Ibank supports Southern Flood Victims

Islamic Bank of Thailand (iBank) is offering financial aid to residents affected by ongoing floods in the Southern region.

Heavy rains have been hammering seven provinces in the South since February 24, causing flooding and runoff. According to the Department of Disaster Prevention and Mitigation, the situation has already affected at least 12,000 citizens in the region.

To help communities cope with the situation, iBank announced several policies for its clients.

These include suspending debt principal payments for up to 6 months and waiving various fines, including late charges. Under the campaign, flood-affected borrowers only need to pay interest and request an extension for their loan payment period.

The Islamic Bank of Thailand was established in 2002.

The bank is 48.54 per cent owned by the Thai Ministry of Finance, 39.81 per cent by the Government Savings Bank, and 9.83 per cent by Krung Thai Bank. The Ministry of Finance’s direct shareholding in iBank is capped at 49 per cent, but shareholdings by other state-owned banks mean that the government controls over 98 per cent of iBank shares.

Interested individuals can apply for the program at any of the iBank branches from now until the end of this year. More information can be inquired at the bank’s hotline 1302.

The government has meanwhile instructed relevant units to continue assisting flood victims. The 4th Army Area recently dispatched military officials to evacuate residents and those in need of assistance are urged to file their request at the local Damrongtham Center.

Floodwater in riverside communities rose to a metre deep and a police station was inundated on Monday when the Kolok River breached a flood barrier after monsoon rains pounded southern provinces.
Local disaster prevention and mitigation officials reported that floods hit six districts, affected 4,810 families or 18,380 people and killed one in Yala.