The Islamic Bank of Asia

The Islamic Bank of Asia

Type	Subsidiary
Industry	Banking
Founded	7 May 2007
Defunct	15 Sep 2015
Headquarters	Singapore
Key people	Abdulla Hasan Saif, Chairman Vince Cook, CEO
Products	Financial services, Islamic banking
Parent	DBS Bank
Website	www.islamicbankasia.com

The Islamic Bank of Asia (IB Asia) was launched by DBS Bank on May 7, 2007 after receiving official approval from the Monetary Authority of Singapore for a full bank licence. IB Asia's founding shareholders include majority stakeholder DBS and 34 Middle Eastern investors from prominent families and industrial groups from Gulf Cooperation Council (GCC) countries.

Profile

IB Asia is incorporated with a paid-up capital of USD500 million with DBS contributing USD250 million and holding a majority stake of 50 percent plus one share. A subsidiary of DBS, IB Asia commence operations on separate ground floor offices in DBS' headquarter facilities and will focus on commercial banking, corporate finance, capital market and private banking services.

IB Asia have an eight-member board of directors with His Excellency, Abdulla Hasan Saif, Advisor for Economic Affairs to the Prime Minister, Bahrain, as Chairman.

Operations

The launch of IB Asia follows DBS' stepped-up participation in the Middle East markets. DBS has placed a significant portion of large, landmark equity IPOs and securitisations in the Middle East and was among the first few Asia-based banks to receive a banking licence from the Dubai International Financial Centre.

Operational Issues

On 14 September 2015, DBS Bank has released a statement to the Singapore Exchange website that as IB Asia is unable to achieve economies of scale when it is operated as a separate entity, therefore DBS Bank would progressively cease IB Asia which was estimated to take about 2 to 3 years.^[1] In the same statement, DBS Bank will continue to develop and offers Islamic compliant banking products instead.^[1]

As of 11 July 2016, the homepage of IB Asia is not accessible.

References

1 2 DBS to wind down Islamic banking unit - Straits Times, 15 September 2015 5:00am (GMT+8)

External links

Banking in Singapore

Local banks

Foreign banks

Qualifying full banks	ANZ Bank of China BNP Paribas Citibank Singapore HSBC Bank ICICI Bank Industrial and Commercial Bank of China Maybank Standard Chartered State Bank of India

Full banks	Bangkok Bank Bank Negara Indonesia Bank of America Bank of East Asia Bank of India The Bank of Tokyo-Mitsubishi UFJ CIMB Bank Citibank N.A. Crédit Agricole Corporate and Investment Bank Hong Leong Bank Indian Bank Indian Overseas Bank JPMorgan Chase Mizuho Corporate Bank RHB Bank Sumitomo Mitsui Banking Corporation UCO Bank

Wholesale banks	ABN AMRO Agricultural Bank of China Banco Bilbao Vizcaya Argentaria Banco Santander Bank Julius Baer Morgan Stanley Bank of Communications Bank of Nova Scotia Barclays Bank BNP Paribas Wealth Management China CITIC Bank China Construction Bank Chinatrust Commercial Bank Commerzbank Commonwealth Bank of Australia Crédit Industriel et Commercial Credit Suisse Deutsche Bank DnB NORD Bank DZ Bank AG Singapore Branch Emirates NBD First Commercial Bank First Gulf Bank Habib Bank HSBC Private Bank (Suisse) ING Bank KBC Bank Korea Exchange Bank Landesbank Baden-Württemberg Macquarie Bank Mega International Commercial Bank National Australia Bank National Bank of Kuwait Natixis Norddeutsche Landesbank Northern Trust Portigon Qatar National Bank Rabobank The Royal Bank of Scotland Société Générale Société Générale Bank & Trust State Street Bank and Trust Company UBS UniCredit VTB Capital Wells Fargo Bank Westpac

Offshore banks	Arab Bank Bank Hapoalim Bank of Baroda Bank Mandiri The Bank of New York Mellon Bank of Taiwan Bank Sarasin & CIE Canadian Imperial Bank of Commerce Chang Hwa Commercial Bank Clearstream Banking S.A. Crédit Agricole Hana Bank Hang Seng Bank HSH Nordbank Hua Nan Commercial Bank Korea Development Bank Krung Thai Bank Land Bank of Taiwan Lloyds Bank Mitsubishi UFJ Trust and Banking Corporation Nordea Bank Finland Norinchukin Bank Philippine National Bank Raiffeisen Bank International Royal Bank of Canada Shinhan Bank Siam Commercial Bank Skandinaviska Enskilda Banken Standard Bank Sumitomo Mitsui Trust Bank Svenska Handelsbanken Toronto-Dominion Bank Union de Banques Arabes et Francaises Woori Bank

Interbank networks
and payment systems

¹ Subsidiary of OCBC Bank.
² Operates under UOB's brand name.
³ Subsidiary of DBS Bank.

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