News & Events
25 November 2025
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Dr. Thaweelap Rittapirom, Director and President of the Islamic Bank of Thailand (ibank), participated in The 4th AlBaraka Summit in London 2025, an international forum on the Islamic economy that gathered financial leaders, policymakers, and academics from over 57 countries. The summit was held at JW Marriott Grosvenor House, London, United Kingdom, from 18 to 19 November 2025, under the theme “New Horizons: Islamic Economy in Global Markets, Beyond Majority-Muslim Societies,” reflecting the growing role of the Islamic economy beyond Muslim-majority countries and its rapid expansion in global markets.
The opening ceremony began with a recitation from the Holy Qur’an, followed by Opening Notes by Mr. Faraz Khan MBE, Chief Executive Officer & Partner, Spectreco US, Founder & Director Seed Ventures, who highlighted the power of entrepreneurial innovation in the modern Islamic economy. This was followed by Welcome Remarks from Mr. Yousef Khalawi, Secretary General, AlBaraka Forum for Islamic Economy, emphasizing the expansion of Islamic finance into non-Muslim-majority countries. The Keynote Address was delivered by H.E. Lord Dominic Johnson CBE, Member of The House of Lords, UK House of Lords, who underscored London’s readiness to become a leading global hub for Islamic finance with investor-friendly regulations and a strong market infrastructure.
Following the opening, the summit featured in-depth sessions on various topics. A highlight of the event was the CEO Level Panel on Islamic Banking in Global Markets and Environments: Between Aspirations and Operational Realities, which included global Islamic banking leaders such as Mr. Charles Haresnape, Chief Executive Officer from Gatehouse Bank Plc, Mr. Shabir Chohan, Chief Executive Officer from AlBaraka Bank South Africa, and Dr. Thaweelap Rittapirom, Director and President from Islamic Bank of Thailand (ibank), with Dr. Muhammad Saeed Fadloun, Head of Shari’ah Compliance from AlRayan Bank serving as moderator.
On this stage, Dr. Thaweelap presented “Transplanting Islamic Banking: Strategies for Adapting Core Values in Global Markets,” sharing Thailand’s experience as one of the non-Muslim-majority countries that successfully developed sustainable Islamic banking under Thai legal frameworks. He outlined the bank’s journey from its establishment, driven by the local Muslim community, through challenges related to capital, market structure, and regulation, to multiple structural adjustments that ensured stability, eventually receiving government support and becoming a Specialized Financial Institution (SFI) serving over six million Thai Muslims.
Dr. Thaweelap emphasized that the key challenge of “Transplanting Islamic Banking” lies in helping society and regulators understand the essence of Islamic finance—not merely the strict interpretation of Shariah, but also universal core values such as transparency, risk-sharing, fair contracting, and socially beneficial investments, which appeal to consumers of all backgrounds, Muslim or non-Muslim alike. He also highlighted structural limitations in Thailand’s market, including the absence of an Islamic money market and Sukuk to support liquidity management, as well as public perceptions of Islamic banks as “banks exclusively for Muslims.” To address these challenges, ibank has worked to raise awareness while designing products that meet real customer needs and comply with Shariah principles simultaneously.
In the 20th Anniversary of ibank, Dr. Thaweelap shared key lessons from a major structural transformation, including a review of the bank’s mission, digital transformation, new strategic directions reflecting Maqasid al-Shariah, ESG, and SDGs, and building trust with the Muslim community through collaborations with the Sheikhul Islam Office and local religious organizations, establishing ibank as a truly community-oriented bank for Thai Muslims. Another core initiative is Ecosystem Building, with ibank developing a governance framework for the country’s Islamic finance sector, engaging regional scholars and experts under the principle: “Strong Shariah governance is the foundation of trust, and trust is the foundation of growth.”
Dr. Thaweelap concluded that the development of Islamic finance in Thailand is not merely about adopting foreign models, but about adapting Islamic principles to the Thai context in a correct, sustainable, and meaningful way. He affirmed Thailand’s potential to play a prominent role in the global Islamic economy through trade, investment, and international collaboration.
This summit marked an important milestone, highlighting Thailand’s role in the global Islamic finance system and reaffirming the Islamic Bank of Thailand’s commitment to advancing the country’s Islamic economy steadily and sustainably.
