Sudanees islamic banking experience by al siddigPresentation Transcript
بسم الله الرحمن الرحيم
The international Conference on prospective of Islamic Banking and Finance in Afghanistan
The Sudanese Islamic Banking and Finance Experience
Prof. Al/Siddig Talha Mohamed Rahama The National Ribat University Sudan - Khartoum
Sudan is an African and Arab Country has roots in Islamic Ideology
Sudan is Pioneering in establishing Islamic Banks and Financial Institutions
Sudan is a biggest African and Arabian Country.
It ’ s Area about one million sq. miles
It ’ s pop Is about 40 million
Sudan is a large fertile agriculture land.
Sudan has huge economic potential.
The Sudan Cross different historical political development Islamic movement etc.
The coming of Arab
The Funj Islamic Sultanate
Turco – Egyptian Regime
The mahadist State
Anglo – Egyptian Condominium 1899-1955.
The Republic of Sudan 1956
Army coup and military 1958-1964
In 1977 Faisal Islamic Bank started by the a peal of Sudi Prince/ Mohamed Al Faisal Al Saud.
The new Islamic Bank Face by a rush to Subscribe to the issued shares – the Capital increase two times.
The bank expand its service horizontal and vertical.
The bank compete other traditional Banks.
FIB establish subsidiary compromise:
Islamic Insurance Co. 1st . Is compant in the world.
Islamic Tr. & Ser Co.
Real State company.
The successful of F.I.B let 6 new Islamic banks Staui.
Tadamon Islamic Bank.
The West Islamic Bank.
Al Braka Bank.
The North Islamic Bank.
Comparative development Islamic Bank.
F.I.B establish Shariah Supervisory Board (S.S.B) to check all operation according to Islamic shariah, issue a lot of Fatwa training of the staff & add stander contact of the mode of investment.
The success of these Islamic Bank let the government to order to adopt Islamic bank widows.
The Sudanese Islamic Bank drawn a very large number & share – holders from Arab & Moslem world for the specialized bank:
Then weave many delegates from different Islamic country visit Sudan & study the experiment.
On Sep. 1983 the Sudan government issue judicial rules Act
New Code of Civil Procedures.
New Code Traditional 1983.
New circular from Bank of Sudan to directed all Sudanese Banks to Islamic mode.
Immediately shift to use Islamic mode of finance.
On 1989, full conversion of the banking system in the whole of the country to Islamic system.
Establishment of the High Shariah Board for the banking system and financial institutions belong the C.B.
Revision of all laws pertaining to banking through Islamic model.
Revision Bank of Sudan Act -1959.
The sale of mortgaged property Act 1990.
The Banking Business Regulation Act 1991.
Establish new institutions to support the Islamic Banking system
Khartoum Exchange 1995.
Bank Deposit Security Fund 1986.
Sudan Financial Company 1998.
A new comprehensive banking policy (1999 -2002).
Main Islamic Mode:
Salam sale for agricultural production
Current account service account only no interested role.
Investment account Morabah model.
Client the Bank.
Consortium of the commercial banks:
To finance agriculture corporation according Islamic model.
New Instrument for monetary policy:
1. Central Bank Musharaka Certificate (CMC).
2. Government Musharaka Certificate (GMC).
3. Government Investment Certificate (SARAH).
No Treasuring Bills
No Central Bank Bonds.
Takaful – Islamic Insurance:
The 1 st Islamic insurance compontion the World Started in Sudan – 1979.
Islamic Insurance = Co operative Insurance
Ministry of Finance (2004) established a new department for sukuk organization, the sukuk include:
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