IBank could achieve aims through Islamic mortgages

Mon, 13 Feb 2012
Islamic mortgages could be among the products that help the Islamic Bank of Thailand (IBank) reach its goal of being among the top three Islanmic banks by asset size in Asia.

The Bangkok Post reports that president of the financial institute Dheerasak Suwanyos hopes the lender can achieve this feat in the next five years.

To break into this top three, IBank will need to catch up to the current leaders of the pack - Maybank Group, CIMB Bank and RHB Bank - which are all based in Malaysia.

And it could be that Islamic mortgages lend a helping hand to IBank - which was set up in 2002 - as it tries to increase its asset size, as home loans are among the new products being provided by the organisation.

Other offerings include personal and corporate loans, while it is hoped growth will be sped up thanks to multi-level marketing.

Mr Dheerasak explained the bank also invested heavily in "upgrading the core banking system to cope with the different requirements of a wide array of loans. This will help speed up applications and services while cutting costs".
Salaam-u-Allaikum
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