The Higher Sharia Supervisory Board of the Central Bank of Sudan received Tuesday a judicial delegation from Indonesia on a visit to get acquainted with the pioneering experience of Central Bank of Sudan in Islamization of the banking system and financial institutions.
The member of the Higher Sharia Supervisory Board and the Judge in the Supreme Court Al-Sheikh Tayib Musa Al-Faki chaired the meeting.
The member of the Higher Sharia Supervisory Board Dr. Mohamed Ali Yousuf presented full explanation for the terms of reference of the board and the nature of its work in issuing fatwas (verdicts) in accordance with the provisions of the Islamic Sharia along supervising to what extent the banking system and financial institutions complied tightly with Islamic Sharia in the banking and financial transactions.
The member of the Higher Sharia Supervisory Board Dr. Al-Tijani Abdel-Gadir presented detailed explanation about the Islamic modes of finance including Murabaha, Masharak, Mudaraba, Ijarah (operating lease), the lease ended with ownership and Al-Salam and how they are applied , reviewing the experience of Sukuk (bonds) instruments issuance where it is the first expertise for the issuance of instruments to finance government under the supervision of the Higher Sharia Supervisory Board.
He added that the board submitted a proposal to issue instruments based on assets owned by the state but by leasing formulas, explaining that the most important feature of these instruments is that they help in the open market operations as they realize growth without increase in inflation rates.