CIB to begin issuing Aman insurance certificates

CIB will start issuing Aman insurance CDs, pending approval from the central bank, Head of Actuarial Affairs at Misr Life Insurance, which is issuing the CDs in cooperation with CIB, Mohamed Mostafa told Amwal Al Ghad. The Financial Regulatory Authority (FRA) approved CIB’s request to issue the certificates yesterday, joining the National Bank of Egypt, Banque Misr, Banque du Caire and the Agricultural Bank of Egypt. The government said in August it will provide around 2.3 mn temporary and seasonal workers with Aman insurance CDs — an initiative launched by President Abdel Fattah El Sisi.