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
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 holding.
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 customer.
• 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 Development:
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.
Business Advisory Service:
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
• Westfield Junction, Serrekunda
Tel no: 437 8333 / 4378222
• 7 Nelson Mandela St., Banjul
Correspondent / Partner Banks:
(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
Dakar, Republic of Senegal
+221 849 6262 / +221 822 4948
Swift code: ISSNSNDA
• Standard Chartered Bank
1 Basinghall Avenue
London EC2V 5DD
United Kingdom, Swift code: SCBLGB2L