The Agricultural Bank of Egypt (ABE) issued 139,000 “Aman” (Security) certificates worth EGP 163m since 4 March 2018 until now, according to Chairperson Elsayed Elkosayer.
The ABE, the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire have issued the Aman certificates according to directives from President Abdel Fattah Al-Sisi, in cooperation with Misr Life Insurance, to insure temporary, seasonal employees and low-income individuals.
Elkosayer said that the ABE issued 41,500 certificates worth EGP 47m, as well as another 97,500 certificates worth EGP 116m, noting that the bank still has pending requests worth EGP 88m.
Further, he explained that these certificates are issued in several categories: EGP 500, EGP 1,000, EGP 1,500, EGP 2,000, and EGP 2,500, extending over three years and bearing a 16% interest. The Aman certificates insure temporary workers in case of death and is available for those aged between 18 and 59. The value of the premiums deducted are between EGP 4-20 depending on the value of the certificate.
Elkosayer added that sales of the certificates at the ABE were mostly in the EGP 500 and EGP 2,500 categories, adding that the bank still markets these certificates in farming communities and companies with temporary workforces.