Arabic Gambian Islamic Bank Platform

 

You could call the banking team at AGIB the gentle giants of The Gambia 's banking industry and be rest assured of no persecution at such a daring assertion. The bank's fluid organization and operations, coupled with a solid liquidity base lay credence to this.

Agib's CORPORATE OBJECTIVES further underlines this:

“At ARAB GAMBIAN ISLAMIC BANK LTD, we carry out banking Services in accordance with Islamic principles with the view to make profit for our shareholders and depositors and to contribute to the economic and social advancement of The Gambia ”.

Please NOTE that the Bank's services are opened to all individuals regardless of their religion.

 

OVERVIEW

Arab Gambian Islamic Bank (Ltd) is a Gambian Bank incorporated under the Companies Act 1955.  The Bank has been licenced by the Central Bank of The Gambia to operate on the basis of Islamic principles under the Financial Institutions Act 1992 and as amended in 1993.  The amendment was enacted by Parliament to enable the operations of Islamic Banks in The Gambia.

The Bank commenced operations in January, 1997 to carry on Banking Business in all its Departments and Branches in accordance with Islamic ( SHARIA ) Principles and Practices with a view to making (PROFIT ) for its shareholders and depositors and to contribute to the socio-economic development of The Gambia.

Apart from accepting deposits from customers and providing products and services traditionally rendered by Conventional Banks, Arab Gambian Islamic Bank Limited grants financing facilities for short, medium and long-term economically and financial viable undertakings.

The Bank is, thus, structured and mandated to carry on both Commercial and Development Banking activities and at the same time trade in commodities.

In addition the bank assists the disadvantaged people of th e community.

 

Alternative Banking
Your key to Quality Banking and high performance investment in The Gambia

 

AGIB's International Money Transfer Service

Money Transfer

 

DEPARTMENTS

Arab Gambian Islamic Bank Limited is divided
into five major departments

• OPERATIONS
• FINANCE & ADMINISTRATION
• INVESTMENT
• TREASURY & FOREIGN EXCHANGE
• MONITORING & RECOVERIES

Each department has distinct functions but the activities of all departments are coordinated towards the attainment of the Bank's corporate objectives.

 

OWNERSHIP STRUCTURE OF AGIB

THE BANK'S SHAREHOLDERS	COUNTRY
Islamic Development Bank	Saudi Arabia
Social Security and Housing Finance Corporation	The Gambia
Gambia National Insurance Company	The Gambia
Arab and Gambian businessmen	Egypt & The Gambia

 

PRODUCTS AND SERVICES  

TYPES OF CUSTOMER ACCOUNTS

1. CURRENT ACCOUNT
2. SAVINGS ACCOUNT
3. INVESTMENT  (MUDARABA) ACCOUNT.

a. 3 MONTHS
b. 6 MONTHS
c. 12 MONTHS

CURRENT ACCOUNTS:
This account is to satisfy the needs of customers looking for safe custody of their funds and absolute convenience in their use.

The account holder may withdraw from his/her/their account partially or totally on demand at any time.  The Bank guarantees all current account funds. Profit do not accrue on current account.  The Bank will not permit overdrafts or debit balances on current accounts.

Cheque book will be given on demand to the account holder upon fulfilling the Bank's requirements and regulations.  Cheque books are charged on a cost recovery basis. 

Minimum balance to acquire a cheque book is D3000 for companies and for individuals D1,500.00

SAVINGS ACCOUNT:
This account is to service the need of individuals looking for safe custody of their funds coupled with a degree of convenience in their use together with the possibility of realising some profit.

• The available funds are invested in the investment pool on the basis of Mudarib contract.
• Partial withdrawal is allowed before the end of investment period on the condition that the balance will not be lower than the minimum  balance required.
• The Bank provides its savings account customers with savings pass book
• Savings account holder has a share of 50% of net profit.  The Bank as manager of the account , has the other 50%.
• Savings account holders profit is calculated on the minimum balance of each account every six months.
• Profit is distributed and credited to the savings account twice a year (end of June/end of December) within seven working days after the end of the period.

Profits sharing ratio:

PROFIT SHARING	INVESTOR	BANK( MANAGER)
6 MONTHS	50%	50%

 

INVESTMENT ACCOUNT (MUDARIB)

• This account is designed to meet the needs of customers looking for safe investment opportunities for their funds with reasonable returnThe investment periods are:  Three months, Six months and One year.
• The available funds are invested in the investment pool on the basis of The available funds Mudarib contract. The investment account is automatically renewable for another period unless the investor gives written notice one week prior to the account maturity date (i.e. end of March, June,  September and December for three months accounts).
• Profit  payable on investment account is distributed and credited to investment accounts within seven working days after the end of investment period.

Profits Sharing Ratio :

PROFIT SHARING	INVESTOR	BANK(MUDARIB)
3 MONTHS	70%	30%
6 MONTHS	75%	25%
1 YEAR	80%	20 %

No partial or total withdrawal from an investment account is allowed before maturity date except in cases of  emergency which shall be evaluated at the sole discretion of the Bank's management.  In such cases, the investment account holder will not receive any return on the amount withdrawn.

OTHER TYPES OF SERVICES OFFERED

The Arab Gambia Islamic Bank performs investment management functions based on "Mudarabah Contract" which is a profit sharing contract between two parties.  The first party provides funds (investor) and the other party provides professional services (manager).  The PROFIT is shared between the two parties base on a predetermined agreed ratio.

Islamic principles do not allow dealing in INTEREST (usury) basis.  Interest is understood to mean a predetermined return on cash lent out.

The Bank invests funds using investment windows consistent with Islamic principles. In addition, the Bank provides customer services that are normally offered by conventional banks, such as letters of credit, letters of guarantee, current account , sport trading in currencies etc.

 

Profits Sharing Ratio: 

PROFIT SHARING	INVESTOR	BANK(MUDARABA)
3 MONTHS	70%	30%
6 MONTHS	75%	25%
1 YEAR	80%	20 %

 

 

CORRESPONDENT BANKS

 

BANQUE BELGOLAISE
SECCURSALE DE PARIS
6 AVENUE VELASQUEZ
75008 PARIS
FRANCE
BANK CODE 13638
CODE GUICHET

BANQUE ISLAMIQUE DU SENEGAL
RUE HUART X
EL. H. AMADOU A. NDOYE
BOITE POSTALE 3381
DAKAR
REPUBLIC DU SENEGAL

NATIONAL WESTMINSTER BANK
REGENTS HOUSE LEVEL 2
42 ISLINGTON HIGH STREET
LONDON N1 8 XL
SWIFT CODE NWBUKGB2L

NATIONAL BANK OF EGYPT
NEW YORK BRANCH
40 EAST 52ND STREET
NEW YORK NY 10022
USA
ABA 02600998

THE UNITED BANK OF KUWAIT
7 BAKER STREET
LONDON W1M 1AB
UNITED KINGDOM
SWIFT ADD: UBKL GB 2L