Page 31 - Agib Bank Ltd Annual Report and IFRS Financial statements 2020

Notes to the financial statements
(forming an integral part of the financial statements)

1. Reporting entity

Agib Bank Limited (“the Bank”) was established on November 11, 1994 and obtained its banking license on
September 12, 1996. The address of the registered office of the Bank is: Becca Plaza, Ecowas Avenue,
Banjul, The Gambia. The major shareholder of the bank is Mr. Muhammed Jah, the Managing Director of
Qcell, a telecommunication company incorporated in the Gambia. He acquired 76.45% of First City
Monument Bank shareholding in May 2014 which was increased to 80.74% as a result of bonus shares in
2016.The Bank is primarily involved in corporate and retail banking.

The Bank’s shareholders as a percentage of subscribed registered capital:

2020 2019 2018

Mr. Muhammed Jah 80.74% 80.74% 80.74%
Islamic Development Bank 13.46% 13.46% 13.46%

Other minority shareholders 5.80% 5.80% 5.80%

The Bank performs its activities in The Gambia through its 7 branches and 3 Agencies.

Revenue was mainly generated from the provision of Islamic banking services in the Gambia. The Bank
considers that its products and services arise from one segment of business - the provision of banking and
related services.

During the year ended 31 December 2020, the Bank’s executive and non-executive directors were as follows:

Names Period
Executive Director:
Mr. Nuha Marenah – Director 6 years
Non-Executive Directors:
Mr. Muhammed Jah –Chairman 6 years
Mr. Omar Serign Mbye 2 years
3 years
Mr. Rachid Fahd Sam

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Annual Report and IFRS Financial Statements for the year ended 31 December 2020 30