citigroup-offers-more-shariacompliant-products-in-malaysia

Citigroup offers more Sharia-compliant products in Malaysia

Citigroup ups the ante in Malaysia and introduces a new home-financing product.
In Malaysia, Citibank Berhad has launched Citibank Home Partner-i, a home financing product based on the Islamic concept of diminishing Musyarakah, which is essentially a co-ownership agreement
between the bank and the customer.

This targets both non-Muslims and Muslim homeowners who are looking to refinance their properties and first-time homeowners of completed properties.

The Islamic banking industry in Malaysia is experiencing robust and dynamic growth. However, to make Malaysia a global Islamic hub, it is essential that we launch new innovative products that are aligned to globally accepted Islamic principles, says Piyush Gupta, Citigroup country officer and chief executive officer of Citibank Berhad.

A key feature of the Citibank Home Partner-i is that unlike...
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