Yields of Aman Certificate rise to LE 320.5M in 3 banks

CAIRO – 3 June 2018: Yields of the Aman Certificate for temporary and seasonal workers were raised in three banks; Banque Du Caire, National Bank of Egypt and the Agriculture Bank of Egypt, to record LE 320.5 million ($17.87 million) in three months since the issuance of the certificate on March 4.

Chairman of Banque Du Caire, Tarek Fayed, said that his bank issued 31,000 Aman certificates with a total yield of LE 33 million.

Vice Chairman of the National Bank of Egypt (NBE), Yehia Abul Fotouh, said that the bank issued Aman certificates to 100,000 customers, with a total yield of LE 115 million.

Meanwhile, Chairman of the Agriculture Bank of Egypt, al-Sayed al-Kosair, said that the bank issued 153,000 Aman certificates with a total yield of LE 172.5 million.

On Thursday, Chairman of Misr Insurance Holding Company, Ahmed Abdel Aziz, said that yields of the Aman Certificate for temporary and seasonal workers have reached LE 1 billion since the issuance of the certificate on 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 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.