Citi Private Bank is dedicated to serving the world's wealthiest individuals and families. Its unique business model enables us to focus on fewer, larger and more sophisticated clients with a net worth in excess of USD 100 million. Citi Islamic Private Banking clients enjoy an entirely customized experience with access to a comprehensive range Sharia-compliant products and services. This offering is available for worldly and wealthy individuals and their families interested in customized private banking service that crosses borders.
Under the Islamic principal of Murabaha, Citi is able to enter into a Sharia-compliant commodity trade with Citi Private Bank clients. As the agent, Citi purchases permissible commodities for the client which are then sold on a deferred payment basis at a higher price, allowing the client to earn profit.
Citi Private Bank clients are able to raise financing by entering into a Sharia-compliant Murabaha commodity trade with clients. As the agent, Citi purchases permissible commodities for the client which is then sold on a deferred payment basis, allowing the client to raise capital over their required tenor.
This product is a sharia compliant version of margin financing. The funds are provided through a commodity murabaha transaction against a security package which is sharia compliant.
Citi Private Bank clients can monetize their commercial real estate holdings through a traditional Murabaha financing structure. This financing can be secured by the client’s commercial real estate as collateral, provided that the underlying real estate acceptable from sharia perspective.