Private Insurance Fund for Employees of Al Baraka Bank Egypt

Private Insurance Fund for Employees of Al Baraka Bank Egypt

Together for a Better Future
عربي

Governance

Committed to transparency, accountability, and the highest standards of corporate governance

Transparency

Open and clear communication with all stakeholders

Accountability

Responsible stewardship of member assets

Compliance

Adherence to all regulatory requirements

Ethics

Upholding the highest ethical standards

Governance Structure

General Assembly

The highest authority representing all fund members, responsible for major strategic decisions and board elections.

  • Approves annual financial statements and reports
  • Elects and removes board members
  • Amends fund bylaws and regulations

Board of Directors

Oversees fund operations, sets strategic direction, and ensures proper governance practices.

  • Develops and implements strategic plans
  • Monitors investment performance and risk
  • Ensures regulatory compliance

Executive Management

Implements board decisions and manages day-to-day operations of the fund.

  • Executes investment strategies
  • Manages member services and operations
  • Prepares reports and documentation

Regulatory Compliance

Al Baraka Insurance Fund operates under full supervision of the Financial Regulatory Authority (FRA) and complies with the Unified Insurance Law No. 155 of 2024.

FRA Licensed
Shariah Compliant
Law 155/2024

Governance & Internal Control

Al Baraka Bank Egypt Employees' Private Insurance Fund operates under a comprehensive governance framework that ensures the highest standards of transparency, financial discipline, and regulatory compliance, safeguarding members' rights and ensuring the sustainability of the Fund's resources.

The Fund is governed by an approved Statute that clearly defines its objectives, management structure, the roles and responsibilities of the Board of Directors, and the mandates of its specialized committees, ensuring proper segregation of duties and strengthened accountability.

Role of the Board of Directors

The Board of Directors bears the ultimate responsibility for strategic oversight and direction of the Fund. Its key responsibilities include:

  • Approving the Fund's overall policies and investment strategies.
  • Monitoring financial and operational performance and ensuring alignment with the Fund's objectives.
  • Approving internal regulations, internal control frameworks, and risk management systems.
  • Overseeing the work of the Board's specialized committees, including Audit and Investment Committees.
  • Ensuring full compliance with applicable laws and regulations governing private insurance funds and safeguarding members' interests.

Role of the Executive Management

The Executive Management is responsible for the day-to-day execution of the policies and decisions approved by the Board of Directors. Its responsibilities include:

  • Managing operational and financial activities in line with approved policies and procedures.
  • Implementing approved strategies and monitoring their outcomes.
  • Preparing periodic financial and operational reports and submitting them to the Board of Directors.
  • Ensuring efficient use of resources and strengthening institutional discipline.
  • Coordinating with regulatory bodies, auditors, and relevant advisors.

The Fund implements an effective internal control system encompassing approved financial and administrative policies, periodic internal audits, external regulatory oversight, and a structured risk management framework aimed at protecting the Fund's assets and enhancing operational efficiency.