Citi announced the appointment of Samad Sirohey as Chief Executive Officer of Citi Islamic Investment Bank & Head of Global Islamic Banking.
- United Arab Emirates: Tuesday, May 06 – 2008 at 15:45
- PRESS RELEASE
His extensive experience in Debt Capital Markets and related products will be additive to Citi’s Islamic Banking Business and he will also be instrumental in leading and enhancing Citi’s Debt Capital Markets dialogue with clients in the Middle East Region.
Citi’s Global Islamic Banking operations were established in 1981 in London, and in 1996 Citi became the first international financial institution to set up a separately capitalized Islamic Bank – the Citi Islamic Investment Bank.
Since inception, Citi Islamic has player a pioneering and leading role in the development of Islamic Finance globally, having successfully arranged several billion dollars of Islamic transactions for issuers in the Middle East, Asia, Europe and Latin America.
This includes the origination, structuring and distribution of numerous landmark Sukuk, syndications, project financings, Islamic advisory and investment products.
Today, the bank is ranked as the leading bookrunner of international Islamic Finance transactions.
Commenting on his new appointment, Samad said:
‘Citi is a driving force behind the development of Islamic banking methods that meet the needs of diverse clientele worldwide. I am delighted at the opportunity to lead the Citi Islamic franchise and look forward to a period of unprecedented growth in the industry and for Citi Islamic as we continue to innovate and offer Shari’a-compliant finance and investment solutions to our clients across the globe’.
Mohammed Al-Shroogi, Managing Director for the Middle East, Chief Executive Officer for Citi in the UAE, and founding Chairman of the Citi Islamic Investment Bank, said: ‘Over the past few years, our Islamic Banking Business has transformed into a market leading franchise with significant growth in revenue and market share. With Samad’s world class Capital Markets background and knowledge, we are confident that this business will achieve new heights under his leadership’.
Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise.
It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.