Wednesday, June 19, 2024

Al-Ahli Bank and Bank of Egypt offer dollar certificates with 7% returns and loans to Egyptians abroad.


Today, Tuesday, Egypt’s two largest state-owned banks are issuing two new three-year savings certificates in US dollars amid a crisis of dollar shortages.

Ahli Bank

The National Bank of Egypt issued two new certificates of savings denominated in US dollars for a period of three years.
According to the bank’s statement, the first dollar certificate “Al-Ahly Plus” has a duration of 3 years, an annual return of 7%, and the income is spent quarterly in the same currency, and it is allowed to borrow up to 50% of Egyptian pounds against its guarantee for investment purposes, up to a maximum of 2 million pounds. Result ratio.

The term of the second dollar certificate, “Al-Ahli Instant”, is 3 years at an annual rate of return of 9%, which is paid in advance in an amount equal to Egyptian pounds for the entire period, 27% of the value of the certificate for the entire period of the certificate.


Certificates are in denominations of $1,000 and multiples thereof, and earnings are calculated as of the business day following the day of purchase. Certificates can be redeemed after the expiry of 6 months from the date of purchase as per the applicable rules and the notified redemption schedule.
On Wednesday, July 26, 2023, certificates can be purchased through all bank branches or through Al-Ahly Net and Al-Ahly Mobile, and through the official website using credit cards not issued in Egypt. Customers of the bank residing abroad who do not have an account in foreign currency can open the required amount in foreign currency for purchase of certificates.
For non-banking customers, they can also purchase through instructions with bank transfers indicating their national number and the product to be purchased.

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Bank of Egypt
For its part, Bank Misr announced the introduction of “Al-Khimma” and “Elite” savings certificates in USD for 3 years, which will be implemented in its branches from Wednesday, July 26, 2023.
A “top” certificate with an annual return of 9% is a nominal certificate issued to Egyptians and foreigners. Repayments will be paid in advance over three years, at a cumulative rate of 27% in Egyptian pounds. The “Elite” certificate is a nominal certificate issued to Egyptians and foreigners, with an annual return of 7%, and quarterly returns are paid in US dollars.


The issue date of the certificate starts from the working day following the deposit and is considered as the basis for withdrawal and refund in accordance with the terms and conditions governing it.Elite certificate holders can borrow up to 50% of the redemption value of the certificate in Egyptian pounds, up to a maximum of 10 million pounds.
Certificates can be purchased through the bank’s website, internet, mobile banking BM Online, bank branches inside and outside Egypt and ATM network. Certificates can be redeemed even after lapse of 6 months as per the unique redemption rules applicable to those certificates.

The Central Bank of Egypt reserves the right to transfer refunds and withdrawals in accordance with the rules governing certificates to a client’s account outside Egypt, exempt from certain account fees and without a maximum transfer limit.


As for loans with salary guarantee for Egyptians working abroad, on July 26, 2023, the National Bank of Egypt issued a personal loan with a foreign currency exchange guarantee on July 26, 2023, with a minimum loan amount of 50 thousand pounds and a maximum of 3 million pounds. , the loan installments are paid by issuing foreign currencies according to the exchange rate announced at the time of payment, at an interest rate of 2.25% lower than the lending rate of the Central Bank of Egypt at the time of obtaining the loan, for up to 4 years, with the application of all conditions and guarantees and without any administrative costs. The customer signs at any of the bank’s branches, with additional channels to be announced soon.

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Bank Misr recently launched personal loan and real estate financing products for Egyptians working abroad, as part of the bank’s ongoing effort to provide benefits to its various products to suit their needs. This will allow for the expansion of real estate financing subsidies, which will finance Egyptians working abroad to purchase housing units within their home country, encouraging them to invest their savings in the real estate sector.


Mortgage loan product Bank Misr also offers a personal loan product for Egyptians working abroad, with the largest financing rate of 80% for all existing housing categories, and a long repayment period of up to 15 years.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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