Citibank Launches Sharia Compliant Working Capital Products
As part of its Middle East strategy and to meet an outstanding client requirement, Citi today unveiled a suite of Shari’a-compliant banking products designed to meet the working capital needs of UAE-based corporate clients.
Offered by Citi Global Transaction Services, these solutions include Shari’a compliant Cash Management Products (Current Account/Savings Account/Term Investment), and Trade Products (Import Finance/Guarantees/Trade Services).
This family of products has been tailored to a growing client base of corporations opting for a competitive Shari’a-compliant alternative to conventional products, hence complementing Citi’s full spectrum of Islamic Investment and financing solutions. They also come at the heels of the recently launched Shari’a-compliant escrow services based on Murabaha structure.
Mohammed Al-Shroogi, Managing Director for the Middle East, Chief Executive Officer for Citi in the UAE, and founding Chairman of the Citi Islamic Investment Bank, said: “Today we move a step forward towards fulfilling our clients’ all-round banking needs by offering Treasury and Trade Shari’a-compliant Products suite. We are proud to be a driving force behind the development of Islamic banking methods that meet the needs of the diverse clientele in the UAE as well as worldwide.”
Samad Sirohey, Chief Executive Officer of Citi Islamic Investment Bank & Head of Global Islamic Banking, added: “The Citi Treasury and Trade Shari’a-compliant services are in line with Citi’s strategy to offer our clients Shari’a-compliant working capital products in the UAE to be later introduced to various other markets. Citi’s leadership in the domain of Shari’a-compliant finance and investment solutions is now enhanced by a strategic expansion across both product range and client base.“
Murali Subramanian, Head of Citi’s Global Transaction Services in the Middle East and North Africa, said: “Our award winning global platform and deep knowledge of UAE’s corporate culture are strongly embedded in the Treasury and Trade Shari’a-compliant Product suite. These services will be backed by a team of seasoned professionals who are present on the ground to provide instant customer support and facilitate service provision.”
Citi’s Global Islamic Banking operations were established in 1981 in London, and in 1996 Citi became the first international financial institution to set up a separately capitalized Islamic Bank – the Citi Islamic Investment Bank.
Since inception, Citi Islamic has played a pioneering and leading role in the development of Islamic Finance globally, having successfully arranged several billion dollars of Islamic transactions for issuers in the Middle East, Asia, Europe and Latin America. This includes the origination, structuring and distribution of numerous landmark Sukuk, syndications, project financings, Islamic advisory and investment products. Today, the bank is ranked as the leading bookrunner of international Islamic Finance transactions.