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Shariah Bank sale to be completed this month.
Byline: Wichit Chantanusornsiri
Jun. 6--The Islamic Bank of Thailand will purchase Krung Thai Bank's Shariah Bank in a deal expected to be completed by the end of the month.
The Shariah Bank was established by Krung Thai as a special "window" to provide banking services to Muslims. Services are offered in full compliance with Islamic law, which prohibits the payment and receipt of interest.
Depositors instead receive dividends based on returns generated from the bank's investment activities, which typically take the form of hire-purchase contracts or joint ventures with small businesses.
The Krung Thai unit currently has assets of ...
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Source: HighBeam Research, Shariah Bank sale to be completed this month.