Islamic Bank Of Thailand

Banking · 1001 Employees
Email Address: teera_ye@ibank.co.th
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About
The Islamic Bank of Thailand was set up by the Islamic Bank of Thailand Act B.E. 2545 (2002), as a state enterprise under the Ministry of Finance, administered by a board of governors, with an advisory council on Islamic banking. The bank operates in accordance with the rules of Sharia, or the Islamic rules on transactions. The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of the payment of fees for the renting of money, or businesses related to profiteering, monopolizing, or vices. In an Islamic hire-purchase transaction, instead of loaning the buyer money to purchase the item, the bank buys the item from the seller, and resells it to the buyer at a profit, while allowing the buyer to pay the bank in installments, while asking for strict collateral. The bank customer thus pays a monthly fixed amount, making his financial planning easier. There are presently 100 branches of the Islamic Bank of Thailand, scattered in all regions of the country. The Islamic Bank of Thailand (IBT) was established under a special act by the country’s parliament in 2002, under the supervision of the Ministry of Finance. The objective was to provide Islamic banking services to all customers, irrespective of their religion.
Year Founded
2002
Social Media
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Industry
Banking
HQ Location
Asok Road, Klongtoey Wattana Bangkok, TH
Keywords
Islamic Finance and Shariah Principal
Location
  • Asok Road, Klongtoey Wattana Bangkok, TH

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