CBE approves issuing Aman certificate for non- gov'tal categories

CAIRO – 5 March 2019: The Central Bank of Egypt (CBE) gave the green light to four banks to issue Aman certificate for non-governmental categories in line with directives of President Abdel Fattah El Sisi.

CBE clarified that the four banks are the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire and Agriculture Bank of Egypt.

It added that about 671,000 clients filed applications for the certificate at a total value of LE 870.3 million until the end of January 2019.

Aman certificates were issued by Egyptian banks for the first time in March last year with the aim of providing a safety net for temporary and seasonal labourers.
The statement stated that around 775,000 clients have already bought the certificates at LE 744.4 million.

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.