Islamic banking in Thailand: prospects and challenges

With over six million followers, Islam is the second most common religion in Thailand. The majority of Thailand’s Muslims reside in the southern region of the country at the Malaysian border. This population is easily exposed to and influenced by Malaysia’s Islamic banking system. The Islamic banking system in Thailand first started when the 'Islamic window' concept was introduced by Government Savings Bank in 1998. Being relatively new, it still faces many challenges, such as public acceptance, rules and regulations, and infrastructure.