Yields of AmanCertificatereach LE 1.4B

CAIRO – 9 October 2018: Yields of Aman Certificate for temporary and seasonal workers recorded LE 1.4 billion since the issuance of the certificate on March 4, Head of Actuarial Affairs at Misr Life Insurance Company Mohamed Mostafa said.

This came on a conference held on Tuesday concerning Aman certificate in partnership with the banks issuing the certificate.

Mostafa revealed that the Commercial International Bank (CIB) will join the four banks issuing Aman Certificate and thatit has already obtained all the necessary approvals.

The Aman Certificate is available at four Egyptian banks, which are the National Bank of Egypt, BanqueMisr, Banque Du Caire and the Agriculture Bank of Egypt.

Mostafaalso pointed out that a new product will be launched within days in cooperation with the banks, noting that it will be a new certificate of pension.

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.