Aman Certificates yield at NBE rises to LE 35M

CAIRO – 27 March 2018: Vice Chairman of the National Bank of Egypt Yehia Abul Fotouh said that the bank issued 25,000 Aman Certificates for temporary and seasonal workers, with a total yield of LE 35 million ($906,086) since the issuance of the certificate.

Abul Fotouh 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.

Abul Fotouh informed Youm7 that Aman Certificates sales will rise, coinciding with the increased awareness about the certificate.

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

After the rise of the certificate's demand in Egypt, the state has decided to target its issue to expatriates.

Banque Du Caire issued Aman Certificates with LE 12 million in three weeks, the bank’s chairman Tarek Fayed said.

The Agricultural Bank of Egypt issued 44,000 Aman Certificates, with a total yield of LE 796 million since the issuance of the certificate.

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 ten 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.