Regulatory Alerts2009-01-01
Banking Act, 2009
Enacted by the President and National Assembly of The Gambia, this legislation establishes a comprehensive regulatory framework administered by the Central Bank for all licensed banking and Islamic financial institutions. The Act mandates compulsory licensing, sets strict capital and liquidity reserves, restricts voting control to ten percent without approval, and introduces Sharia-compliant operational rules for Islamic banking. It further empowers the Central Bank to conduct examinations, enforce director duties, manage insolvency proceedings through seizure and compulsory liquidation, and impose penalties for unlicensed or non-compliant operations.
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