Citi launches Islamic finance products in Singapore
Citigroup in Singapore has launched commodity murabaha investments denominated in US dollar, euro, sterling and Singapore dollar, the first such products launched in the city state since the Monetary Authority of Singapore approved the sale of murabaha investment products in June.
Murabaha is a sharia-compliant contract between a bank and an investor for sale of goods at a price plus a pre-agreed profit margin.
The bank also introduced the Islamic equivalent of interest rate swaps, foreign
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