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Arab-Gambian Islamic Bank Limited

Contact Address:
Arab Gambian Islamic Bank

Website        Branches

Banjul capital Head Office
7 Ecowas Avenue (Buckle St.)
P. O. Box 1415 Banjul
The Gambia, West Africa

Tel no: +220 422 2222
              +220 422 2266
Fax:     +220 422 2211


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 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.

Unique characters:
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:
*Team work

  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.

• Ijarah
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

Investment Account:
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
Tel: 4222244

Correspondent / Partner Banks:
(AGIB maintains a Nostro Account with:-

Ahli United
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

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