Page 67 - Agib Bank Limited Annual Report 2021

20 Held-to-maturity investments

2021 2020

Sukuk Al Salam 314,318 309,884

Interbank Placement (Bloom Bank) 153,300 -

467,618 309,884

21 Investments in properties
Reconciliation of carrying Amount
2021 2020
Balance as at 1 January 284,701 274,658
st
Acquisitions/(Sales) (2,372) (6,122)
Reclassification to receivables - (7,077)
Change in fair value - 23,242
282,329 284,701

The Bank holds some investment property as a Seccos during the groundnut trade in December on
consequence of the ongoing rationalization of its behalf of Gambia Groundnut Corporation as part of
retail branch network. Other properties have been a Murabaha Agriculture facility of D600million given
acquired through enforcement of security over to the Company for the groundnut trade season.
loans and advances. Investment properties are
held to earn rentals, or for capital appreciation, or There was an agreement between GGC and Agib
both in line with IAS 40. Bank, where Agib Bank will be at the different
Seccos to purchase groundnut on behalf of GGC
Total direct operating expenses of D0.326million and a suspense account opened for the cash used
was incurred during the year on investment to purchase at the Seccos. As at 31 December
st
properties that generated rental income. 2021, an amount of D39.1 million was utilized and
the balance to be recovered from GGC current
22 Other Receivables account.
The amount of D39.1 million was the amount of
cash used to purchase groundnut at the different

23 Trading Assets

These are equity investment held in Trust Bank totaling 558,000 in respect of which dividend of D142,200 was
received in 2021. The equity investments are measured at FVOCI using the dividend stream model. The bank
intends to dispose of the shares.

Annual Report and IFRS Financial Statements

Agib Bank Annual Report 2021 www.agib.gm 67