Banque Du Caire issues Aman Certificates with LE 12M

CAIRO – 24 March 2018: Banque Du Caire issued Aman Certificates for temporary and casual workers with LE 12 million in three weeks, the bank’s chairman Tarek Fayed said Saturday.

He said that some 9,000 certificates have been issued and that there is an increased demand for the certificate at his bank coinciding with the increased awareness about the new certificates.

Four Egyptian banks started in March issuing the Aman Certificate (Security Certificate), with the aim of providing a safety net for casual and temporary workers.

The certificates can be purchased without any fees or opening an account. They range from LE 500-2,500, providing insurance coverage and monthly pensions for casual workers with a 16 percent interest rate.

The policy includes coverage for natural and accidental death and pays one-time benefits of LE 10,000-250,000 or monthly pensions of LE 200-1,000 over five years or LE 120-600 over 10 years.

The four banks are the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire and Agriculture Bank of Egypt.

The certificates can be purchased by any seasonal and temporary laborer between 18 and 59 years of age upon presenting his national identification card.

The new certificates come as a response to President Abdel-Fatah al-Sisi’s directions to provide social insurance to daily laborers.