The National Bank of Egypt (NBE), in cooperation with the banks taking part in issuing Aman certificates, together with Misr Insurance Company, held the first quarterly draw for the Aman certificates launched in March 2018.
According to Yehia Aboul Fotouh, the vice chairperson of the NBE, the draw resulted in 200 clients winning a security certificate each, worth EGP 10,000. A number of 46 of these clients are clients of the NBE and the rest are from other banks.
Aboul Fotouh pointed out that the Aman certificate mainly targets seasonal and temporary labourers, as well as farmers with low incomes. These certificates are issued for regular Egyptians starting from the age of 18 to the age of 59. The values of its categories range from EGP 500 to EGP 2,500, with the aim of providing clients with insurance, in the case of a normal death or an accident, as the insurance document is issued for clients without a medical examination.
The certificate brings a steady yield starting from the day following buying day. The yield is provided by the end of the certificate’s duration after deducting insurance instalments.
Clients are allowed to give the yield to heirs in the case of death, whether in cash or on monthly payments for five or 10 years.
Additionally, the certificates enter quarterly draws on 200 awards worth EGP 10,000 each exempted from taxes.
Hesham Okasha, the chairperson of the board of directors of the NBE, said that the bank’s participation in issuing Aman certificates comes with the aim of instilling the bank’s contributions in implementing the state’s plans, which mainly aim to develop the national economy, support Egyptian citizens and the needier segments, as well as implement the CBE’s policy to support the concept of financial inclusion.