The Islamic Bank of Thailand expects to launch Thailand’s first Islamic property fund, worth THB 1.4 billion $47.2 million in December, according to the bank’s President Theerasak Suwannayos.
The fund, called IBank Shariah Property Fund according to the Dow Jones, will invest in an office building with a projected yield of around 5% to 7% per annum.The bank will be the main tenant of the building while the businesses leasing space must comply with the Islamic religion, it said.The Islamic Bank of Thailand was set up under the Islamic Bank of Thailand Act 2002, regulated by the Ministry of Finance and expanded in November 2005 through the acquisition of Shariah Banking Services of Krung Thai Bank Pcl. in November 2005.
With 18 branches the Bank relocated its headquarters to Asoke a prime business area along Bangkok’s Sukhumvit road in August 2005.With a Muslim population of just 4.6 per cent, the fund is likely to tap in to rocketing foreign direct investment in Thailand that has seen record growth in the Thai baht and propelling Thailand into one of the best performing currencies in the region. Islamic finance is estimated to be worth more than USD700 billion and has enjoyed recent growth rates of 15 – 20 per cent.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
S&P maintains Thailand’s credit rating at BBB+ with stable outlook
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.(more…)
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