NBE yield of Aman Certificates is LE 16M

CAIRO – 15 March 2018: Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank issued 9,000 Aman Certificates for temporary and seasonal workers, with a total yield of LE 16 million ($906,086) since the issuance of the certificate.

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

Chairman of the Agricultural Bank of Egypt al-Sayed al-Kosair said Wednesday in a statement to a national radio station that the bank issued 10,500 Aman certificates for temporary and seasonal workers, with a total yield of LE 12.6 million ($713.66) since the issuance of the certificate.

Aman Certificate is available at the National Bank of Egypt, Banque Misr, Banque Du Caire and the Agricultural 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 earlier 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 five 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.