LE 2M outcome of 'Aman' certificates in 48 hours: NBE official

CAIRO – 5 March 2018: National Bank of Egypt (NBE) Chairman Hesham Okasha said that the bank issued Aman certificates for temporary and seasonal workers with a total outcome of LE 2 million ($113,400) in 48 hours, referring to the rise of the purchase turnout.

Okasha told Youm7 that the average of issuing of the five tranches of the certificate is LE 2,000.

Okasha expected the demand for buying the certificate to increase during the upcoming days, especially with the coordination with companies that have large numbers of workers, and through raising awareness about the certificate by civil society organizations.

He clarified that there are 420 branches representing the entire network of branches of the NBE, as well as branches of Banque Misr, Banque Du Caire and Agriculture Bank of Egypt.

The segments of Aman certificates are LE 500, LE 1,000, LE 1,500, LE 2,000 and LE 2,500.The duration of the certificate is three years at a rate of 16 percent, and it can be redeemed at any time.

Prime Minister Sherif Ismail affirmed on Thursday that the Aman insurance certificate for temporary employment has no procedures or administrative documents, adding that it is worth LE 500 and can be doubled until it reaches LE 2,500.

Ismail clarified that the Aman certificate’s monthly installment starts from LE 4, and its highest monthly installment is LE 20, with a benefit period of 5 years or 10 years.

On March 1, President Abdel Fatah al-Sisi ordered the completion of the procedures of the insurance policies for temporary and seasonal workers within 15 days.