ICD) – The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Agib Bank Ltd have entered into a Joint Strategic Collaboration to finance private sector entities in The Gambia.
On behalf of the CEO of ICD, Mr Khaled Al Aboodi, Mr. Mohammed Alammari, Director of Internal Audit at ICD signed the financing agreements for the amount of USD5 million. with Mr. Muhammed Jah, Chairman of Agib Bank.
The collaboration will focus on developing private sector, supporting economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.
Mr. Mohammed Alammari stated “We are pleased to extend the next line of financing facility to Agib Bank Ltd which will enhance the impact of socio-economic development and facilitate access to finance for Gambian businesses sector”
Mr. Muhammed Jah said, “Agib Bank is committed to further strengthen its position in the banking sector as a reliable, modern credit institution, providing a wide range of banking services and support the private sector in Gambia. We are delighted about this partnership with ICD and Agib Bank Ltd. Through this partnership we aim to provide further support to enterprises in the country to achieve their highest potentials.”
The Managing Director and CEO of Agib Bank Ltd, Mr Nuha Marenah, assured ICD of Agib Bank’s resolve to contribute to the socio-economic development of The Gambia. He also said Agib bank has the capacity, both in terms of technology and human resources to manage the line of financing to the total satisfaction of all stakeholders.
About the Islamic Corporation for the Development of the Private Sector
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s.
AGIB LTD was incorporated as a private limited liability company in November 1994 and was granted a banking license by The Central Bank of The Gambia in September 1996. The bank became fully operational in January 1997.
In September 2008 AGIB consummated a strategic alliance with First Inland Bank (FINBANK) of Nigeria. In May 2014 FINBANK’s shares were bought over by a Gambian Businessman making him the majority shareholder. The Islamic Development Bank in Jeddah also holds significant shares. The bank currently has over 100 employees and has six (6) branches strategically located in Banjul, New Jeshwang, Tranquil, Bakoteh, Brikama and Basse.
The Bank operates on the Islamic Economic Principle of Risk/Reward also known as Profit and Loss sharing. Our unique brand has enjoyed wide acceptance in every stratum of The Gambian society providing attractive platform to avail financial solutions to their banking need.
Originally published on www.ecofinagency.com