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Islamic Corporation for the Development of the Private Sector (ICD) of the Islamic Development Bank Extends Line of Finance Facility to Agib Bank of $5m (GMD230,000,000)

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of The Islamic Development Bank Group (IDB) in Jeddah, and Agib Bank Ltd have entered into a Strategic Collaboration to finance private sector entities in Gambia. The line of financing will be utilized to support viable and sustainable investments. job creation, and maximizing productivity in the Gambian economy which will translate to higher household incomes and enhanced tax revenue for The Government of The Gambia.

The Director of Internal Audit of ICD, Mr. Mohammed Alammari, signed the financing agreements for the amount of $5 million (D230,000,000) with Mr. Muhammed Jah, chairman of Agib Bank Ltd.

Mr. Alammari said, “We are pleased to extend the next line of financing facility to Agib Bank Ltd which will enhance the impact on socio-economic development and facilitate access to finance for Gambian private sector.” Mr. 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 for the private sector in Gambia. We are delighted about this partnership with ICD and Agib Bank Ltd. Through this partnership we aim to provide additional support to Gambian enterprises to help them 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 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.

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 Shariah. Like the IDB, Agib Bank Ltd offers fully sharia compliant products and processes Our unique brand has enjoyed wide acceptance in every stratum of Gambian society because we provide attractive Islamic financial solutions to their banking needs delivered by competent well-trained staff and state-of-the-art Islamic core banking technology.

We, The Board of Directors and Management of Agib Bank would like to seize this opportunity to thank our esteemed customers, staff and shareholders for the confidence they have in us. We would also like to thank the ICD for the timely facility because we at Agib are determined to be leaders in the national effort to reshape the Gambia.