CIB bank, Misr Life to issue workers’ certificate, awaits CBE approval
Misr Life Insurance has received Financial Supervisory Authority to issue Aman EL-Masreen certificate in cooperation with the Commercial International Bank.
Head of Actuarial Affairs at Misr Life Insurance Company Mohamed Mostafa said that CIB is waiting for the Central Bank of Egypt approval to issue the certificate, noting that the agreement will be signed within the next days.
Aman EL-Masreen is a new certificate issued as a support of CBE Financial Inclusion Initiative; it is a nominal certificate in local currency for 3 years with automatic renewal for two periods only offering saving, life insurance and valuable prizes.
Aman El-Masreen insurance certificate mainly targets the temporary and seasonal workers, farmers and low-income workers.
It is also issued in different categories that start from 500 EGP and multiples up to maximum 2500 EGP in order to provide such workers with insurance protection in case of death, whether this death is normal or accidental.