Diversification of Islamic Financial Insturments
89
Table 39. Total Deposits in Local Currency 2015 (in million USD)
Depositors Demand deposits
Savings and investments
deposits
Federal and state gov. 158.7 108.1
Public enterprises 149.1 142.3
Private sector 3728.8 4014.1
Total 4110.6 4264.5
Grand Total 8375
Deposit/GDP 9%
Source: Central Bank of Sudan
Finances
In Sudan finance is provided by Islamic banks according to the economic activity and according
to the Islamic mode of financing. The following Table (Stocks of Banking Finance) presents the
stock of finance in local and foreign currencies provided to different economic sectors in
Sudan. The banking finance includes finance extended by the operating banks to the private
sector, public enterprises and to the state and local governments.
Table 40. Stock of Banking Finance by Economic Activities in Local and Foreign Currency 2015
Sector Stock of finance
(in millions USD)
%
Agriculture 1428.8 16.0
Manufacturing 1276.2 14.3
Exports 230.5 2.6
Transportation and storage 669.2 7.5
Local trade 988.3 11.1
Imports 240.4 2.7
Construction 1610.1 18.1
Mining 51.9 0.6
Services 2414.2 27.1
Total (stock) 8909.33 100
Source: Central Bank of Sudan.
In 2015 the stock exceeded 8.9 billion USD where services sectors (telecommunication,
medical services etc.) received 27.1% of the total finance in local currency. This is followed by
the construction sector 18.1% and the agriculture sector (16 %). Regarding the mode of
finance, the Table below shows the Flow of Islamic banking finance during 2015.
The flow exceeded 9 billion USD. As realized it is dominated by Murabahah mode as the case
in all jurisdictions that practice Islamic finance (almost 50% compared to 30% in Malaysia),
however, according to Central Bank of Sudan, it’s decreasing through years because of the
Bank’s policy in encouraging banks using other modes.