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Citigroup Inc. (NYSE: C)
May 12, 2008
UAE: Citi Launches Shari'a-Compliant Working Capital Products
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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 and 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 the 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.
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Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Citi Islamic Investment Bank
Citi Islamic Investment Bank E. C. ("CIIB") was incorporated in July 1996, as a 100% owned subsidiary of Citi. CIIB is the dedicated Islamic Banking vehicle of Citi and is continuing the pioneering and innovative role that Citi has been playing in the industry for over a quarter of a century.
Global Transaction Services
Global Transaction Services spans over 140 countries, processes over $3 trillion in payments daily, and handles more than one billion transactions annually. In 2007, the business realized a 44% growth rate in revenues with year-end revenues of $7.8 billion. This trend continued in the first quarter of 2008, with the business realizing a 42% growth rate (YoY) with revenues of $2.3 billion and a 63% net income growth rate (YoY) totaling $732 million for the quarter. As of the first quarter of 2008, it held on average $283 billion in liability balances under administration, and nearly $13 trillion in assets under custody and trust.