A S U

Chaired by Prof. Mohamed Diaa Zain El Abedeen, President of Ain Shams University, and attended by Prof. Amany Osama Kamel, Vice President for Graduate Studies and Research, Prof. Rami Ghali, Vice President for Education and Student Affairs, and Major General Ahmed Lashin, Secretary General of the University, the Extraordinary General Assembly of the Ain Shams University Fellowship Fund convened. This meeting was held as part of the University's ongoing efforts to develop the Fund's operational system and enhance its sustainability.

The session addressed several agenda items, most notably the approval of an increase in the insurance benefit for Fund members. This approval was based on a study and a report by a specialized expert, both of which recommended raising the value of the insurance benefit in both the old and new systems. This increase aims to provide greater benefits to members without any increase in subscription fees or imposing any additional financial burdens on subscribers.

The Ain Shams University Fellowship Fund is one of the insurance and social funds that embodies the university's commitment to providing a comprehensive social and insurance system for its members. This is achieved by offering insurance and social benefits to its members in accordance with its operating regulations, thus contributing to the financial and social stability of its members and their families.

The fund also manages and invests its resources according to sound financial and investment principles that contribute to asset growth and maximize investment returns, positively impacting the level of services and benefits provided to members.

The amendments included raising the maximum insurance benefit from EGP 130,000 to EGP 210,000 and increasing the minimum from EGP 20,000 to EGP 30,000. Additionally, the mechanism for calculating the insurance benefit was updated to align with the results of an actuarial study, ensuring fairness among members and enhancing their insurance protection.

The assembly also discussed amending the board's structure to consist of eleven members: six elected members, three appointed by the university president, and two experienced members, in accordance with Article (86) of the Unified Insurance Law No. (155) of 2024. This amendment supports governance principles and enhances the fund's management efficiency, while emphasizing the completion of all necessary legal procedures to establish an independent board of directors as stipulated by the law and its regulations.

The assembly's proceedings also included a review of the consolidated regulations for the fellowship fund, as per the decision of the Financial Regulatory Authority, and the regulations governing the fund's operations, ensuring compliance with the law and legislation regulating private insurance funds.

The historical developments of the fund since its establishment in 1990 and its official registration in 1998 were also presented, through the amendments it witnessed during 2005 and 2006, which resulted in the application of two subscription systems that take into account the different circumstances of the subscribers and ensure the continuity of providing insurance benefits, in addition to discussing a number of issues related to the entitlements of members and procedures for returning to the fund, with emphasis on the importance of adhering to the specified dates for paying dues in order to preserve insurance rights, and completing the required regulatory approvals before the end of the year to ensure the rapid implementation of the proposed amendments.

The participants emphasized the importance of continued coordination with relevant authorities to approve the amendments, ensuring a balance between improving insurance benefits, adhering to legal regulations, and maintaining the fund's financial sustainability.

This general assembly meeting is a continuation of Ain Shams University's efforts to develop mechanisms for managing and investing the fellowship fund's assets. The university previously signed a cooperation agreement with a leading financial institution to manage the fund's investments, aiming to maximize returns and achieve financial sustainability. This strengthens the fund's ability to meet its obligations and guarantees the continued provision of the best insurance and social services and benefits to its members.