When it comes to Islamic-compliant bank, Singaporeans can save their money or access various Islamic-compliant bank services in Islamic Bank of Asia. Launched in 2007 by DBS Bank, this bank was established as a subsidiary of DBS (which makes the bank became DBS’ subsidiary as well).
The bank was supported by the major stakeholder and other 34 Middle Eastern investors coming from noble and prominent families. Most of the smaller investors are coming from Gulf Cooperation Council Countries.
The Islamic Bank of Asia started its operations on the DBS’ headquarter back then, separated from the DBS’ offices. The focus was on commercial banking, capital market services, corporate banking, as well as private banking services including treasury.
Furthermore, the services provided by Islamic Bank of Asia branches in Singapore will be explained as follows:
- Commercial banking: the Islamic Bank of Asia offers conventional way of saving money, including personal saving, fixed deposits, and such.
- Direct investment: Included in this service are private equity investments and Pre-IPO/IPO investments.
- Treasury services: The bank offers its customers various treasury services which will include FX services, sharia-compliant equity and sukuk, as well as cash management services.
- Capital market advisory: The board of team in Islamic Bank of Asia branches in Singapore will help you to perform various capital market activities without even crossing the line of sharia law.
However, despite the surging increase of sharia banking system in many neighboring countries, it is unfortunate that the Islamic Bank of Asia in Singapore was closed around five years ago (in 2015). The inactivity was effective starting from 2016.
Islamic Bank of Asia Branches in Singapore
As replacement, the parent bank DBS promised to develop sharia-compliant banking products. The system may be a bit different with the previous system that Islamic Bank of Asia branches in Singapore applied for the time the bank was still operating. Listed below is the list of branches that you could go to.
| Branch Name | Opening Hours |
|---|---|
| 12 Marina Blvd, Marina Bay Financial Centre Tower 3 Singapore 018982 Tel.: +65 6878 5522 Fax: +65 6878 5500 | Monday- Friday : 9AM-6PM Saturday & Sunday : Closed |