Page 74 - Agib Bank Limited Annual Report 2021

2021 2020
Islamic Financing to employees
Balance at 31 December 24,849 19,598
Profit earned on staff loans during the year amounted to GMD3.231 million (2020 D2.548 million)

(b) Islamic Financing to directors and their associates
The bank has entered into transactions with its directors and their associates as follows:

2021 2020

Agib/Quantum Partnership 41,857,905 68,281,176
Qell Company Limited 33,821,809 41,042,023
Quantumnet 4,750,000 6,927,562
Qmoney - 109,805
Net amount at 31 December 80,429,714 116,360,566

Included in Islamic financing and other 37. Compliance to Banking Regulatory
receivables is D80,429,714 (2020 –
D116,306,566) advanced to companies Requirement
where relationship exists by virtue of The bank largely complied with all regulatory
shareholding and/or representation in the
respective companies’ board of directors. requirement but was charged a total penalty
The advances are at arm’s length in the of D0.400million in 2021 for not meeting the
ordinary course of business and are deadline for the Straight through process
adequately secured. (STP) for RTGS and ACP/ACH in the first
quarter of 2021.
All the transactions with the related parties
with the exception of key management
personnel (as reference above) are priced on 38. Covid -19 Impact
arm’s length basis and have been entered
into in the normal course of business. Covid-19 did not materially affect the financial
st
statement for the year ended 31 December
2021. Facilities that were restructured from
34. Going Concern
the hospitality industry were fully paid during
The Directors confirmed that it is appropriate the year.
to adopt the going concern basis in preparing
the Financial Statements.

35. Subsequent events

The Bank has no events after the
financial position date which would
materially impact on its financial
position or results.

36. Litigation against the bank

None Annual Report and IFRS Financial Statements

Agib Bank Annual Report 2021 www.agib.gm 74