Thai bank considering Islamic mortgage strategy

Mon, 06 Feb 2012
The Islamic Bank of Thailand (IBank) appears to be considering its Islamic mortgage goals in a bid to bolster its customer base.

Through a multi-layer marketing (MLM) strategy, the lender said it is hoping to meet its target of gaining at least 50,000 members by the time 2012 draws to a close, the Bangkok Post reports.

Wirun Techapaiboon, Thailand's deputy finance minister, explained the MLM approach is helping the financial institution in its attempts to comply with sharia rules.

The politician explained the bank is the first in the nation to adopt such a method and even suggested its member total could increase to 100,000 by the end of the year as a result.

He stated: "It can expand the number of members that will help bring us more members to obtain our loans and the bank would offer net interest income in return to the members."

The news comes after Arab News recently reported that a number of regions are currently staking their claim to become the centre of the Islamic finance world, including London, Kuala Lumpur, Dubai and Bahrain.
Salaam-u-Allaikum
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