Home Page Pioneers Holding Website Site Map عربي
Returning to London, UKs May has mammoth task to change minds: Brexit       24 investment entities get 2,500 feddans in Egypts new capital       Egypts public debt: Under control       Pioneers Holding profits leap to LE1.2 m in 2018       Egypts Suez Industrial Development developing ind. park in Ain Sokhna       Heliopolis Housing (HELI.CA) - Listing Committee Decision       Release from FRA Concerning Acrow Misr (ACRO.CA)       El Kahera Housing (ELKA.CA) - Corporate Governance Report       Global Telecom Holding (GTHE.CA) - Board of Directors Decisions       Release From Global Telecom Holding (GTHE.CA) Concerning the AGM       East Delta Flour Mills (EDFM.CA) Companys Response to the Central Auditing Organization Report       El Nasr Clothes & Textiles (Kabo) (KABO.CA) Companys Reply on the Auditor Report       Golden Textiles & Clothes Wool (GTWL.CA) - Board of Directors Decisions       Misr Cement (Qena) (MCQE.CA) - AGM Decisions       Commercial International Bank (Egypt) (COMI.CA) - AGM Minutes (after Certification)       National Drilling (NDRL.CA.) - Board of Directors Meeting Minutes       Gharbia Islamic Housing Development (GIHD.CA) - AGM And EGM Decisions       El Kahera Housing (ELKA.CA) - Minutes of the Board of Directors Meeting       Release from Extracted Oils (ZEOT.CA) Responding to EGX Inquiries       Release From FRA Concerning Global Telecom Holding (GTHE.CA)      
ACGC.CA  5.67    1.07%      AFDI.CA  12.02    1.52%      APSW.CA  2.71    1.88%      COMI.CA  73.35    0.87%      EFIC.CA  16.93    1.93%      EGTS.CA  1.55    2.65%      EHDR.CA  5.13    2.40%      EKHO.CA  0.80    -1.23%      ELEC.CA  0.89    3.49%      ELKA.CA  14.98    0.00%      EMOB.CA  128.73    1.83%      EPCO.CA  2.30    0.00%      ESRS.CA  19.59    0.98%      ETEL.CA  13.49    -0.37%      HRHO.CA  23.27    0.00%      IFAP.CA  2.38    2.15%      KABO.CA  1.49    0.68%      MNHD.CA  10.29    1.78%      MOIL.CA  0.28    3.70%      NCGC.CA  6.55    0.00%      OCDI.CA  19.54    0.41%      OCIC.CA  217.47    0.00%      ORTE.CA  4.42    1.38%      PHDC.CA  4.06    1.50%      PIOH.CA  8.47    0.59%      SPIN.CA  2.05    1.49%      SVCE.CA  5.49    2.23%      SWDY.CA  136.72    0.80%      TMGH.CA  10.22    1.89%      UEGC.CA  0.77    1.32%      
First Name
Last Name
E-Mail
E-Mail
Interest rate of Millionaire Certificate to jump to 10%


Cairo: The United Bank, seeking to increase the interest rate of Millionaire Certificate by 700 basis point, is hoping to get the approval of the Central Bank of Egypt.
" The interest will rise to 10 percent up from 3 percent now," board chairman and managing director of the United Bank told Al-Mal newspaper.
The United Bank issued Millionaire Certificate back in 2001, and a sharia-compliant version of the certificate in 2007, which is rolled out for free for each deposit of 100,000 EGP.
Millionaire Certificates monthly draws may generate prizes worth EGP4mln per year and have been increased 32 times.
Draws on first EGP1mln prize take place first in January of every year and secondly in July. Draws on EGP100,000 prize take place ten times a year, and 20 times a year for draws on EGP50,000 prize, all under the supervizion of Ministry of Social Solidarity.
The certificate, available for Egyptians and foreigners, may be issued against EGP100 for free with a five-year maturity that may be renewed automatically. Retrieving is permissible only six months after the issuance of the certificate in accordance with CBEs guidelines.
" Clients bought Millionaire certificates worth EGP80mln with the United Bank aiming to edge up savings to EGP500mln," he noted, shrugging off the cancellation of its prizes and annual draws in response to raising the interest rate by 7 percent to 10 percent.
The United Bank, founded in 2006 upon the merger of the three banks of the Egyptian United Bank and the Islamic Development Bank, is owned by the Central Bank of Egypt by 99.9 percent, as CBE mulls divesting itself from UB whose restructuring needs first to fare well.
The United Bank, rebounding in terms of financial performance this year, seeks to score 20 percent growth in profits and operation next year, he explained.
" UBs profits reached EGP950mln during the first nine months of current year and aims to increase profits by 20 percent up from a year earlier when the bank recorded EGP1.067bn profits."

Time Added: 2018-12-06 12:52:06
Source: arabfinance
  print
Send to a friend
Your Name
Your E-mail
Your Friend Name
Your Friend E-mail
Your Message
 
Share on Facebook

Related News
Returning to London, UKs May has mammoth task to change minds: Brexit
24 investment entities get 2,500 feddans in Egypts new capital
Egypts public debt: Under control
Pioneers Holding profits leap to LE1.2 m in 2018
Egypts Suez Industrial Development developing ind. park in Ain Sokhna
Heliopolis Housing (HELI.CA) - Listing Committee Decision
Release from FRA Concerning Acrow Misr (ACRO.CA)
El Kahera Housing (ELKA.CA) - Corporate Governance Report
Global Telecom Holding (GTHE.CA) - Board of Directors Decisions
Release From Global Telecom Holding (GTHE.CA) Concerning the AGM