Title: Islamic financial system in Sudan: evolution and assessment

Authors: Iwona Sobol; Tomasz Michałowski

Addresses: Institute of International Business, University of Gdańsk, Armii Krajowej 119/121, Sopot, 81-824, Poland ' Institute of International Business, University of Gdańsk, Armii Krajowej 119/121, Sopot, 81-824, Poland

Abstract: Sudan is one of the largest Sub-Saharan African countries in terms of surface and population. The Islamisation processes in Sudan were initiated a few centuries ago. However, it was not until the late 1970s that the Islamic financial system started to emerge in the country. The creation of a fully Islamic financial system in Sudan was a unique project. The paper aims to present the emergence of the Sudanese Islamic financial system along with its evaluation. The primary focus is put on the banking system, since it is the most developed sector of the Sudanese financial system. The authors try to examine whether the Islamisation of the banking system in Sudan has been successful. They mention the major problems the Sudanese financial system encounters. They conclude that it may be impossible for Sudan to stick to the pure Sharia-compliant system.

Keywords: Sudan; Islamic finance; Islamisation; banking industry; Sharia compliance; banks.

DOI: 10.1504/AJESD.2015.069855

African Journal of Economic and Sustainable Development, 2015 Vol.4 No.2, pp.109 - 124

Received: 18 Feb 2015
Accepted: 18 Feb 2015
Published online: 14 Jun 2015 *

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