Yields of Aman Certificate rise to LE 147M in 2 banks

CAIRO – 9 April 2018: Yields of the Aman Certificate for temporary and seasonal workers were raised in two banks; Banque Du Caire and the Agriculture Bank of Egypt, to record LE 147 million ($8.3 million) in five weeks by issuing 105,000 certificates , according to recent statements.

Chairman of the Agriculture Bank of Egypt al-Sayed al-Kosair said that the bank issued 90,000 Aman certificates with a total yield of LE 129 million.

Meanwhile, Chairman of Banque Du Caire Tarek Fayed said that his bank issued 15,000 Aman certificates with a total yield of LE 18 million since March 4.

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 yields of the certificate in the four banks recorded LE 685.5 million in a month.

The segments of the Aman Certificate 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.