Islamic Bank of Thailand

Islamic Bank of Thailand (iBank)
State enterprise
Industry Banking
Headquarters 66 Soi Sukhumvit 21 (Asoke), Sukhumvit Road, Khlong Tan Nuea, Watthana, Bangkok 10110[1], Thailand
Area served
 Thailand
Key people
 Mr Monchai Rattanasatien, Acting Managing Director[2]
-9.5 billion baht[3]:5
Total assets 109.7 billion baht[3]:3
Website www.ibank.co.th/2010/en/main/

The Islamic Bank of Thailand (iBank) (Thai: ธนาคารอิสลาม) was established in 2002.[4]

The bank is 48.54 percent owned by the Thai Ministry of Finance, 39.81 percent by the Government Savings Bank, and 9.83 percent by Krung Thai Bank. The Ministry of Finances's direct shareholding in iBank is capped at 49 percent, but shareholdings by other state-owned banks mean that the government controls over 98 percent of iBank shares.[5][6]

iBanks's Swift code is TIBTTHBK.[7] The bank's fiscal year runs from 1 January to 31 December. iBank operates in accordance with the principles of Islamic Sharia law. It serves all customers regardless of religious affiliation.[4]

History

The Islamic Bank is a state-owned enterprise and has 130 branches throughout the country (2015). It is set up under the Islamic Bank of Thailand Act 2002. It began operations in 2003. By the end of 2005 the bank had total of nine branches. The bank acquired the Shariah Banking Services of Krung Thai Bank PCL in November 2005. As as result, the number of branches increased from 18 to 27.[4]

Performance

For the year ending 2014, iBank reported total assets of 109.7 billion baht.[3]:3 Net profit for the year was -9.5 billion baht.[3]:5

References

  1. ↑ "Islamic Bank of Thailand". Bangkok Post. Retrieved 31 December 2015.
  2. ↑ "Ministry of Finance's Top Executives". Ministry of Finance (Thailand). Retrieved 31 December 2015.
  3. 1 2 3 4 "Auditor report and Financial Statements 2014". Islamic Bank of Thailand. Retrieved 31 December 2015.
  4. 1 2 3 "History". Islamic Bank of Thailand. Retrieved 31 December 2015.
  5. ↑ "Shareholders List". Islamic Bank of Thailand. Retrieved 31 December 2015.
  6. ↑ "Fitch Affirms Ratings on Six Policy Banks in Thailand". Fitch Ratings Thailand. 2014-12-01. Retrieved 31 December 2015.
  7. ↑ "การรับเงินโอนเข้าจากต่างประเทศ". Islamic Bank of Thailand. Retrieved 31 December 2015.
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