Chapter

Interest Politics: Islamic Finance in the Sudan, 1977–2001

Endre Sйansen

in The Politics of Islamic Finance

Published by Edinburgh University Press

Published in print February 2004 | ISBN: 9780748618361
Published online March 2012 | e-ISBN: 9780748653089 | DOI: http://dx.doi.org/10.3366/edinburgh/9780748618361.003.0007
Interest Politics: Islamic Finance in the Sudan, 1977–2001

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The Islamicisation of financial legislation in the Sudan was undertaken in secrecy and haste. But whatever the prelude, from August 1983 no court could enforce interest-based contracts. After only a few months, it became apparent that the legal reform (supplement to the Civil Procedure Act) and subsequent efforts to correct the deficiencies (supplements to the Civil Transaction Act and circulars from the Bank of Sudan) were only moderately successful. Banking continued like before, and it took more than fifteen years before the government determined to enforce the prohibition of riba, which is defined as all forms of interest. However, in the recent history of the Sudan it is difficult to underestimate the overall impact of Islamic finance. This is because the political aspect of Islamic finance has always been more important than the economic aspect. This chapter discusses Islamic finance in Sudan. It is divided into four sections. The first section offers a survey of the history of Islamic finance in the Sudan. The second section focuses on the politics of Islamic finance in the 1970s and 1980s. The third section examines the most common Islamic contracts, and the final section focuses on the Islamic finance of the Sudan in the 1990s.

Keywords: Islamicisation; Sudan; financial legislation; riba; Islamic contracts; politics

Chapter.  5965 words. 

Subjects: Society and Culture

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