Yields of Aman Certificates rise to LE 105M in 2 banks

CAIRO – 20 March 2018: Yields of the Aman Certificate for temporary and seasonal workers have been raised in the National bank of Egypt and the Agriculture Bank to record LE 105 million ($ 5.95 million) since the issuance of the certificate, according to recent statements.

Chairman of the Agriculture Bank of Egypt al-Sayed al-Kosair said that the bank issued 44,000 Aman certificates with a total yield of LE 796 million.

Kosair referred that a number of companies have applied to buy 76,000 certificates with a total value of LE 150 million.

On Sunday, Kosair said that his bank issued certificates with a total yield of LE 20 million in two weeks amid awareness campaigns about the Aman Certificate across Egypt.

Moreover, Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank issued 16,000 Aman Certificates, with a total yield of LE 26 million.

The Aman Certificate is available at four Egyptian banks, which are the National Bank of Egypt, Banque Misr, Banque Du Caire and the 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.

At the beginning of March, President Abdel Fatah al-Sisi ordered the completion of an insurance policy for temporary and seasonal workers within 15 days.

In response to Sisi's directions, Prime Minister Sherif Ismail affirmed 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.