Diversification of Islamic Financial Insturments
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promising in terms of market acceptance, cost to the Government, and prospects for secondary
markets. Besides, it is an instrument that can be readily tradable so long as the proportion of
the underlying Ijarah assets exceeds the percentage specified by the relevant Shariah Board. It
also requires close coordination between the Government’s expenditure execution and debt
issuance programs” (Sarker 2015).
Figure 13. Government Investment Certificate - SARH
Source: IIFM (2016)
The GICs have contributed to financing development projects in the Sudan by more than one
billion Sudanese pounds in the following sectors (SFS 2017). For example, financing the
domestic medical care projects through imports of advanced medical equipment for heart
surgery, Magnetic Resonance Imaging (MRI), kidney transplant and Computerized Axial
Tomography (CT). Finance the import of these equipment had contributed in reducing the
cost of treatment inside the country as an alternative to high cost medical treatment outside
the country. Moreover, financing the construction of hostels in all States of Sudan, project for
the rehabilitation of projects and promote the infrastructures and development of the country.
In addition, financing the import of laboratories, chemicals and lab- bottles for all Sudanese
Universities besides, besides, computers and accessories which were distributed to all the
schools of Sudan.
 Central Bank Ijarah Certificate (SHEHAB)
“The certificate represents part of the ownership of the assets that have been leased to the
central bank or to the government buildings or other assets that might acquire and sell to a
special purpose vehicle (SPV) that issues the securities. The contract between the SPV and the
investor is based on restricted Mudarabah in Sudan. In the case of Bahrain, the Central Bank
arranges the issuance of Sukuk (without an SPV) on behalf of the government, which
guarantees the rental payment to Su kuk holders and the repurchase of assets at maturity.