Citigroup expands Islamic offering

12 May 2008
In a bid to capture the growing Islamic finance market, Citigroup has launched a series of sharia-compliant banking products to help businesses manage working capital.

The new banking products will initially be launched in the UAE, before being made available in other markets. The products are the latest sign of the bank's commitment to the region, following the news in early May that Alberto Verme, co-head of the global investment banking team, is relocating to Dubai from London.

"The Citigroup treasury and trade sharia-compliant services are in line with Citi's strategy to offer our clients sharia-compliant working capital products in the UAE to be later introduced to various other markets,” says Samad Sirohey, chief executive officer of the bank’s Islamic investment arm and head of global islamic banking.

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