Islamic Bank to Pass Out some Cash
The government- owned Islamic Bank, known as IBank, has agreed to set goals to increase its loans by approximately 20 billion more baht in the southern provinces through the end of 2009, bank president Theerasak Suwannayos said in a statement yesterday.
The big increase in lending is inline with the government policy to stimulate the economy and to reduce the troubles leading to unrest in the southern provinces of Satun, Songkhla, Yala, Pattani and Narathiwat, which are in the area bordering Malaysia, Mr Theerasak said.
However, the bank president stated that the bank presently has only around four billion baht of available funds and has held discussions with Finance Minister Korn Chatikavanij to get consent for the bank’s new plan to increase capital by more than six billion baht.
With the increased capital, the bank can issue as much as 60 billion baht in new lending.
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