‘Past negligence’ saddles Islamic Bank

Former executives of the Islamic Bank of Thailand who did not adequately pay attention to cash flow, collateral value and monitoring, are to be blamed for the high amount of bad dept at IBank, according to its new president Thanin Angsurarangsit. Non-performing loans at IBank currently amount to Bt39 billion, or about 30 per cent of outstanding loans. Moreover, the Finance Ministry is investigating possible corruption at IBank. The bank will try to maintain its lending at Bt120 billion this year. New lending to large corporates will be reduced as the bank focuses on retail clients who are Muslims.

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