Citi launches sharia trade products

Citi global transaction services has unveiled a range of sharia-compliant banking products targeting import finance, guarantees and trade, and tailored to the working capital needs of the growing UAE-based corporate client base choosing to adopt Shari"a compliant alternatives.

The suite, which also includes cash management products, is designed to complement Citi’s entire spectrum of Islamic investment and financing solutions, including the recently released Shari 'a-compliant escrow services.

The offering is consonant with the bank’s strategy to present clients with Shari 'a-compliant working capital products in the UAE that can later be introduced into various other markets, and enhances Citi’s "leadership in the domain of Shari 'a-compliant finance and investment solutions,” comments Samad Sirohey, chief executive officer of Citi Islamic Investment Bank & head of global Islamic banking.

The Citi Islamic Investment Bank, established in 1996, was the first separately capitalised Islamic bank set up by an international financial institution, and has successfully arranged Islamic transactions for issuers in the Middle East, Asia, Europe and Latin America.