Egypt’s Agriculture Bank sells Aman Certificates for LE 1.7M

CAIRO – 6 March 2018: Chairman of Agriculture Bank of Egypt al-Sayed al-Kosair said that the bank issued 1650 Aman certificates for temporary and seasonal workers with a total outcome of LE 1.7 million ($96,311) in 48 hours.

Kosair told Youm7 that the bank sales of the certificates focus on the LE 500 segment, affirming that they seek to market the certificate in agricultural communities during the upcoming days.

The National Bank of Egypt (NBE) issued Aman certificates for temporary and seasonal workers with a total outcome of LE 2 million ($113,400) in 48 hours, according to the bank’s chairman Hesham Okasha.

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

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.