Thai Islam Bank Offering 3.4% Interest Per Month?

[Payboy]

iBank

Nearly tricked me once to use their ATM's cleverly made to look almost exactly like KBank ATM's.

[khunPer]

Bangkok Bank, SCB and presumeably others, have campaign offers over 3%. Normally for a limited time, then another campaign comes. I have used both BkkBank and SCB – there is no catch.

[misterme]

FYI, This bank has a full branch in Suvarnabhumi airport, arrivals level, near domestic arrivals.

[samran]

You don't have to read the fine print, it's a Thai government guarantee

The bank is also owned by the Thai government, so it's double safe. These are the same geniuses who brought Thailand the failed rice scheme, the new minimum wage, easy car loans and no-down home loans.

I know the guy who established the bank.

One of the best brains in Asia on bond markets and debt management. He's retired now, but he'd wipe the floor with most anyone here intellectually.

Edited April 29, 2013 by samran

[bangon04]

Information

The Islamic Bank of Thailand was set up by the Islamic Bank of Thailand Act B.E. 2545 (2002), as a state enterprise under the Ministry of Finance, administered by a board of governors, with an advisory council on Islamic banking. The bank operates in accordance with the rules of Sharia, or the Islamic rules on transactions.

The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of the payment of fees for the renting of money, or businesses related to profiteering, monopolizing, or vices. In an Islamic hire-purchase transaction, instead of loaning the buyer money to purchase the item, the bank buys the item from the seller, and resells it to the buyer at a profit, while allowing the buyer to pay the bank in installments, while asking for strict collateral. The bank customer thus pays a monthly fixed amount, making his financial planning easier.

There are presently 26 branches of the Islamic Bank of Thailand, scattered in all regions of the country. Pattani has two branches, one in the city, the Pattani Branch, and Chabang Tiko Branch in Chabang Tiko subdistrict, in Mueang district of Pattani, both making a substantial profit each month.

So basically, it's a bank.

with an added touch of religious hypocrisy.......

[KhunBENQ]

Funny, what a long thread from such a BS question and misreading

Of course they offer a fixed deposit for 9 months, paying interest, calculated with 3.4 % interest per year.

(3.4 x 9 / 12 = 2.75 % after 9 months, 15% tax deducted at source on the interest).

3.3 % for a period of 6 monts.

An offer that is a bit better than Bangkok Bank, SCB e.g.

http://www.ibank.co.th/2010/en/promotion/

Edited April 29, 2013 by KhunBENQ

[Naam]

KrungSri offers 3.6% on a regular savings account with 2 withdrawals allowed per month. On this account there is no tax on the first 20,000 baht interest. On my 3 month term deposit at Bangkok Bank I got 3.2% on 800,000 baht that I keep for visa renewal. The interest was something around 7,500 and they took out around 1500 for taxes. Then after the 6 months they automatically drop the interest to 1.5% for the next 3 months.

I withdrew the 800k and moved it to Krung Sri. They also have a plan for 9 months. @.1% first 3 months, 2.6% next 3 months, 2 months at 3% and 9% the last one month. Those are not the exact percentages, but as close as I can remember.I don't have a compound interest calculator but even with 9% on the last month I don't think it works out to much more than 3.5% and you lose oif you withdraw early plus it is taxed.

Just check when the interest is paid and if the deal has changed or there is a better deal elsewhere move your money,

I wouldn't support an Islamic bank if they paid 100% interest, but then again I am an American.

and you think because you are an American you can post misleading rubbish such as "KrungSri offers 3.6% on a regular savings account with 2 withdrawals allowed per month." ?

http://www.krungsri.com/en/banking-rates.aspx

[Chrisswe]

Do you know why !!??

[rbrooks]

"Thai Islam Bank Offering 3.4% Interest Per Month?"

Sure. And a free roast pork sandwich with every new account.

The only catch is you have to launch a Jihad once a month.

[Oxpilot]

Bangkok Bank, SCB and presumeably others, have campaign offers over 3%. Normally for a limited time, then another campaign comes. I have used both BkkBank and SCB – there is no catch.

Not really a trick becasue they tell you up front that the interest rate will change after whatever time deposit you choose, 3 month and up. But in every case I have been in, the rate drops dramatically after the guaranteed rate for the initial period. Both bKK and SCB do this. Check your rate after the initial "Promotional offer" If it drops move to another bank with a promotional offer. They are all trying to suck you in. It isn't dishonest it is business.

[Oxpilot]

KrungSri offers 3.6% on a regular savings account with 2 withdrawals allowed per month. On this account there is no tax on the first 20,000 baht interest. On my 3 month term deposit at Bangkok Bank I got 3.2% on 800,000 baht that I keep for visa renewal. The interest was something around 7,500 and they took out around 1500 for taxes. Then after the 6 months they automatically drop the interest to 1.5% for the next 3 months.

I withdrew the 800k and moved it to Krung Sri. They also have a plan for 9 months. @.1% first 3 months, 2.6% next 3 months, 2 months at 3% and 9% the last one month. Those are not the exact percentages, but as close as I can remember.I don't have a compound interest calculator but even with 9% on the last month I don't think it works out to much more than 3.5% and you lose oif you withdraw early plus it is taxed.

Just check when the interest is paid and if the deal has changed or there is a better deal elsewhere move your money,

I wouldn't support an Islamic bank if they paid 100% interest, but then again I am an American.

and you think because you are an American you can post misleading rubbish such as "KrungSri offers 3.6% on a regular savings account with 2 withdrawals allowed per month." ?

http://www.krungsri.com/en/banking-rates.aspx

Sorry to mislead, I did mention that I wasn't sure of the exact rates. I was more interested in showing the OP that there are alternatives out there if you are willing to research them. I am working from memory, so I will say that the rates at KrungSri were definit6ely something over 3% per annum a few days ago. I apologize for not having the bank flier in front of me. Anybody who doesn't understand that bank rates are quoted per annum must be completely uneducated as to banking.

The I am an American was put in in reference with dealing with Islamic banks. Do you support them or are you just anti-american?

[Naam]

Oxpilot, on 29 Apr 2013 said:

I am an American was put in in reference with dealing with Islamic banks. Do you support them or are you just anti-american?

your cheap diversion does not work. my posting was clearly in reference to the rubbish you posted and i clearly mentioned that! this is what i said

and you think because you are an American you can post misleading rubbish such as "KrungSri offers 3.6% on a regular savings account with 2 withdrawals allowed per month." ?

by the way, whether i support Islamic, Buddhist, Christian, agnostic or the Savings&Loan Bank of the United Papua New Guinea Headhunters is irrelevant and none of your business.

next intelligent remark please

[sustento]

KrungSri offers 3.6% on a regular savings account with 2 withdrawals allowed per month. On this account there is no tax on the first 20,000 baht interest. On my 3 month term deposit at Bangkok Bank I got 3.2% on 800,000 baht that I keep for visa renewal. The interest was something around 7,500 and they took out around 1500 for taxes. Then after the 6 months they automatically drop the interest to 1.5% for the next 3 months.

I withdrew the 800k and moved it to Krung Sri. They also have a plan for 9 months. @.1% first 3 months, 2.6% next 3 months, 2 months at 3% and 9% the last one month. Those are not the exact percentages, but as close as I can remember.I don't have a compound interest calculator but even with 9% on the last month I don't think it works out to much more than 3.5% and you lose oif you withdraw early plus it is taxed.

Just check when the interest is paid and if the deal has changed or there is a better deal elsewhere move your money,

I wouldn't support an Islamic bank if they paid 100% interest, but then again I am an American.

and you think because you are an American you can post misleading rubbish such as "KrungSri offers 3.6% on a regular savings account with 2 withdrawals allowed per month." ?

http://www.krungsri.com/en/banking-rates.aspx

Sorry to mislead, I did mention that I wasn't sure of the exact rates. I was more interested in showing the OP that there are alternatives out there if you are willing to research them. I am working from memory, so I will say that the rates at KrungSri were definit6ely something over 3% per annum a few days ago. I apologize for not having the bank flier in front of me. Anybody who doesn't understand that bank rates are quoted per annum must be completely uneducated as to banking.

The I am an American was put in in reference with dealing with Islamic banks. Do you support them or are you just anti-american?

Why? Does supporting them mean you have to be anti-American? What if you're an American Muslim? Is it ok to support them then?

[khaowong1]

If you would like to meet the fine fellows at Homeland Security up close and personal, put your 100,000 baht in an Islamic bank.. I'm sure they will come by and make a house call. (just joking, a little). Having said that, isn't there some kind of sharia law agains't loaning money for interest? just asking..

[jbrain]

If you would like to meet the fine fellows at Homeland Security up close and personal, put your 100,000 baht in an Islamic bank.. I'm sure they will come by and make a house call. (just joking, a little). Having said that, isn't there some kind of sharia law agains't loaning money for interest? just asking..

Yes there is, it is the same law that says that you should receive no interest on your deposits.

[Oxpilot]

Oxpilot, on 29 Apr 2013 said:

I am an American was put in in reference with dealing with Islamic banks. Do you support them or are you just anti-american?

your cheap diversion does not work. my posting was clearly in reference to the rubbish you posted and i clearly mentioned that! this is what i said

>and you think because you are an American you can post misleading rubbish such as "KrungSri offers 3.6% on a regular savings account with 2 withdrawals allowed per month." ?

by the way, whether i support Islamic, Buddhist, Christian, agnostic or the Savings&Loan Bank of the United Papua New Guinea Headhunters is irrelevant and none of your business.

next intelligent remark please

Here it comes. My apologies again for misquoting from memory. That is never a good idea. According to the link you sent me the actual savings rate is only 2.6% at KrungSri. Thanks for setting that straight on the forum. I should have checked, but my intent was to show the OP that there are other options. To answer the question, yes, if I were an American Muslim, I probably would deal with an Islamic bank. But I'm not. What is your next venomous remark?

[JeffreyWitty]

WOW! 3.4% in Thai Islam Bank sounds like a bomb of a deal!

[kblaze]

I agree with everything you're saying, except I wouldn't give the credit for the rise in the baht solely to the euro or any other one currency.

No I don't have any access to inside information nor do I want it. The professionals have a horrible track record as you know. They HAVE to follow the herd.

Here's something a lot of people don't understand about professional money managers. They are stuck following the crowd. If they don't, they can look like fools, and if they do, they can simply say "I called it like everyone else did."

A professional money manager is finished if he calls a bear market, pulls his clients out, and the market then soars. He isn't finished if his clients take a bath when the market drops and all other managers' clients take a bath. He can blame that on the market and compare himself to everyone else.

Again, as for the baht, it isn't possible to say it is strong, without at least mentally adding "compared to other currencies." Thailand is trapped in a world where the big economies are deliberately driving the value of their currencies down to boost exports and their economies. China is doing that as well as the major Western countries.

Thailand HAS to pay higher interest rates (which attracts foreign money) because they are an emerging market and considered riskier than, say, the British Pound. It is the deficits Thailand is running, causing the need to sell bonds (borrow money) which is holding the rates up. Thailand has to pay a premium for the assumed risk. Thai banks have to pay a premium for their assumed risk in the form of higher interest rates. People who believe the risk isn't that great move money into Thailand to get those higher rates. That currency exchange drives the relative value of the baht up. People buying baht to deposit or invest = more demand for baht = higher price.

Mind you, all of this can reverse almost overnight. All it would take would be a few bank failures, an acknowledgement of a real estate bubble endangering bank loans, and a few too many people wanting their baht traded back into Pounds, and you have a calamity.

There is a reason that Thailand won't let people expatriate large sums of money in its banks. Where did you last hear that happening? It wouldn't be in Cyprus, would it?

100% wrong. Most Money Managers are constantly trying to NOT follow the crowd as their respective careers depends on them developing a name for themselves or their Fund. How do they develop a name? Often by being contrarian. No well-known, respected MM got where they are by following the crowd. Thats what retail and scalpers do. Whales pay big fees for MMs to find return that they can't get from other places. How do the MM find that return? By looking for new ideas, fresh research, etc.

Neversure, you should have never stated that you have pulled all your funds out of Thailand because the fact that we are now aware you would now be hurt by continued financial growth here strips away the neutrality of your posts warning of the financial demise of the country. Edited April 30, 2013 by kblaze

[metisdead]

A post in violation of this forum rule has been removed:

7) Not to post slurs or degrading comments directed towards any group on the basis of race, nationality, religion, gender or sexual orientation.

Replies to that post were removed as well. A nonsense post on moderation and the quote system was also removed.

[sustento]

Oxpilot, on 29 Apr 2013 said:

I am an American was put in in reference with dealing with Islamic banks. Do you support them or are you just anti-american?

your cheap diversion does not work. my posting was clearly in reference to the rubbish you posted and i clearly mentioned that! this is what i said

te class="ipsBlockquote">

>and you think because you are an American you can post misleading rubbish such as "KrungSri offers 3.6% on a regular savings account with 2 withdrawals allowed per

month." ?

by the way, whether i support Islamic, Buddhist, Christian, agnostic or the Savings&Loan Bank of the United Papua New Guinea Headhunters is irrelevant and none of your business.

next intelligent remark please

Here it comes. My apologies again for misquoting from memory. That is never a good idea. According to the link you sent me the actual savings rate is only 2.6% at KrungSri. Thanks for setting that straight on the forum. I should have checked, but my intent was to show the OP that there are other options. To answer the question, yes, if I were an American Muslim, I probably would deal with an Islamic bank. But I'm not. What is your next venomous remark?

It wasn't venomous. It was a simple question.

Edited April 30, 2013 by sustento

[Naam]

WOW! 3.4% in Thai Islam Bank sounds like a bomb of a deal!

the topic of this thread is a question and ends of course with a "?" (also known as question mark). the contents of the question is oxymoronic³. all said, nothing much to add.

[yoshiwara]

In their search for the holy grail of higher returns and low, low risk (all self-designated as 'honest investors) our intrepid investors are shocked, shocked I tell you to discover unwarranted risk in the institutions they are investing in. They never ever bother to read the small print and wonder why they are getting a significantly higher rate in the first place. They are playing a game which is always denied when sometimes it goes turtle.

[binnsy]

You don't have to read the fine print, it's a Thai government guarantee

Up to a max of 1 million?

[corkythecat]

The Rating Agencies were complicit in the creditworthiness of many of the "Junk" issuances during the financial meltdown. They admitted that they never understood all the various packages (I have a video by an ex employee, using math that seemed to belong to cosmology)) and that their own income was received from the financial institutions issuing the junk. BTW I being a mere Engineer I have never understood ...."when X bank/employee loses Y billion dollars by bad judgement (gambling ?) who gains those billions. Googling this stuff seemed to send me on a circular loop. Can anyone kindly enlighten me, since we do have at some knowledgeable posters here.? Loved the one about the "prophets", restores my faith in TV. 3.4 % Peanuts ! Bernie Madoff paid at least 10%

It depends. If you were the last one to buy the golden tulip for a cool mil, and had to sell it for a pence, the last guy to sell it, and perhaps others along the way made money. But in this case value evaporated into nothing so all was lost.

If I package a bunch of bad real estate loans and sell them as good loans (I might even call them derivatives if they are just derivatives) then a lot of people made money with one loser. The mortgage broker got his cut, then he sold it into what's called the "secondary market" of which there are plenty, and that secondary market, in order to free up cash to buy more sells the bundle at a profit to a bundler. The bundler then sells them at a profit to the ultimate loser.

So the simple answer to your question is the last holder who sold them and all before him make the money, with an ultimate loser.

Then you misunderstand financial crisis if you think there is just one ultimate loser. You really haven't studied finance or economics have you?

So Mr Platinum Member I'm still in the dark. You imply that you studied finance or economics (Where ? When? Specific Subjects and Levels ? Your Professors, your degrees, so that readers might give weight to what you say), can you kindly demonstrate your erudition with a viable explanation please,?

Ben Bernanke also studied economics and looked very crestfallen admitting how wrong he had been for the last 20 years (See PBS Documentaries). His motley crew are still in pereful positions.

Edited May 1, 2013 by corkythecat

[yoshiwara]

corkythecat, on 01 May 2013 - 10:38, said:

yoshiwara, on 29 Apr 2013 - 13:29, said:

NeverSure, on 29 Apr 2013 - 12:18, said:

corkythecat, on 29 Apr 2013 - 11:58, said:

The Rating Agencies were complicit in the creditworthiness of many of the "Junk" issuances during the financial meltdown. They admitted that they never understood all the various packages (I have a video by an ex employee, using math that seemed to belong to cosmology)) and that their own income was received from the financial institutions issuing the junk. BTW I being a mere Engineer I have never understood ...."when X bank/employee loses Y billion dollars by bad judgement (gambling ?) who gains those billions. Googling this stuff seemed to send me on a circular loop. Can anyone kindly enlighten me, since we do have at some knowledgeable posters here.? Loved the one about the "prophets", restores my faith in TV. 3.4 % Peanuts ! Bernie Madoff paid at least 10%

It depends. If you were the last one to buy the golden tulip for a cool mil, and had to sell it for a pence, the last guy to sell it, and perhaps others along the way made money. But in this case value evaporated into nothing so all was lost.

If I package a bunch of bad real estate loans and sell them as good loans (I might even call them derivatives if they are just derivatives) then a lot of people made money with one loser. The mortgage broker got his cut, then he sold it into what's called the "secondary market" of which there are plenty, and that secondary market, in order to free up cash to buy more sells the bundle at a profit to a bundler. The bundler then sells them at a profit to the ultimate loser.

So the simple answer to your question is the last holder who sold them and all before him make the money, with an ultimate loser.

Then you misunderstand financial crisis if you think there is just one ultimate loser. You really haven't studied finance or economics have you?

So Mr Platinum Member I'm still in the dark. You imply that you studied finance or economics (Where ? When? Specific Subjects and Levels ? Your Professors, your degrees, so that readers might give weight to what you say), can you kindly demonstrate your erudition with a viable explanation please,?

Ben Bernanke also studied economics and looked very crestfallen admitting how wrong he had been for the last 20 years (See PBS Documentaries). His motley crew are still in pereful positions.

If you think what/where is important then after you Claude.

What I fundamentally object to are those who have never studied either formally or informally for that matter and throw up either half-baked ideas which they think are made respectable by using the word 'bankster' or clumsily copy and paste rubbish from gold bug websites. If you as well as the other one also think that loss is defined by some pet 'ultimate loser' theory then you also are limited in your understanding. Maybe we shouold give it the name of Khao San Road economics specialising in Songkran financial theory.

Edited May 1, 2013 by yoshiwara

[poanoi]

Per Month ??!

whats the name of it and is it in pattaya ?

eh ! and do i have to get a residence certificate from immigration ?

[Naam]

Per Month ??!

whats the name of it and is it in pattaya ?

eh ! and do i have to get a residence certificate from immigration ?

a million Baht invested at 3.4% a month will get you immediate permanent residence.

[corkythecat]

Quote "If you think what/where is important then after you Claude.
What I fundamentally object to are those who have never studied either formally or informally for that matter and throw up either half-baked ideas which they think are made respectable by using the word 'bankster' or clumsily copy and paste rubbish from gold bug websites. If you as well as the other one also think that loss is defined by some pet 'ultimate loser' theory then you also are limited in your understanding. Maybe we shouold give it the name of Khao San Road economics specialising in Songkran financial theory."

................................................................................................................................................................................................

I am ignorant and unlettered in Finance and Economics or would not have raised the question.

I have read "The Ragged Trousered Philanthropist". Adam Smith,Keynes. Niall Ferguson and listened to countless audiobooks on "The (Latest) Crash, but that just shows me how little I don't know. This is the concept of knowledge being like an inflatable, where as the volume (knowledge) increases the surface area (representing adjacency to what we don't know gets greater.).

Anyone proclaiming authority and putting down others should, as less polite TV members might suggest, "Put up or shut up"

Don't forget you can claim anything on here or change your nic to "Kamikaze"

It is generally accepted that the most knowledgeable are often uncertain, whilst the most ignorant are always sure.

Edited May 1, 2013 by corkythecat

[yoshiwara]

Quote "If you think what/where is important then after you Claude.

What I fundamentally object to are those who have never studied either formally or informally for that matter and throw up either half-baked ideas which they think are made respectable by using the word 'bankster' or clumsily copy and paste rubbish from gold bug websites. If you as well as the other one also think that loss is defined by some pet 'ultimate loser' theory then you also are limited in your understanding. Maybe we shouold give it the name of Khao San Road economics specialising in Songkran financial theory."

................................................................................................................................................................................................

I am ignorant and unlettered in Finance and Economics or would not have raised the question.

I have read "The Ragged Trousered Philanthropist". Adam Smith,Keynes. Niall Ferguson and listened to countless audiobooks on "The (Latest) Crash, but that just shows me how little I don't know. This is the concept of knowledge being like an inflatable, where as the volume (knowledge) increases the surface area (representing adjacency to what we don't know gets greater.).

Anyone proclaiming authority and putting down others should, as less polite TV members might suggest, "Put up or shut up"

Don't forget you can claim anything on here or change your nic to "Kamikaze"

It is generally accepted that the most knowledgeable are often uncertain, whilst the most ignorant are always sure.

For a general introduction to economics Paul Samuelson is still a classic read. 'Economics An Introductory Analysis'.

Online subscriptions to the Wall Street Journal http://asia.wsj.com/home-page and the Financial Times http://www.ft.com/home/uk both worth the expenditure to follow the debates at a serious level.

Have a look also at CNBC Explains http://www.cnbc.com/id/41585735/site/14081545/

Both CNBC http://www.cnbc.com/id/41369691 and Bloomberg http://www.bloomberg.com/ provide entry points to financial analysis. You can pick up an online free live TV feed from Bloomberg. CNBC requires a sub or your TV sub has it. CNBC is generally better.

Edited May 1, 2013 by yoshiwara

[yoshiwara]

Quote "If you think what/where is important then after you Claude.

What I fundamentally object to are those who have never studied either formally or informally for that matter and throw up either half-baked ideas which they think are made respectable by using the word 'bankster' or clumsily copy and paste rubbish from gold bug websites. If you as well as the other one also think that loss is defined by some pet 'ultimate loser' theory then you also are limited in your understanding. Maybe we shouold give it the name of Khao San Road economics specialising in Songkran financial theory."

................................................................................................................................................................................................

I am ignorant and unlettered in Finance and Economics or would not have raised the question.

I have read "The Ragged Trousered Philanthropist". Adam Smith,Keynes. Niall Ferguson and listened to countless audiobooks on "The (Latest) Crash, but that just shows me how little I don't know. This is the concept of knowledge being like an inflatable, where as the volume (knowledge) increases the surface area (representing adjacency to what we don't know gets greater.).

Anyone proclaiming authority and putting down others should, as less polite TV members might suggest, "Put up or shut up"

Don't forget you can claim anything on here or change your nic to "Kamikaze"

It is generally accepted that the most knowledgeable are often uncertain, whilst the most ignorant are always sure.

For a general introduction to economics Paul Samuelson is still a classic read. 'Economics An Introductory Analysis'.

Online subscriptions to the Wall Street Journal http://asia.wsj.com/home-page and the Financial Times http://www.ft.com/home/uk both worth the expenditure to follow the debates at a serious level.

Have a look also at CNBC Explains http://www.cnbc.com/id/41585735/site/14081545/

Both CNBC http://www.cnbc.com/id/41369691 and Bloomberg http://www.bloomberg.com/ provide entry points to financial analysis. You can pick up an online free live TV feed from Bloomberg. CNBC requires a sub or your TV sub has it. CNBC is generally better.

Add 'An Introduction to Global Financial Markets' by Valdez and Molyneux.