London: Citi has announced the launch of its Murabaha Trade and Working Capital Financing solution for corporate clients in Europe, Middle East, and Africa (EMEA).
In line with Shari’a principles, this solution provides financing that supports the general day to day commercial and international trade activities of corporate clients by offering import and export (pre-shipment and post-shipment) advances. This solution was developed to enhance liquidity and provide an alternative source of Shari’a financing.
This launch builds on Citi’s already established Murabaha Trade Advance offered to financial institution clients and represents the next step in expanding Citi’s Islamic Trade and Working Capital solutions.
Chris Cox, Global Head of Trade and Working Capital Solutions at Citi said: “Citi was one of the first major global banks to open an Islamic bank and has been offering Islamic finance products for over 40 years. This extended financing solution demonstrates our commitment to offering our clients access to essential financial services, as well as supporting them with their Trade & Working Capital financing needs, aligning with Shari’a principles. Our focus on introducing new and innovative solutions for clients, leveraging our global footprint and capabilities, is an important part of our strategy, our business and long-term priorities and we look forward to working to expanding the use of our Murabaha Trade & Working Capital Financing programme across EMEA and globally.”
About Citi’s Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering one of the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
About Citi Islamic Investment Bank
Citi Islamic Investment Bank (CIIB) is the global Islamic arm of Citi and was incorporated in Bahrain in 1996. CIIB is licensed by the Central Bank of Bahrain as an Islamic Wholesale Bank and was the first Islamic Bank established by a major international financial Institution. Citi has been active in the Islamic finance industry since 1981, when it opened its first Islamic “window” in London. CIIB has been able to leverage Citi’s global network and products to seamlessly provide innovative Islamic banking products and solutions for almost four decades.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.