NBE’s yield of Aman Certificate is LE 3.5M in 3 days

CAIRO – 7 March 2018: Chairman of the National Bank of Egypt (NBE) Hesham Okasha said that the bank issued 2,000 Aman Certificates for temporary and seasonal workers, with a total yield of LE 3.5 million in three days.

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 with raising awareness about the certificate by civil society organizations.

Okasha referred in a statement to a national radio station that the turnout on purchasing the certificate increased during the last three days.

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

Okasha announced Monday that the total outcome of the certificate was LE 2 million ($113,400) in 48 hours.

The Agriculture Bank of Egypt issued 1,650 Aman Certificates for temporary and seasonal workers with a total outcome of LE 1.7 million ($96,311) in 48 hours, Chairman of the bank al-Sayed al-Kosair said on Tuesday.

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.