Islamic Bank of Thailand’s National Long-Term Rating Affirmed at AA(tha)/Stable: Fitch Ratings Thailand

Fitch Ratings Thailand (Fitch) has affirmed at AA(tha), the National Long-Term Rating (NLTR) of Islamic Bank of Thailand (IBANK), whilst IBANK’s National Short-Term Rating has been affirmed at F1+(tha). The Outlook is Stable.

IBANK is a government-run policy bank, designated as a specialised financial institution (SFI), and set up under specific legislation with the aim of providing Islamic financial services. It is the only Shariah-compliant bank in Thailand. According to Fitch, the Government of Thailand has recently provided IBANK with financial support by way of capital injections, as well as transferring out a large proportion of bad assets from IBANK into a state-owned asset management corporation. The ratin...