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Citigroup considering opening Shariah-compliant banks in Pakistan

Posted on 22 July 2010

From Microcapital.org: Citigroup is considering opening Shariah-compliant banks in the Pakistan market to serve the Muslim population whose beliefs prohibit paying interest on loans. Financial institutions offering Shariah-compliant loans do not charge interest on the loans but instead make money through fees and profit-sharing arrangements with the borrowers.
Commenting on the potential market, Global Director of Citi Microfinance Robert A. Annibale said, “There are large microfinance banks in Indonesia, Bangladesh, Pakistan, Morocco, Egypt and India where the strength of the Muslim population is greater. But interestingly none of them are Shariah-compliant”………………………………………Full Article: Source

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