Al Baraka Bank Egypt to launch 3-year saving certificates early 2016

Al Baraka Bank – Egypt, part of the Bahraini Al Baraka Group, seeks to offer a new high-yield saving certificate in Egyptian pounds early 2016.

The bank is waiting for the Egyptian central bank’s approval to approve the issuance of new saving certificates, chief executive Ashraf El-Ghamrawy said Sunday.

Al Baraka Bank – Egypt plans is to issue a three-year investment certificate, generating monthly yield to be sold at variable interest rates, El-Ghamrawy told Amwal Al Ghad.

The new certificate will offer Al Baraka’s clients a chance to win real estate awards such as a chalet in Ain Sokhna resort or North Coast, in addition to an insurance policy.

Earlier in November, five big Egyptian banks — Banque Misr, the National Bank of Egypt (NBE), Societe Arab Internationale de Banque (SAIB), Banque Du Caire and National Investment Bank (NIB) — raised interest rates on their three and five year saving certificates to above 12 percent from the average 10 percent in Egyptian banks.