Agriculture Bank’s yields of Aman Certificate reach LE 183M in 5 months

CAIRO – 5 August 2018: Chairman of Agriculture Bank of Egypt al-Sayed al-Kosair said that the bank issued 168,000 Aman certificates for temporary and seasonal workers with a total yield of LE 183 million ($10.22 million) in five months (from March to July).

Kosair said earlier that his bank issued 153,000 Aman certificates with a total yield of LE 172.5 million in the first three months of its issuance.

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.

By June, 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.

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, Former 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.