Citibank Bahrain enhances Islamic banking services

The new account is targeted at corporate clients providing them with all the convenience and flexibility of a current account supported with a world class service experience.

The account has been certified as Shari'a-compliant by the Shari'a Advisory Board of Citi Islamic Investment Bank comprising of eminent Shari'a scholars Sheikh Nizam Yaquby, Dr. Nazih Hammad and Dr. Mohammed Ali Elgari.

Furthermore, Citibank offers a range of Islamic investment options for corporate clients who wish to invest in Shari'a-compliant vehicles and maximize returns. These range from Sukuks (Islamic Bonds), Islamic mutual funds and customized structured notes.

Citibank Bahrain CEO, Mayank Malik, said:

"Islamic banking is the fastest growing segment within Commercial Banking today, and the newly launched Shari'a-compliant current account for companies is part of our strategy to serve the Small and Medium Enterprises (SMEs) segment. This is in line with our efforts to meet the needs of SMEs who form the backbone of any economy and are significant contributors to business activities in Bahrain."

Samad Sirohey, CEO of Citi Islamic Investment Bank and Head Global Islamic Banking, added, "Citi Islamic Investment Bank continues to innovate and support Citi's Global Banking platform and the roll out of the Islamic Current Account in Bahrain is another milestone in providing the full range of Sharia'a compliant banking products to Citi's customers."

Citi has been in the Middle East for nearly 50 years and currently offers consumer-banking services in Bahrain, UAE and Egypt. In the Kingdom of Bahrain alone, Citibank, the consumer banking arm of Citi, has had a presence for the past 20 years, and is expanding its major operations within the country.

Citibank Bahrain is a top provider of Wealth Management solutions and has a comprehensive suite of products & services that include innovative Structured Notes, Mutual Funds, Islamic investment options, Hedge Funds, Multi-Manager funds, Unit Linked Insurance plans and CitiBest Current Account that pays market leading interest rates.

Since inception, Citi Islamic Investment Bank 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 Sukuks, syndications, project financings, Islamic advisory and investment products. Today, the bank is ranked as the leading bookrunner of international Islamic Finance transactions.