Thai to launch Islamic bank

Thai to launch Islamic bank

BANGKOK (AFP): Thailand's state-run Government Savings Bank (GSB) is to open an Islamic bank counter in its southernmost branch, bank officials said Monday.

The service, approved by the Finance Ministry, will be the first in Thailand when it opens in the branch in Satun province, 970 kilometers (584 miles) south of Bangkok.

The GSB will offer "interest free" and other banking services in line with Islamic beliefs.

Some 4.5 percent of mainly Buddhist Thailand's 61 million people are Moslem, concentrated in the five southernmost provinces.