Page 26 - Agib Bank Limited Annual Report 2021

Financial Statements and Annual Report

Notes to the financial statements

(Forming an integral part of the financial statements)
Mr. Muhammed Jah, the Managing Director of
1. Reporting entity Qcell, a telecommunication company
incorporated in the Gambia. He acquired
Agib Bank Limited (“the Bank”) was established 76.45% of First City Monument Bank
on November 11, 1994 and obtained its shareholding in May 2014 which was increased
banking license on September 12, 1996. The to 80.74% as a result of bonus shares in
address of the registered office of the Bank is: 2016.The Bank is primarily involved in
Becca Plaza, Ecowas Avenue, Banjul, The corporate and retail banking.
Gambia. The major shareholder of the bank is

The Bank’s shareholders as a percentage of subscribed registered capital:

2021 2020

Mr. Muhammed Jah 80.74% 80.74%
Islamic Development Bank 13.46% 13.46%

Other minority shareholders 5.80% 5.80%

The Bank performs its activities in The Gambia through its 7 branches and 3 Agencies.

Revenue was mainly generated from the provision of Islamic banking services in the Gambia. The Bank
considers that its products and services arise from one segment of business - the provision of banking and
related services.

During the year ended 31 December 2021, the Bank’s executive and non-executive directors were as follows:

Names Period
Executive Director:
Mrs Isatou Jawara 1 year
Non-Executive Directors:
Mr. Muhammed Jah –Chairman 7 years
Mr. Omar Serign Mbye 3 years
4 years
Mr. Rachid Fahd Sam
Mr. Nuha Marenah 7 years (Deceased)

Annual Report and IFRS Financial Statements
Agib Bank Annual Report 2021 www.agib.gm 26