Page 52 - Agib Bank Limited Annual Report 2021

Carrying Less than 3 - 6 6-1 1 - 5 +5
amount 3 months months months years years
31-Dec-21
Cash and cash equivalents 752,345 752,345 - - - -
Islamic finances 2,180,134 7,524 77,795 1,572,306 522,509 -
Investments 467,618 - 467,618 - -
- - - - - -

Deposits from banks - - - - - -
Deposits from customers 3,420,188 1,507,888 6,129 1,906,171 - -
Effect of derivatives held for risk
management - - - - - -
- - - - - -

31-Dec-20
Cash and cash equivalents 897,150 897,150 - - - -
Islamic finances to customer 1,159,410 13,847 80,829 300,406 749,112 15,216
Investments 309,884 - 309,884 - -

Deposits from banks - - - - -
Deposits from customers 2,482,733 972,714 9,094 1,500,925 - -
Effect of derivatives held for risk - - - - - -
management
- - - - - -

(iv) Operational risks management of operational risk in the following
areas:
Operational risk is the risk of direct or indirect loss
arising from a wide variety of causes associated requirements for appropriate segregation
with the bank’s processes, personnel, technology of duties, including the independent
and infrastructure, and from external factors other authorisation of transactions
than credit, market and liquidity risks such as those requirements for the reconciliation and
arising from legal and regulatory requirements and monitoring of transactions
generally accepted standards of corporate compliance with regulatory and other
behavior. Operational risks arise from all of the legal requirements
bank’s operations and are faced by all business documentation of controls and
units. procedures
requirements for the periodic assessment
The Bank’s objective is to manage operational risk of operational risks faced, and the
so as to balance the avoidance of financial losses adequacy of controls and procedures to
and damage to the bank’s reputation with overall address the risks identified
cost effectiveness and to avoid control procedures requirements for the reporting of
that restrict initiative and creativity. operational losses and proposed remedial
action Annual Report and IFRS Financial Statements
The primary responsibility for the development and development of contingency plans
implementation of controls to address operational training and professional development
risk is assigned to senior management within each ethical and business standards
business unit. This responsibility is supported by risk mitigation, including insurance where
the development of overall Bank standards for the this is effective.

Agib Bank Annual Report 2021 www.agib.gm 52