The funds, for which Citi has been appointed local fund administrator and global custodian, are the BNP Paribas Cakra Syariah USD, Schroder Global Sharia Equity Fund USD and Manulife Saham Syariah Asia Pasifik Dollar AS. 

“The role of custodian bank is fundamental in this breakthrough initiative, especially to support such products in accessing global capital markets. These appointments underline the strength of Citi’s footprint in the Indonesian capital market,” said Batara Sianturi, chief executive at Citi Indonesia.  

The launches come months after Indonesian financial watchdog Otoritas Jasa Keuangan introduced regulations to allow global sharia funds access to global capital markets, by investing a minimum of 51 per cent in an offshore investment portfolio.

Citi has been present in Indonesia since 1968 and offers institutional and retail banking services in the country.