ibank opens a new branch in Phuket

       Islamic Bank of Thailand, or ibank, opens a new branch in Phuket, along with the launch of an SME Business Center on the Andaman coast, accelerating the IGNITE THAILAND initiative towards the target under the IGNITE HALAL credit project of 2 billion baht.

        Dr. Thaweelap Rittapirom, President of the Islamic Bank of Thailand, or ibank, revealed that the opening of the new branch in Phuket and the introduction of the SME Business Center in the branch area today are in line with the government's policy to drive the IGNITE THAILAND strategy. This move aims to provide the highest benefits to the public and entrepreneurs in the Andaman coast region, aligning with the government's vision announced in the Thailand Vision statement "IGNITE THAILAND, Unite Hearts, Thailand Must Be One." The goal is to develop Thailand into a global industrial hub, driving the Thai economy towards sustainable future, covering tourism, healthcare, food, aviation, transportation, future automotive manufacturing, technology, and finance. Ibank is ready to support the government's IGNITE THAILAND strategy in three industry groups, including tourism, medical and health, and agriculture and food hubs. The bank aims to support financial credits under this initiative totaling 2 billion baht, divided into target areas on the Andaman coast and the combined 14 southern provinces, with 1 billion baht each. Currently, Phuket province has a population of 345,067 people, with 95,239 Muslims residing in the area, accounting for 27.60% of the province's population. The Muslim communities are spread throughout Phuket Island, with approximately 90% of them engaging in tourism-related professions directly or indirectly, such as restaurants or service sectors catering to tourists. It can be seen that the service and tourism sector of Phuket province has been continuously expanding from January to June 2024, resulting in an increasing number of tourists visiting Phuket, approximately 10 million people each month compared to the previous year during the same period. Meanwhile, the per capita income of the population in Phuket province still holds the top rank in the southern region, averaging over 250,000 baht per person per year, indicating the high potential of the population in the area of Phuket. For the consumer sector, as the tourism economy is currently recovering, some entrepreneurs are making improvements and preparing to expand their businesses to accommodate the increasing number of tourists visiting. This has led to the creation of various job opportunities and further growth in the sector, especially for hotel businesses. Meanwhile, the trade and investment sector is also expanding. Additionally, the government is ready to support and promote the tourism industry, especially targeting the global Muslim tourist market, which is growing and known for high spending power, to travel to Thailand for tourism and generate income for the country. Currently, the government, through the Department of Tourism, has developed the "Muslim Friendly & Gastronomy Tourism Routes" guide to promote Muslim-friendly tourism and food tourism, providing another option for tourists seeking new travel experiences. Furthermore, this initiative helps stimulate the economy and distribute income along the tourism routes in Phuket province and the combined 14 southern provinces, including the upcoming establishment of the Andaman International Health Center in Phuket. The information mentioned above will be another key factor in supporting the expansion of the bank's credit facilities to ensure the success of IGNITE THAILAND as planned.

       For the IGNITE HALAL credit project, it is a financing project to support financial activities for SME entrepreneurs in 3 business groups, including tourism businesses, food businesses, and medical and health businesses, or as a supply chain for the aforementioned businesses such as manufacturers, distributors, retailers, wholesalers, and stores that require halal funding sources to invest in expanding their operations in the form of term financing and to enhance liquidity in the form of Islamic overdrafts. The financing applicants must be individuals who are Muslims or legal entities with Muslim shareholders holding at least 20% of the paid-up capital, or business owners with products and services that have been halal certified, or businesses with establishments/projects/investments that do not violate Islamic principles located in the southern region's 5 provinces. This emphasizes the bank's mission to support halal businesses from fork to farm. This project provides a minimum financing amount of 1 million baht and a maximum of up to 5 million baht, with a maximum repayment period of 7 years and no requirement for collateral. The Bank of Thailand provides special guarantee coverage for the credit limit. The government supports the guarantee fee for up to 3 years according to the terms and conditions of the bank. For customers with establishments in the 5 southern border provinces, the bank offers a 50% reduction in installment payments for the first 3 months. The bank has allocated over 4.3 billion baht for SME businesses in Phuket province and the 14 southern provinces. The Phuket branch has total deposits of 1.524 billion baht and total financial credits of 1.227 billion baht, with Muslim customers accounting for 40% and general customers accounting for 60%. Dr. Thaweelap concluded.

     Interested customers or entrepreneurs can apply for the service until June 30, 2025, at ibank branches in Phuket or any branch nearby. For further information, please contact the ibank Contact Center at 1302 or chat via Messenger: Islamic Bank of Thailand - ibank (@ibank.th) and Line: iBank 4 all (@ibank).