Islamic Bank of Asia

The DBS Bank of Singapore established the Islamic Bank of Asia in 2007 to engage in Islamic finance-related endeavors. Islamic Bank of Asia’s primary focus centers around commercial banking, corporate finance, capital markets, and private banking services with an emphasis on incorporating Islamic characteristics. The bank gained credibility in the Middle East through its partnerships with well-known merchant families and Shariah board members, certifying its adherence to Islamic principles. However, it is a rare case of underperformance among Islamic banks, despite being recognized as the best Islamic bank in Singapore in the past. This entry examines the evolution and activities of the Islamic Bank of Asia in Singapore as they are applicable to the business of Islamic finance. The entry further notes the failure of the Bank to remain active and how its operations have been halted for financial reasons.