Page 2 - Agib Bank Ltd Annual Report and IFRS Financial statements 2020
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Table of contents
TABLE OF CONTENTS 1
VISION, MISSION STATEMENT 3
THE BANK PROFILE 4
PRODUCTS AND SERVICES 5
FINANCIAL HIGHLIGHTS 8
GENERAL INFORMATION 13
CHAIRMAN’S STATEMENT 14
MANAGING DIRECTOR’S STATEMENT 17
DIRECTORS’ REPORT 21
REPORT OF SHARIA SUPERVISORY BOARD 23
REPORT OF THE INDEPENDENT AUDITORS 24
STATEMENT OF COMPREHENSIVE INCOME 26
STATEMENT OF FINANCIAL POSITION 27
STATEMENT OF CHANGES IN EQUITY 28
STATEMENT OF CASH FLOWS 29
1. REPORTING ENTITY 30
2. BASIS OF PREPARATION 31
3 ADOPTION OF NEW AND REVISED STANDARD 31
4 SIGNIFICANT ACCOUNTING POLICIES 33
5 FINANCIAL RISK MANAGEMENT 48
(I) CREDIT RISK 48
(II) LIQUIDITY RISK 57
(III) MARKET RISK 59
(IV) OPERATIONAL RISKS 60
6 INCOME FROM ISLAMIC FINANCE 68
7 RETURN TO CUSTOMERS 68
8 FEE AND COMMISSION INCOME 68
9 FEES AND COMMISSION EXPENSES 69
10 NET TRADING INCOME 69
11 OTHER OPERATING INCOME 69
12 PERSONNEL EXPENSES 69
13 ADMINISTRATION AND GENERAL EXPENSES 70
14 INCOME TAX EXPENSE 71
15 INCOME TAX ASSET/(LIABILITY) 71
Annual Report and IFRS Financial Statements for the year ended 31 December 2020 1
