Islamic Bank of Thailand

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

Banking in Thailand
Central bank	Bank of Thailand
State Bank Group	Krung Thai Bank SME Bank of Thailand Islamic Bank of Thailand Bank for Agriculture and Agricultural Co-operatives Export–Import Bank of Thailand Government Savings Bank Government Housing Bank
Private banks	Bangkok Bank Bank of Ayudhya Kasikornbank Kiatnakin Bank GE Money Bank CIMB Thai Bank ICBC Thai TMB Bank Tisco Bank Siam Commercial Bank Thai Credit Bank Thanachart Bank Siam City Bank UOB Bank Land & Houses Bank Standard Chartered Bank
Foreign banks	ABN AMRO Bank of Tokyo Mitsubishi UFJ Citibank Thailand HSBC ANA Bank RHB Bank Bank of China Deutsche Bank AG Mega International Commercial Bank