The Islamic Bank of Asia (IB Asia) was launched by
DBS Bank
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Dev ...
on 7 May 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
The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabia (including the Arabian Peninsula and Bahrain), Asia Minor (Asian part of Turkey except Hatay Province), East Thrace (European ...
investors from prominent families and industrial groups from
Gulf Cooperation Council (GCC) countries.
Profile
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. A subsidiary of DBS, IB Asia 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 have an eight-member board of directors with His Excellency, Abdulla Hasan Saif, Advisor for Economic Affairs to the Prime Minister, Bahrain, as Chairman.
Operations
The launch of IB Asia follows DBS' stepped-up participation in the Middle East markets. DBS has placed a significant portion of large, landmark equity IPOs and securitisations in the Middle East and was among the first few Asia-based banks to receive a banking licence from the Dubai International Financial Centre.
Operational Issues
On 14 September 2015,
DBS Bank
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Dev ...
has released a statement to the
Singapore Exchange website that as IB Asia is unable to achieve
economies of scale when it is operated as a separate entity, therefore
DBS Bank
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Dev ...
would progressively cease IB Asia which was estimated to ''take about 2 to 3 years''.
In the same statement,
DBS Bank
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Dev ...
will continue to develop and offers
Islamic compliant banking products instead.
[
As of 11 July 2016, the homepage of IB Asia is not accessible.
]
References
External links
DBS GroupFactsheet of IB Asia
{{DEFAULTSORT:Islamic Bank of Asia, The
DBS Bank
Defunct banks of Singapore
Islamic banks
Banks established in 2007
Banks disestablished in 2015
Singaporean companies established in 2007
Singaporean companies disestablished in 2015