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Islamic Bank of Thailand


The global financial crisis, which started with failures of large financial institutions in the United States, has inevitably affected Thailand’s financial system. The situation is said to be much worse than the 1997 financial crisis.

In the wake of the crisis over a decade ago, a large number of banks and financial institutions in Thailand and all over the world were either closed down or merged, yet the Islamic Bank of Malaysia and other Islamic countries managed to stay afloat. Many attributed their success to banking practices that were in accordance with religious principles.

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 26 branches of the Islamic Bank of Thailand, scattered in all regions of the country. Pattani has two branches, one in the city, the Pattani Branch, and Chabang Tiko Branch in Chabang Tiko subdistrict, in Mueang district of Pattani, both making a substantial profit each month.

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.

The idea of setting up an Islamic bank first germinated in 1994 with the formation of a so-called ‘Growth Triangle’ encompassing Thailand, Malaysia and Indonesia. With the scheme, Thailand took on the responsibility of developing its southernmost border provinces. The designated areas selected had Muslim majorities and it was felt there was a need to cater to them so an Islamic bank should be set up.

To develop Islamic banking, commercial banks were also brought on board and asked to provide Islamic products alongside their conventional services. The Bangkok Metropolitan Bank in 1997 started offering Islamic financial services but ran into financial difficulties and refunded customer deposits.

An Islamic banking law was drafted in 2002 allowing for the IBT to be set up in 2003 starting with a head office and a branch. This was followed by further branches, making for a total of nine.

In 2005, an agreement was reached to transfer Shariah-complaint funding from the Krung Thai Bank to IBT, which added an other 18 branches to the network. IBT now offers deposit and credit facilities and services like Mudaraba and Wadia which are trust deposits with funds available from ATMs, deposit books and cheques.


Head Office
Islamic Bank of Thailand

66 House Bldg, M 21,22 th Sukhumvit 21 Rd
Klong Toey Nua, Wattana Bangkok 10110

Tel: 0-2650-6999
Fax : 0-2664-3345
Email :

Website :



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