Contact Details:
Head Office
address
AGIB Bank
Website:
www.agib.gm
7 Ecowas Avenue (Buckle Street)
P. O. Box 1415
Banjul, The Gambia
Email: agib@qanet.gm
Telephone number:
422 22 22
422 37 73
Fax: 422 22 11
Managing Director:
Mamour Malick Jagne
Telephone no: 422 22 44
Other Tel. Numbers:
Headquarters
Audit
4222952
Finance
4222255
Operations
4222266
Investments
4222233
Recovery
4222954
Treasury
Tel: 4223771
Branches:
Westfield Junction (Serrekunda)
Telephone No: 437 8333
4378222
7 Nelson Mandela St. (Banjul)
Tel: 4222244
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Correspondent / Partner Banks:
(AGIB maintains a Nostro Account with:-)
ABN Amro
Netherlands
Tel: +31 1024117 20
Swift Code: ABNANL2A
Ahli United
7 Baker St.
London W1
Code: UBKLGB2L
Banque Islamique Du Senegal
3381 Rue Huart
et Amadou A Ndoye
Dakar
Republic of Senegal
Email:
contact@bis-bank.com
+221 849 6262
+221 822 4948
Code: ISSNSNDA
Main Shareholders:
IDB
Saudi Arabaia
SSHFC
Gambia
GNIC
Gambia
Arab
Egyptians & Gambian businessmen
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Company Profile:
The
Arab Gambian Islamic Bank Company (Ltd)
(AGIB) is a Gambian owned financial institution incorporated under the Companies Act
1955. The company began its
banking activities in
January, 1997 to carry out commercial
and development banking activities as well as commodities trading with
its aim to make a profit for its investors and depositors.
The Central Bank of The Gambia
has licensed AGIB to operate on the basis of (Sharia)
Islamic practices and principles (one
of which prohibits the payment or collection of interest or riba,
usury) under the Financial Institutions Act 1992 (revised 1993). The amendment was enacted by Parliament to
allow for the functioning and services
of AGIB. The institution's services are open to all interested parties regardless of their
religion.
Mudaraba Contract:
The word
Mudaraba means profit sharing. AGIB carries out investment management
based on this type of profit sharing contract. This essentially means
that the investor provides the funds (Wadiah - safekeeping) and the
other party provides professional services. All profits are then
shared according to an agreed ratio. For example over a 1 year period
the investor takes 80% while the bank takes 20%. Over a 6 month period
the rates are 75% and 25% respectively.
Services:
•
Current Account:-
Withdrawals are permitted either fully or partially without notice.
Profit does not accumulate on this type of account and
debit balances or overdraft facilities are not allowed on this. Cheque
books are issued where the holder maintains a minimum deposit
of D1,500 for private persons and D3,000 for companies.
•
Savings Account:-
This type of facility allows for customers who are looking for the
safekeeping of their money with the chance of making a degree of
profit. Deposits and withdrawals are carried out with a pass book.
The way it works is that the total funds available are invested in a
pool according to the Mudaraba Contract. Some withdrawal is permitted
before the end of the investment timeframe on the understanding that
balances are maintained at least at the minimum agreed amount and not
lower. Calculations are performed every 6 months on the minimum
balance.
Net profits are shared on the basis that the depositor receives 50%
while the bank receives the other 50%. This is credited to the
customer every end of December and June.
•
Investment:-
This account is designed to meet the requirements of individuals
seeking safe investment opportunities for their funds with some
financial return. It is carried out in accordance with the Mudaraba
Contract.
• Other Products & Services:-
These include spot currency trading, issuing letters of credit and
guarantee, foreign exchange transactions, money transfer between the
Arab Gambian Islamic Bank and Ria Financial.
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