to shaping the digital future of our language and identity، rather than being passive consumers subject to external algorithms.
From Kindergarten to Scientific Research: Toward a Comprehensive Arabic Language Policy
Support for the Arabic language should not remain confined to individual or seasonal initiatives. Rather، it must be based on a comprehensive and sustainable language policy، translated into clear decisions that strengthen the role of Arabic in education، communication، and knowledge production.
The decision to require private schools in Dubai and Sharjah to provide intensive Arabic language instruction in kindergarten represents a pioneering step in this direction. Starting next academic year، all children—regardless of their native language—will undergo intensive foundational Arabic learning. This marks a significant move toward empowering the Arabic language among future generations، with effects that will become evident in the years to come.
In this context، we must express sincere gratitude to the Knowledge and Human Development Authority in Dubai and the Sharjah Private Education Authority for their pioneering efforts. Both institutions have recently adopted a forward-looking vision for Arabic language education that goes beyond traditional oversight. Their approach includes systematic support for teachers and active follow-up on cultural and heritage-related activities in schools.
This new direction reflects a deep conviction that reviving the Arabic language cannot be achieved through oversight alone، but through effective partnerships، strategic vision، and ongoing engagement.
It is becoming increasingly clear—based on developments across other Emirates—that this model is evolving into a unified national trend. We hope its impact will extend further to form the foundation of a pioneering Arabic language experience across the Arab world.
Just as instilling the Arabic language in a child’s heart marks the beginning of the journey، embedding it in the mind of the researcher represents its peak.
Therefore، any comprehensive language policy must include the domains of scientific research and higher education through practical steps، such as:
Requiring academic journals to publish Arabic summaries of research written in foreign languages.Encouraging researchers to write in Arabic.Establishing centers for scientific translation.Strengthening partnerships between universities and language academies.Including academic writing skills in Arabic within postgraduate curricula.Through such an approach، Arabic transforms into a language of knowledge production—not just a vessel of heritage—and reclaims its cultural and scientific role. In our rich legacy lies inspiration، and in our current efforts، the promise of a renewed linguistic renaissance that begins with the first letter and stretches toward the frontiers of innovation.
Bright Models: Inspiring Initiatives
Despite the challenges facing the Arabic language in the digital age، there are initiatives that light the way and give us genuine hope for its revival. Among them are:
These models open new horizons for Arabic to reclaim its presence in daily life and prove that institutional cultural efforts can rekindle the language in public consciousness. However، their success depends on collective effort and the activation of both societal and official support. These initiatives may be small beginnings، but just like the first drops of rain foretell a downpour، they promise a brighter and more impactful linguistic future.
Between Identity and Openness:
The Smart Balance Learning foreign languages and embracing other cultures is a necessity—but not at the expense of our roots. Arabic is the foundation from which we venture into the world، not the other way around. Consider the examples of Germany and France: their people are fluent in English، but they never prioritize it over their native tongues. This is the smart balance we strive for: to open up to the world… without forgetting who we are.
In an age of globalization، Arabic remains the beating heart of our identity، and the bridge between our past and our future. Let it live in your homes، pulse through your schools، shine in your streets، and thrive in your digital spaces. When we honor our language، we give our children deep roots that help them soar high without losing their way.
To every parent، teacher، media professional، and content creator: Our language is not only our past—it is our future. Our language… our identity… our shared responsibility.
عاجل. وسائل إعلام إيرانية: انفجار عنيف هز ميناء رجائي بمدينة بندر عباس والأسباب قيد التحقيق