Citigroup launches Islamic finance products in Singapore
NEWS
These are 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 contract between a bank and an investor for the sale of goods at a price, plus a profit margin agreed beforehand. The bank also introduced the Islamic equivalent of interest rate swaps, foreign exchange forwards and cross-currency swaps for Singapore and Asia-Pacific.
These new products are aimed at onshore and offshore
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