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.