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Governor of the Bank of Sudan calls for reviewing future orientations for Islamic financial industry
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May 6, 2010 - 7:12:46 AM

Governor of the Bank of Sudan calls for reviewing future orientations for Islamic financial industry

 

Manama, 5 May 2010 (SUNA) - The Governor of Central Bank of Sudan, Dr. Sabir Mohamed Hassan, has affirmed during his participation in the Seventh Conference of the Council of Islamic Financial Services Institutions, which was held in Bahrain, that the Islamic financial institutions and Islamic products were the least affected by the global financial crisis and remained relatively stable. He added that while the relative stability of the Islamic financial services industry is recognized at the present time, the industry is not immune from the crisis, and the products and Islamic financial institutions are not immune from the changing market conditions, affirming that they may be adversely affected by economic depression or might be affected by the recession of the real estate

 

He explained that the conference provided a timely opportunity for the shareholders in the industrial field to discuss future orientations of the Islamic finance industry, stressing the importance of taking actions to build the infrastructure necessary for the Islamic funds

 

He said that three things must be considered, which are the administrative framework of liquidity, the law and Islamic Sharia framework and the application of standards adopted by the Islamic financial institutions. Meanwhile, the Governor of the Bank of Sudan explained that some states have already begun to apply these standards, but to continue the application of the accounting and organizational standards is highly demanded in order to make the Islamic financial industry able to cope to changes in the global banking system. MF/MO *******************



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