Citi Islamic Investment Bank
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Islamic banking must operate free from interest,
deception and unfairness
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Citibank opened its first international branch in 1902
and is now active in 57 countries,. Through Citi Islamic
Investment Bank (CIIB) it offers specialist services
tailored to customers’ Islamic beliefs. The bank’s
operations are supervised by a group of Islamic scholars
who form its Sharia Board, who make sure CIIB dealings
comply with Islamic principles.
The guiding
Islamic principles the bank uses derive from the Qu’ran.
Islamic banking is founded on asset-based finance free
from interest, deception and unfairness. Because
charging and earning interest is forbidden in the
Qu’ran, the bank avoids this.
Islam condemns
the renting money as a form of usury. Therefore CIIB
follows the principle of not selling or trading what one
does not have. Money can be exchanged, or invested in a
business, but it cannot be rented. Fixed return on an
investment is forbidden, because Islamic law requires
the investor to share both in the success and in the
failure of a project.
Thus the bank does not
invest in interest-charging companies, such as
commercial banks and insurance companies, nor in
alcohol, tobacco, gambling, pork or entertainment
companies.
Building upon the experience of
the Islamic model, Citibank is now considering the
possibility of other faith value tailored services. The
bank believes the ethical and religious investment and
banking is an expanding field.
Contact details:
Citibank NA, 41 Berkeley Square, London W1X
6NA
www.citiislamic.com
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