7 Ecowas Avenue (Buckle Street)
P. O. Box 1415
Banjul, The Gambia
+220 422 2222
+220 422 2266
Fax: 422 2211
Other Tel. Numbers:
Westfield Junction (Serrekunda)
Telephone No: 437 8333
7 Nelson Mandela St. (Banjul)
Correspondent / Partner
(AGIB maintains a Nostro Account with:-
7 Baker St.
London W1 8EG
Swift code: UBKLGB2L
Banque Islamique Du Senegal
3381 Rue Huart
et Amadou A Ndoye
Republic of Senegal
+221 849 6262
+221 822 4948
Swift code: ISSNSNDA
Standard Chartered Bank,
1 Basinghall Avenue
London EC2V 5DD
Swift code: SCBLGB2L
1. Salisu Sirajo Managing Director/CEO
2. Kingsley Okolie Divisional Head Operations and management
3. Anthony Ejiogu Divisional Head Financial Control and Strategy
4. Matarr Drammeh Divisional Head, Remedial Asset
5. Saheed Oyedepo Divisional Head Risk Management
6. Jamil Hassan Divisional Head Treasury
7. Mballow Ebrima Divisional Head Business Development
1. Mrs. Susan Iroche Chair Person
2. Mr. Adams Nuru Member
3. Mr. Fye Ceesay Member
4. Mr. Mamour Malick Jagne Member
5. Mr. seedy Almami Member
6. Sirajo Salisu Managing Director/CEO
Dr Nechi Ezeako Fcis Company Secretary.
The Arab Gambian Islamic Bank Limited (AGIB) was incorporated as
a private limited liabilities company on 11 November 1994 and
was granted a banking license by Central Bank of The Gambia in
12 September 1996.
As the first Islamic Bank in The Gambia, the Financial Institution
Act 1992 had to be amended to allow for the operation of an
Islamic Bank in an entirely conventional banking society.
Its original 10 shareholder provided the seed capital to form
the private bank in Banjul. The pioneer Managing Director is one of the
core founders and the brain behind the bank’s formation.
Technical assistance was provided by the Islamic Development
Bank in the form of human resources for one year.
FinBank in July 2008 held a completion meeting with the Board of
AGIB to sign a take over agreement.
70% of AGIB shares were sold and transferred to FinBank with all
shareholders, except IDB, ceding substantial portion of their
AGIB currently operates only in The Gambia and has over 105
employees with (5) five branches including Head Office with
plans to scale up in the near future.
The sole Islamic bank in a 90% Muslim dominated Gambia.
With differentiated Islamic products.
Only bank allowed to own, develop and build property.
Assist disadvantage people in the community.
Legally allowed to own equity in other companies.
The core values of the bank are shared belief that drives
behaviour in the company backed by the Islamic faith. Some of
these values, which are aimed at realizing the bank's vision,
mission and goals, are:
Products and Services:
• Murabaha (cost plus mark-up agreement)
Murabaha is a contract in which the customer requests for the
Islamic financial institution to purchase a commodity and sell
it to him/her at a cost plus mark-up will be on a deferred
payment basis. The cost of the commodity is paid to the supplier
of the goods delivered directly to the institution or to the
• Mudarabah (profit sharing)
Mudarabah is a profit sharing contract in which one party offers
the funds (investor) and the other (the financial institution)
invests and manages the fund. It’s a mutual agreement between the
investor and the specialist with the expertise. The investor (Rabal
Mal) is the dormant partner and the bank is the manager of the
funds (Mudarib). Profits are shared at a fixed ratio while any
loss is undertaken by the owner of the funds provided that the
mudarib is not negligent in the investment of the funds.
• Musharakah (Partnership financing)
Musharakah is referred to as joint venture agreement where both
the bank and the customer contribute towards the funds required
for the venture in the agreed proportion in short it is base on
equity participation between the Islamic Financial Institution
and a client.
• Istisna’a (contract of manufacture)
This is where the bank agrees to finance the manufacture or
production of a product and the payment is made upon completion
and delivery of the item in question. Income generated from
providing this product is small (less than one percent of total
investment income). Istisna’a is currently advanced to staff.
This arrangement is not different from conventional finance and
operating leases where the income generated is in the form of
rental income accruing to the bank.
Real Estate / Housing
The bank provides loan facilities for the acquisition of landed
properties, completion of dwelling and commercial building as
well as the construction of such buildings in Gambia. In this respect the
bank targets market segments are medium to higher income bracket
and commercial entities.
Hajj Savings Scheme:
In addition to this saving scheme, products and services to be
rendered to pilgrims are straightforward and simple. Already,
the bank is involved, in no small way, in the provision of Saudi
Riyals for exchange.
In addition to traditional commercial banking, AGIB has been
mandated to carry out investment financing by granting medium to
long-term finances to customers. The preparation of project
documents is also within the purview of the Investment
Department. Some customers may have sound investment ideas but
may not be able to transform them into reality. Thus, the
department offers advice to customers of the Bank on various
aspects of their businesses, ranging from establishment to
keeping proper books of account.
AGIB Savings Account:
This is designed specifically to meet requirements of customer
who authorized the bank to invest their money. With this account
customers can deposit and withdraw at anytime they wish.
* Profit is paid
* Savings passbook issued
* Unlimited withdrawal
AGIB Current Account:
It is a profit-free account which is designed to meet the
requirements of the bank’s customer. Account holders can deposit
and withdraw money by cheque at any branch counter. Current
account is available to private companies and businesses, social
organizations, and other organizations.
* Cheque book issue
* Monthly statement issue
* Third party payment
* Domestic and overseas transfer
This is a high return account that would enable customers to
deposit fixed sums of money in the bank through out the year and
for a fixed periods ranging from (three months, six months and
twelve months). The Arab-Gambian Islamic Bank invests the money and profit is
distributed in accordance with Islamic Shariah law as per the
agreement signed between the two parties.
*Profit is paid