4 Egyptian banks slash interest rates of Aman certificates by 3 %

Four Egyptian banks have decided to slash interest rates on Aman certificates from 16 percent to 13 percent .

The four banks are National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Agriculture Bank of Egypt (ABE). The Aman certificates were considered the highest return certificates in the Egyptian market.

The certificates are launched in several categories, starting from EGP 500 and its multiples, with a maximum of EGP 2,500 for each person.

This certificate’s maturity lasts for three years, renewed only twice with an annual interest of 16 percent (now 13 percent) after deducting insurance installments.

This certificate aims to provide insurance protection for seasonal and temporary workers, as well as workers who do not have a fixed income, alongside with breadwinner women.