Faisal Islamic Bank of Sudan

Summary

Faisal Islamic Bank (Sudan) is an Islamic bank in Sudan that describes itself as having "Islamic orientation" and "Sudanese features". ¹ The Indian site Siasat Daily described it in 2016 as Sudan's largest lender, favouring low-risk, short-term loans. ¹

Origins

According to the bank, it was founded in May 1977 by 86 Sudanese and Saudi founders and nationals of other Islamic states, who subscribed and paid up half of the authorised capital. ¹ It is headquartered in Khartoum, with 65 branches mostly in Khartoum, Khartoum North and Omdurman, and 1,288 employees. ¹

Ownership

The Chicago Tribune reported in 2001 that the Dar Al-Maal Al-Islami Trust, founded in 1981 to spread Islamic banking, owned 19% of it, and the article notes that it is partly owned by Saudis. ¹

References

English Wikipedia, "Faisal Islamic Bank of Sudan", revision 1359506935. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

Faisal Islamic Bank of Sudan

At a glance

In the Modern Islam Browser

Footprint

Summary

Origins

Ownership

References

People and things also explored

Sources

Made

Islamic banks and conventional banks — the difference, the doubts and the performance