The Islamic Bank of Asia
From Wikipedia, the free encyclopedia
| The Islamic Bank of Asia | |
|---|---|
 |
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| Type | Subsidiary |
| Founded | 07 May 2007 |
| Headquarters | Singapore |
| Key people | Abdulla Hasan Saif, Chairman Jackson Tai, Vice Chairman Vince Cook, CEO |
| Industry | Banking |
| Products | Financial Services,Islamic Banking |
| Parent | DBS Bank |
| Website | www.islamicbankasia.com |
DBS Bank launched The Islamic Bank of Asia (IB Asia) on May 07, 2007 after receiving official approval from the Monetary Authority of Singapore for a full bank licence. IB Asia's founding shareholders include majority stakeholder DBS and 34 Middle Eastern investors from prominent families and industrial groups from Gulf Cooperation Council (GCC) countries.
IB Asia is incorporated with a paid-up capital of USD500 million with DBS contributing USD250 million and holding a majority stake of 50 percent plus one share.
IB Asia will be a subsidiary of DBS based in Singapore, and will commence operations on separate ground floor offices in DBS' headquarter facilities and will focus on commercial banking, corporate finance, capital market and private banking services.
IB Asia will have an eight-member board of directors with His Excellency, Abdulla Hasan Saif, Advisor for Economic Affairs to the Prime Minister, Bahrain, as Chairman.
Mr. Jackson Tai, former Vice Chairman and Chief Executive Officer of DBS currently serves as Vice Chairman. The other board members are:-
- Mr. Khalid Abdulla Al-Bassam, Chairman of Bahrain Islamic Bank and former Deputy Governor of Bahrain Monetary Agency
- Mr. Khalid Abdullah Al Zamil, Director, Strategic Planning and Partner of Zamil Group Holding Company
- Mr. Andrew Buxton, Former Chairman of Barclays Bank plc, and a board member of DBS Group Holdings
- Mr. Lee Hsien Yang, Chairman of Fraser and Neave Ltd
- Mr. Abdullah Tarmugi, Speaker of the Singapore Parliament, and former Minister-in-charge of Muslim Affairs
- Mr. Eric Ang, DBS' Managing Director and Joint Head of Global Financial Markets
The launch of IB Asia follows DBS' stepped-up participation in the Middle East markets. In the last two years, DBS has placed a significant portion of large, landmark equity IPOs and securitisations in the Middle East. Last April, DBS was among the first few Asia-based banks to receive a banking licence from the Dubai International Financial Centre
