Islamic banks in Thailand expand

Islamic banks in Thailand are expanding, with increasing deposits to be used for investment projects for the first time in May, Thai news agency TNA reported.

The Thai Bank for Agriculture and Agricultural Cooperative BAAC said it had opened 30 branch offices in 14 provinces for its special banking service based on the Islamic principle.

BAAC had planned to expand branch offices of the special service to 40 by the end of this year and would use the increasing deposits for investment projects for the first time in May, following a complete installation of a computer network to manage and monitor the investment, said the report.