Page 5 - Agib Bank Ltd Annual Report and IFRS Financial statements 2020

THE BANK PROFILE

Agib Bank Limited (AGIB) was incorporated as a private limited liability company on the 11th November
1994 and granted a banking license by The Central Bank of the Gambia in September 1996. The bank
became fully operational in January, 1997. It is worth mentioning here that the Financial Institution Act 1992
was amended to provide for the establishment of an Islamic Bank in The Gambia.

Agib Bank Limited is the first and only Islamic bank in the Gambia and it is legally allowed to own equity in
other companies and also trade in commodities and Real Estate.

In September, 2008 AGIB consummated a strategic alliance with First Inland Bank (FINBANK) of Nigeria. In
May 2014 FINBANK shares were sold to a Gambian businessman making him the majority shareholder. The
Islamic Development Bank in Jeddah also hold significant shares. The currently has 137 employees and
has 7 branches and 3 Agencies. The branches are strategically located in Banjul, New Jeshwang, Kairaba
Avenue, Bakoteh, Tranquil, Brikama and Basse, while the agencies are located at Numuyel, Garawol and
Farafenni. The Bank has 8 ATMS in our branches in Banjul, New Jeshwang, Brikama, Basse, Bakoteh,
Basse and at 2 offsite locations at Qcell Head Office on Kairaba Avenue and Brusubi Roundabout.

Agib bank Limited operates on the Islamic Economic Principles of Risk/Reward also known as Profit and
Loss Sharing.

Unqiue Charateristics:

• Only Islamic bank in a 90% Muslim dominated country
• Offers only Sharia Compliant products
• Only bank allowed to own and develop real estate
• Assist disadvantaged people in the Community
• Legally allowed to own equity in other companies.

Annual Report and IFRS Financial Statements for the year ended 31 December 2020 4