Islamic Economics and Finance in Sudan: An Overview
The main objective of the report is to provide short and key insights on the development and the current status of the Islamic finance industry in Sudan. The report contains basic information that enables readers to understand the development, scope and current status of Islamic finance in this country (Sudan). Islamic finance in Sudan has a long history starting in 1977 when the first Islamic bank, Faisal Islamic Bank, was established. Now, Sudan has a fully fledged Islamic financial system. The financial system includes multiple market players such as banks, takaful companies, and microfinance institutions under the governance of the Central Bank of Sudan (CBoS) and the Insurance Supervisory Authority (ISA). The report, therefore, gives information about Islamic Banking, Takaful, and Stock Market. It also provides a highlight on the role and current status of Islamic microfinance institutions in socioeconomic developments. It shows the zakah system and its structures, its current status and potential to grow in the future. The country has high Shariah supervision over the financial activities and this report also shows the role of Shariah in these subcomponents of the Islamic finance.