Citibank Bahrain Expands Islamic Banking Services

Published: 17-Sep-2009

By adding a new Sharia-compliant corporate current account

Citibank Bahrain and the Citi Islamic Investment Bank have added new offering to its Islamic banking by launching the Shari'a-compliant corporate current account.

Reportedly, the new account is targeted at corporate clients. The bank has said that the account has been certified as Shari'a-compliant by the Shari'a advisory board of Citi Islamic investment bank comprising Shari'a scholars.

Citibank has added that additionally it offers a range of Islamic investment options for corporate clients who wish to invest in Shari'a-compliant vehicles and maximize returns. These range from Sukuks (Islamic Bonds), Islamic mutual funds and customized structured notes.

Samad Sirohey, CEO of Islamic investment bank and head global Islamic banking at Citi, said: “Citi Islamic investment bank continues to innovate and support Citi's global banking platform, and the roll-out of the Islamic current account in Bahrain is another milestone in providing the full range of Sharia'a-compliant banking products to Citi's customers.”

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