Page 5 - Agib Bank Limited Annual Report 2021
P. 5
Financial Statements and Annual Report
Products and Service
ACCOUNTS
CORPORATE BANKING
SAVINGS ACCOUNT
AGIB Savings account has no limit of Daily Cash collection
withdrawal and we ensure that your money is Real Estate
kept safe, secured and Investment Advisory Services
accessible. The minimum opening balance is Internet Banking
D300
TRADE FINANCE
HAJJ SAVINGS ACCOUNT
This is strictly a savings for intending pilgrims Letters of Credit
and no withdrawal till the end. It is available to Bid Security, Performance Guarantees
individuals, Advance payment Guarantees
groups, and organizations.
TREASURY
CURRENT ACCOUNT
This account facilitates the Management and Foreign Currency Dealings
operations of all financial transactions for Money Transfers – Ria, Western Union,
individuals, Moneygram, Diamano, Small world,
companies and organizations. Lumoxchange
Sukuk Al Salaam and Portfolio Issuance
BENEFITS
Use of Cheque book MODES OF FINANCING
Access to facility
Access to Salary Card & Salary We provide our high valued customers with the
Advance in the case of Individual Salary opportunity to choose from our Islamic Modes
customers of Financing that would suit their needs such
For sole proprietors and corporate as,
account customer,
Access to facilities. Murabaha – This is a Contract of sale between
the Bank and its client for the sale of goods at a
INVESTMENT ACCOUNT Price Plus and agreed Profit Margin for the
This like the fixed deposit account is an account bank.
whereby a fixed sum of money is kept with the
bank for a certain period of time ranging from 3 Mudaraba (Profit Sharing) - This is a contract
months to 12 months with a minimum deposit of in which one party offer the funds(investor) and
D50,000 and Profits are shared in accordance the other (bank) manages the fund. The
with Islamic Sharia law as per the agreement investor (Rabul Mal) is a dormant partner and
signed between the two parties. the banks is the Manager (Mudarib). It is in the
form of equity financing. In this contract, the
AGIB ORR ACCOUNT investing partners cannot take part in the
This is a premium investment account that Management of the firm and profit sharing is
seeks to mobilize long tenured deposits for determined and agreed at the start., but in the
investment in case of losses, the entire capital may never be
productive ventures. Minimum deposit is 1 recovered by the financing partner and the
Million. It is a Profit Sharing Investment based entrepreneur gets nothing for his labor.
on the Mudarabah principle with the Bank as
(Fund Manager) Mudarib, who would invest the Musharakah - A joint venture partnership
funds. agreement where both parties contribute
financial assets for a
BENEFITS share of profits according to the pre agreed
Enjoy free facility of up to 10% of ratio. Capita Contribution can be the form of
principal per quarter with no Mark Up cash or both parties have the right to manage Annual Report and IFRS Financial Statements
60% Share of distributable profits the funds, but management is permissible by
either party.
Agib Bank Annual Report 2021 www.agib.gm 5
