The CIIB board of directors consists of several international Citibank officers.
CIIB will rely on the global resources and capabilities of Citicorp and its subsidiaries, and aims to contribute to the development of Islamic banking products and the Islamic capital market.
In the more immediate future, the CIIB allows Citibank to participate more fully in a rapidly growing market niche.
Citibank can use the CIIB to attract potential private banking clients throughout the Gulf, particularly in Bahrain and Saudi Arabia.
The CIIB will also allow Citibank to develop an internal Islamic banking expertise which can be put to use not only in the Gulf, but in South Asia, Europe and North America as well.
Banking experts suggest that Citibank could open an affiliate of the CIIB in the US as an investment firm or management company, to tap into that growing market segment.