ArabianBusiness.com - Middle East Business News Saturday, 30 August 2008 | 07:41 UAE time

YOUR DIRECTORY /

Print this page Print this page | Email this to a friend Email this to a friend | Discuss this article (0 Comments) |

Citi launches Shariah-compliant products in UAE

by Tala Malik on Tuesday, 13 May 2008

Citigroup said on Monday it will be launching a series of Shariah-compliant banking products in the UAE first in order to help companies better manage their working capital needs.

The major bank said that the new banking products, which will initially be launched in the UAE before other markets, were designed for a growing number of its corporate customers who were looking for competitive Shariah-compliant alternatives to conventional products.

"The Citigroup treasury and trade Shariah-compliant services are in line with Citi's strategy to offer our clients Shariah-compliant working capital products in the UAE to be later introduced to various other markets," said Samad Sirohey, chief executive officer of Citi Islamic Investment Bank and head of Global Islamic Banking.

Story continues below
advertisement

Citi, which also recently launched escrow services based on a Murabaha structure, said it products would include cash management products for current and saving accounts as well as trade products, which related to import finance and trade services.

The launch of the Shariah-compliant products by Citi in the region comes soon after the news that Alberto Verme, co-head of the global investment banking team, is relocating to Dubai from Citi's headquarters in Canary Wharf, London.

The Gulf shares close relations with Citigroup, with Saudi Arabia's Prince Alwaleed bin Talal currently its largest shareholder, and both the Abu Dhabi Investment Authority and Kuwait Investment Authority recent investors.

Citi, which is ranked as the world's leading bookrunner of global Islamic finance transactions, set up its global Islamic banking operations in 1981 in London.

Print Print | Email Email | Discuss this article |



USER COMMENTS (0 COMMENTS)

CLICK HERE TO POST A COMMENT

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code * Code


Please click post only once - your comment will not be published immediately.

RELATED LINKS

  1. Citigroup»

 EMAIL ALERTS

  1. Citigroup

  2. Banking & Finance



BUSINESS FEATURES

Crackdown

Dubai is turning the screw on white-collar crime, with a string of dramatic high-profile arrests.

Desert dreams

Spurred by oil and a buoyant banking sector, Kuwait's economy is expanding at a terrific pace.

Takaful takes over

The Takaful market is booming, with a host of firms queuing up to go public across the GCC.

ArabianBusiness.com/Jobs - Middle East Jobs Search
  1. Internal Auditor-Bilingual
    Industry: Finance
    Location: Dubai, UAE
  2. Senior Relationship - Transaction Manager within the Project Finance Division.
    Industry: Finance
    Location: Bahrain
Browse all jobs »

BUSINESS INTERVIEWS

Having an invested interest

Jones Lang LaSalle Hotels chief executive Arthur de Haast looks at the region's investment opportunities.

The gate keeper

The DIFC's CEO reveals how the financial centre is coping with a new influx of arrivals fleeing distressed Western markets.

Earning from experience

AbdulRazak Ali Issa, of BankMuscat, outlines a selection of the company's diverse range of funds.

MORE FROM ARABIANBUSINESS.COM