Islamic banking
Islamic banking is a financial system that conducts banking and business activities in accordance with the provisions and principles of Islamic law. It makes business and business decisions based on the beliefs and principles of Sharia law.
The modern Islamic banking industry emerged in the 1980s. This was made possible by the efforts of Muslim economists, who sought to find alternatives to the conventional Western economy. They made the decision because interest-based transactions violated Shariah.
The term “Islamic banking” refers to the conduct of banking in accordance with Islamic teachings. The main idea of Islamic banking is to eliminate the involvement of interest in all types of transactions in conducting business and commercial activities. Islamic banking focuses on fair and legitimate profit-loss sharing for both banks and customers.
Compared to the conventional banking system, Islamic banking greatly reduces the risk of banking. Islamic banking also emphasizes ethical investment to ensure a sustainable economic growth worldwide.
Introduction to City Islamic
Citibank’s Islamic banking journey began in 2003, when it started operating through a single Islamic banking branch. Islamic faith and devotion to the principles of Sharia guide the daily financial needs of the people of Bangladesh. With this growing demand, it has been decided to re-launch City Islamic in order to establish a modern Shariah compliant banking system.
Shariah compliant personal and corporate banking products and services vary. Citibank aims to combine the Shariah-based expertise of an independent Shariah oversight committee with Citibank’s Islamic banking team.
Key Features
We all have more or less an idea about banking. But what kind of service is this Islamic banking service of Citibank actually going to offer? Let us know in detail about the features of Citibank’s Islamic banking services.
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Shariah-based banking services
Personal and corporate banking products and services can be enjoyed in a Shariah-compliant manner. An independent Shariah Supervisory Committee has been formed comprising of expert scholars and industry practitioners to ensure Shariah compliant banking system.
Citibank has become a member of Bahrain-based AAOIFI to adhere to the best Islamic banking practices. Fatwas and Shariah frameworks for each product have been published on the website to ensure transparency. Also the award winning Shariah-compliant Islamic banking software will ensure its distinction from conventional banking.
From City Islamic Banking you will get current account, savings, financing etc. services. There are also various services for your business organization.
Nationwide branches
Shariah-based personal and corporate banking products and services will be available at all branches, sub-branches and ATMs of Citibank across the country.
CityTouch digital banking facility
Citibank’s digital banking platform, Cititouch can be used with Citibank’s Islamic Banking. As a result, the activities of the bank can be completed without any problem
The country’s first American Express Islamic credit and debit card
Citibank offers American Express Islamic credit and debit cards as part of Shariah-based banking services. From these credit cards and debit cards you will also get discount offers in different places. These will be operated without interest, Citibank said.
Contact your nearest Citibank branch to get the services. Besides them Also on the website You will get a lot of information.
What is your opinion about this Islamic banking service of Citibank? Let us know in the comments section.
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