Central Bank Bans Purchase Financing
Sudan Events – Rehab Abdullah
The Central Bank of Sudan has prohibited banks from granting financing through the formula of absolute Mudaraba (speculation) or Mudarab and Musharaka (Partnership) to banks members of boards of directors, for the purpose of trading in foreign currencies, purchasing stocks and securities, repaying existing or faltering financing operations, or purchasing gold and its residues, in addition to prohibiting financing against any government mortgages as well as prohibiting trading in telecommunications balance. According to the Central Bank’s monetary policy for the year 2024, it prohibits financing for the purchase of land, real estate, and cars other than what is permitted, in addition to prohibiting financing local trade other than production inputs, and prohibits import financing other than agricultural production inputs.
