Citibank foresees more competition

Of the conventional banks involved in Islamic finance deals, Citibank is amongst the top. The bank has a Bahrain office. Mohammed E. Al-Shroogi, regional Citibank manager in Bahrain, sees the resurgence of religion in the Islamic world as factor in the growth of the Islamic finance field. He sees the increase in the religious spirit and in the number of youth of the Muslim world as influences. Furthermore, the management and ethics of Islamic banks are seen as having improved. The market of Islamic investors is seen to be concentrated in Gulf states and in other Muslim countries like Pakistan and Malaysia. In terms of finding borrowers, the funds reap higher returns in emerging economies like India and Mexico. While the investors sre Islamic, the individuals who borrow need not be Muslims. The deals, however, must of course be Islamically permissible. In the Islamic niche, conventional banks and Islamic institutions are in competition. Citibank's global standing makes it li