Yields of Aman certificates reach LE 1B

CAIRO – 31 May 2018: Yields of the Aman Certificate for temporary and seasonal workers have reached LE 1 billion since the issuance of the certificate on March 4, Chairman of Misr Insurance Holding Company Ahmed Abdel Aziz said.

“we are seeking to increase the certificate’s yields in light of the increased demand for the certificate from all categories of society, whether individuals or companies, and the turnout is expected to be increased in the coming period, especially as most banks have already paid compensation to people who have met the conditions,” the chairman added.

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 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.

Regarding his company, Abdel Aziz said that the company’s investment reached around LE 30 billion, and the installments recorded LE 4 billion.

Abdel Aziz said that the company is currently considering the issuance of new certificates and products that complement Aman Certificate to meet the needs of citizens.

"The company allocates 39.2 percent of the insurance market share, which includes 14 companies," Abdel Aziz added.

Misr Insurance Holding Company is working on the initial public offering (IPO) clarifying that the share of the offering will be determined after the end of the valuation, but according to the government, it will be from 15 percent to 30 percent.

He expected the offering to take place next year.

Misr Insurance Holding Company is a specialized company in insurance in Egypt, the Arab and African regions.