Words of Wisdom - the Editor
Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.
UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?
Citi launches Shariah-compliant products in UAE
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.
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.
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