IBank to raise more than THB7 bil to boost financial status

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BANGKOK, 30 May 2013  The Islamic Bank of Thailand or IBank is set to raise several billions of baht in new capital in order to boost its financial status, as required by the Bank of Thailand regulations 

IBANK President Thanin Angsuwarangsi revealed on Thursday that the bank will be implementing three strategies to strengthen its financial position in 2013.

The first one is the raising of capital worth over 7.1 billion baht, while the second is the issuance of Sukuk, or Islamic securities, worth 5 billion baht.

Mr. Thanin said the proceeds from the sale of Sukuk will be added to its capital funds for risk assets in order to raise them above the minimum level required by the Bank of Thailand.

The last strategy is the debt restructuring by transferring its NPLs of 24.6 billion baht to the asset management company.

In addition, Ibank will open around 24 new branches within July and boost its operations to accommodate more than 300 million Muslims expected to visit Thailand after the ASEAN Economic Community is in effect in 2015.