Citi Islamic’s Treasury and Trade Solutions (TTS) business provides integrated Sharia-compliant cash management and trade finance services to multinational corporations, financial institutions and public sector organizations around the globe in both local and foreign currencies, complete with Citi’s established electronic banking platform – CitiDirect® and customer service – CitiService®.
Citi’s Islamic Current Accounts provides clients with Sharia-compliant, non-profit bearing accounts for corporates. Our customers could use their accounts to process payments and carry out day to day banking activities.
Under the sharia principles, Citi accepts funds from the depositor for an unspecified period with a promise to return the funds on demand. The bank may utilize the balances in this account in Sharia-compliant investment activities only.
Distinctive features of our Islamic Current Accounts:
Under the Islamic principle of Murabaha, Citi is able to enter into a Sharia-compliant commodity trade with clients. As the agent, Citi purchases permissible commodities for the client which is then sold on a deferred payment basis at a higher price, allowing the client to earn profit.
The Islamic Trade Financing provides short-term Sharia-compliant refinancing for payment obligations under Documentary Letters of Credit, Open Accounts, and Documentary Collections. Islamic Trade Financing is provided to Islamic Financial Institutions under a Murabaha agreement to finance the underlying trade flows of their clients.
Citi’s Murabaha Liquidity Product provides clients with Sharia-compliant returns on surplus liquidity in USD and other major currencies. The Client agrees to place balances in a non-interest bearing account in consideration of receiving returns under a Murabaha agreement. This solution offers full access to liquidity in the account and clients are able to withdraw amounts from their accounts.