CITIBANK ANNOUNCES LAUNCH OF ISLAMIC BANK.NEW YORK--(BUSINESS WIRE)--July 8, 1996--Citibank announced here today the launch of its Islamic Bank in Bahrain. Citi Islamic Investment Bank, EC (CIIB CIIB Citi Islamic Investment Bank CIIB Cayman Islands Investment Bureau CIIB Criminal Investigation and Intelligence Branch (Phillipines) CIIB Centro Interdisciplinar de Investigação Bioquímica ) is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Citicorp. It is based and incorporated in Bahrain with capital of $20 million. While CIIB will operate independently from Citicorp, it will capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. Citicorp technology, financial engineering skills, product innovation capability, customer knowledge, access to markets in 98 countries and service excellence. Mr. Mohammed Al-Shroogi, Chairman of CIIB, said that by becoming the first international bank to establish an Islamic bank, Citibank has reaffirmed its commitment to this important and growing market. He also said that CIIB will complement other Islamic financial institutions by providing value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. solutions for Islamic finance activities. CIIB will provide Islamic investors, companies, financial institutions and intermediaries with a range of products and services developed in compliance with Islamic Sharia and sound banking practices. The CIIB board of directors consists of several international Citibank officers. Its operation will be overseen by a group of renowned and respected Islamic scholars who form CIIB's Sharia board. The Sharia board will ensure that all dealings and activities of CIIB are held in conformity with Islamic jurisprudence jurisprudence (j  r'ĭspr d`əns), study of the nature and the origin and development of law. . Citibank has been providing services to Islamic investors including Islamic financial institutions, pension funds, companies and individuals since the early 1980s. This business has been involved in the origination, structuring and distribution of Islamic banking Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. transactions for trade finance, structured trade finance, leasing finance, fund management and Islamic securities. In addition to complying with Sharia practice, all transactions will conform with international banking and accounting standards. CIIB will rely on the global resources and capabilities of Citicorp and its subsidiaries, and aims to contribute to the development of Islamic banking products and the Islamic capital market. In its role as the Mudareb (or entrepreneur) and to safeguard investors' deposits, CIIB will comply with the requirements of Citibank's global fiduciary and investment services policy. The business will offer products covering liquidity management, private portfolio management, asset based finance and investments, the Islamic capital market, financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , and professional asset management services. Citicorp is a global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organization with a network of 3,400 locations worldwide spanning the developed and emerging markets. In 1995 Citicorp achieved record earnings of $3.5 billion with pre-tax earnings of $5.6 billion on $257 billion in total assets. Citibank's presence in the Middle East dates back to 1955 when it opened branches in Cairo, Beirut and Jeddah. Today Citibank has a direct presence in 10 countries in the Middle East. The Bahrain branch dates back to 1970 and has played a major role in the country's active financial market. In recognition of its leading role in the region, Citibank was voted by Euromoney in 1995 as "Best Foreign Bank in Bahrain" and "Best Bank in the Middle East". CONTACT: Citibank Kenneth Campbell Kenneth Campbell VC (April 21, 1917 - April 6, 1941) was a Scottish recipient of the Victoria Cross, the highest and most prestigious award for gallantry in the face of the enemy that can be awarded to British and Commonwealth forces. , 212/559-0048 |
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