Page 62 - Agib Bank Limited Annual Report 2021

11 Other operating income 2021 2020

Rental Income 1,598 1,383
Income from Basse Guest House 800 813
Income from commodity sales 23,220 25,073
Gain on disposal of Investment Property 439 4,315
Recoveries 972 585
Gain on Revaluation of investment Properties - 23,242-
Penalty Charges 3,132 -
Total operating Income 30,161 55,411

Penalty charges is late payment charges for compensate the actual loss that the bank
Islamic Financing Products. It is as per the suffers due to late payment. The total amount
Shariah principles of ta’widh (Compensation) charged was D8.7 million, and D3.13 million
and gharamah (penalty) which are imposed on was recognised as income in 2021 as
defaulters as a means of deterrence against compensation for loss under the Shariah
delays by the Customers in making their principles of ta’widh.
respective payment obligations as well as

12 Personnel Expenses 2021 2020

Full time employees salary 29,135 25,672
Social Security Costs 2,918 2,466
Transportation Allowance 3,595 3,054
Leave Allowance 1,316 1,104
Other staff costs 4,888 4,776
Branch Allowance 446 428
Directors fees & Other emoluments
708
899
Sharia Advisors fees
180
180

Total employee benefit 43,377 38,388

Annual Report and IFRS Financial Statements

Agib Bank Annual Report 2021 www.agib.gm 62