| 13 May 2007 |
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Citibank Launches Shari'a-compliant Funds
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DWS Noor Islamic Funds developed by DWS Investments, Deutsche BankDeutsche Bank
's mutual fund arm Dubai- CitibankCitibank
, a member of Citi, recently entered into a distribution arrangement with DWS Investments, the global mutual fund arm of Deutsche BankDeutsche Bank, whereby CitibankCitibank will make available to its customers the full range of DWS investment products which also include the Shari'a-compliant 'DWS Noor Islamic Funds'.DWS Noor Islamic Funds have been developed to meet the specific needs of retail and institutional Islamic investors. The DWS Noor family of funds includes: DWS Noor Precious Metals Securities Fund, DWS Noor Global Select Equity Fund, DWS Noor China Equity Fund, DWS Noor Japan Equity Fund and DWS Noor Asia Pacific Equity Fund.
For a minimum investment of US$5,000 in DWS Noor Islamic Funds, investors will benefit from the potential to invest in all regions and sectors, including the option to participate in IPOs.
"CitibankCitibank
has been active in the area of providing Shari'a-compliant investment solutions and has already adopted an ethnic approach to this segment by appointing a UAE National Segment Head," said Sanjoy Sen, CitibankCitibank's Country Business Manager for UAE. "The DWS Investments tie-up is a further reiteration of this big step of providing unique and sophisticated Islamic products to investors in the UAE that complement our existing Shari'a-compliant investment product range." Scott Jaffray, Chief Investment Officer for DWS Investments in MENA, and architect of the DWS Noor Islamic funds range, said: "We are delighted to work with CitibankCitibank on the distribution of DWS Noor Islamic Funds, thereby providing CitibankCitibank's valued customers access to these innovative funds. This family of funds has been very well received by investors in the UAE market, and we expect this appeal to increase as we continue to expand the range of funds further."
As the global mutual fund arm of Deutsche BankDeutsche Bank, DWS is one of the top 10 largest mutual fund managers worldwide with more than Euro 254 billion of funds under management globally. Its unique business model combines global investment knowledge with local presence and responsibility, one single brand and a country specific sales and service strategy.
Founded in Germany in 1956, DWS is today a local player in Europe's most important markets. In the United States, DWS operates under the DWS Scudder brand. In 2006, DWS started its expansion into the Asia Pacific marketplace by opening in Singapore and India. The outstanding performance of DWS has been consistently confirmed though top ranks and industry awards by independent fund rating agencies.
, the consumer banking arm of Citigroup, has had a presence for the past 43 years, and is expanding its major operations within the country. The bank is currently a major player in the UAE's credit card market and a leading provider of banking, Wealth Management and Consumer credit services. -Ends-
Notes to the editor
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. Major brand names under Citi's trademark red arc include CitibankCitibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.
For more information, please contact:
Aisha Ali
Media Relations
Citi
Tel: ++971 4 311 4250
Email: aisha.mohammad.ali@citigroup.com
© Press Release 2007
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