Citibank Bahrain and the Citi Islamic Investment Bank have launched their Sharia-compliant corporate current account.

The new account is targeted at corporate clients providing them with all the convenience and flexibility of a current account supported with a world-class service experience.

The account has been certified as Sharia-compliant by an eminent panel of Sharia scholars that includes Shaikh Nizam Yaquby, Dr Nazih Hamad and Dr Mohammed Ali Elgari.

Citibank also offers a range of Islamic investment options for corporate clients who wish to invest in Sharia compliant vehicles and maximise returns.

These range from sukuk, Islamic mutual funds and customised structured notes.

"Islamic banking is the fastest growing segment within commercial banking today, and the newly launched Sharia-compliant current account for companies is part of our strategy to serve the small and medium enterprises (SMEs) segment," said Citibank chief executive Mayank Malik.

"This is in line with our efforts to meet the needs of SMEs who form the backbone of any economy and are significant contributors to business activities in Bahrain."-TradeArabia News Service