Citibank launches Shari’a-compliant funds

Citibank, a member of Citi, recently entered into a distribution arrangement with DWS Investments, the global mutual fund arm of Deutsche Bank, whereby Citibank will make available to its customers the full range of DWS investment products which also include the Shari'a-compliant ‘DWS Noor Islamic Funds'.
DWS Noor Islamic Funds have been developed to meet the specific needs of retail and institutional Islamic investors. The DWS Noor family of funds includes: DWS Noor Precious Metals Securities Fund, DWS Noor Global Select Equity Fund, DWS Noor China Equity Fund, DWS Noor Japan Equity Fund and DWS Noor Asia Pacific Equity Fund.For a minimum investment of US$5,000 in DWS Noor Islamic Funds, investors will benefit from the potential to invest in all regions and sectors, including the option to participate in IPOs."Citibank has been active in the area of providing Shari'a-compliant investment solutions and has already adopted an ethnic approach to this segment by appointing a UAE National Segment Head," said Sanjoy Sen, Citibank's Country Business Manager for UAE.

As the global mutual fund arm of Deutsche Bank, DWS is one of the top 10 largest mutual fund managers worldwide with more than Euro 254 billion of funds under management globally. Its unique business model combines global investment knowledge with local presence and responsibility, one single brand and a country specific sales and service strategy. Founded in Germany in 1956, DWS is today a local player in Europe's most important markets. In the United States, DWS operates under the DWS Scudder brand. In 2006, DWS started its expansion into the Asia Pacific marketplace by opening in Singapore and India. The outstanding performance of DWS has been consistently confirmed though top ranks and industry awards by independent fund rating agencies.Citi has been in the Middle East for nearly 50 years and currently offers consumer-banking services in the UAE, Bahrain and Egypt. In the UAE alone, Citibank, the consumer banking arm of Citigroup, has had a presence for the past 43 years, and is expanding its major operations within the country. The bank is currently a major player in the UAE's credit card market and a leading provider of banking, Wealth Management and Consumer credit services. Source