The Arab Gambian Islamic Bank (AGIB), on Thursday, held a press conference at its headquarters in Banjul. The ceremony marked the inauguration of the new management of the bank, which is now set to operate in partnership with a Nigerian bank, Finbank.

Speaking at the press conference, the outgoing managing director of the bank, Mamour Malick Jagne, highlighted the significant role AGIB has been playing in The Gambia’s financial sector since its establishment,12 years ago.

The shareholders of AGIB, he said, had considered it appropriate to link up with a strategic partner who would provide additional capital and bring technological and human resource improvements to the bank.

"AGIB is lucky to have Finbank as its strategic partner," he said. Finbank, which holds 70% of AGIB shares, according to Africa Business Magazine, is the 30th strongest bank in Africa. The outgoing MD informed the gathering that Finbank would run the bank purely on Islamic principles.
 
He thanked President Jammeh and the Central Bank of The Gambia for their support and cooperation.

For his part, the incoming managing director, Zakari Abubakar, declared that AGIB is the most successful Islamic bank in the whole of West Africa. This, he said, prompted their investment in the bank. Mr Zakari also commended The Gambia government as well as the Central Bank of The Gambia for their support.