Bank1. The Saudi Investment Bank Bank2. Citigroup Name all the deposit products offered by the bank....

Bank1. The Saudi Investment Bank
Bank2. Citigroup

Name all the deposit products offered by the bank. Give some brief details as much as possible.

What is similar and different in the two banks? In this point

Expert Solution

The deposit products offered by The Saudi Investment Bank are Islamic Deposits, Time Deposits, Murabaha Deposit, and Structured Deposit. The Islamic Deposits of The Saudi Investment Bank are Murabaha Contracts that allows the bank’s clients to make a profit on funds placed with it in a safe and Shariah-Compliant manner.

The deposit products offered by Citigroup are term deposits and time deposits, fixed deposits, and recurring deposits. Citigroup offers these deposits just like any other banking entity in the world and pay interest to their clients for the deposits. For instance when a customer parks money in the form of fixed deposits then the customer can select to receive interest on a periodic basis (it can be monthly or annually) or on maturity.

In terms of similarities both banks offer interest payments on the deposits and the interest rate is based on the tenor of the deposit. In terms of differences The Saudi Investment Bank has many deposit products that are governed by the principles of Islamic Finance and so it has tailored many of its deposit products to ensure that they are Shariah compliant.

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