NBE yield of Aman Certificates is LE 8M in 1 week

CAIRO – 11 March 2018: Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank issued 4,000 Aman Certificates for temporary and seasonal workers, with a total yield of LE 8 million ($453,242) in a week.

Abul Fotouh added that Aman Certificates sales rose coinciding with the increased awareness about the certificate.

Chairman of NBE Hesham Okasha referred in a statement to a national radio station on Wednesday 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 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 the Agricultural Bank of Egypt.

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

The Agricultural 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 increased 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.