Yields of Aman Certificate rise to LE 685.5M in 4 banks

CAIRO – 1 April 2018: Yields of the Aman Certificate for temporary and seasonal workers have been raised in four banks; National bank of Egypt, Banque Misr, Banque Du Caire and Agriculture Bank of Egypt, to record LE 685.5 million ($31.44 million) in a month, according to recent statements.

Chairman of Banque Misr Ahmed el-Atraby said that his bank issued Aman certificates with a total yield of LE 511.5 million in a month.

Atraby clarified that the bank works on issuing the certificate for labor-intensive companies.

Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank issued Aman certificates to 28,000 customers, with a total yield of LE 42 million.

Meanwhile, Chairman of Banque Du Caire Tarek Fayed said that his bank issued 12,000 Aman certificates with a total yield of LE 15 million since March 4.

On Thursday, the Agriculture Bank of Egypt announced the issuance of 67,000 Aman certificates with a total yield of LE 117 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 five years or 10 years.