basic Information                                                                                                      

Incorporation:

Al-Shamal Islamic Bank was incorporated as a public company limited by shares, on July 23rd, 1985 and officially inaugurated on January 2nd, 1990.

Inauguration: The Bank was officially inaugurated on Jan. 2nd, 1990.

Authorized Capital: 250,000,000 SDG.

Paid Capital: 250,000,000 SDG, up to this date.

Main Office: Al-Sayed Abdurrahman Street, Khartoum - Sudan

Phone Numbers: 0183-771735/ 0183-774728/ 0183-779078

Fax: 0183-773585/ 0183-784282

Swift Code: (isbssdkh)

Postal Code: 11111

Website: www.shib.sd

E-mail: info@shib.sd

Second: Objectives of the Bank:-

a.To spread and development the banking work of all types according to the Islamic model as well as to encourage and enhance banking and investment awareness based on Islamic principles.

b. To contribute in the development projects within the framework of the national economy’s plan, particularly the development projects for the Northern region in the fields of agricultural, commercial, mining and real estate investment.

c. To care for the expatriates of Northern region in particular and other regions in general, in addition to the attraction and utilization of their savings in a way that maintains their interests and the interests of the region in particular which goes in line with the general interest of the country.

d. To establish, possess – of any kind- and possess any real estates or movable assets assigned for the Bank’s operation and achievement of its purposes inside or outside Sudan, or the possession of anything of the aforementioned by any means of assignment.

e. To support, coordinate and develop business, commercial, economic and financial dealing between Sudan and other Islamic, Arab and international countries, organizations, companies and corporations, in a way that does not contradict with the Islamic Sharia’ Laws.

f. To conduct technical, economic and consultative researches in general, and projects feasibility studies in particular.

g. To carry out investment operations according to Islamic dealing formulas, such as sharing, “Murabaha”, speculation, and others.

h. To establish or enter into any partnership, incorporate, assign or cooperate with any natural or legal person practicing any work the Bank is authorized to carry out whether directly or indirectly.

i. To carry on all types of Banking works pursuant to the Sharia’ Laws. Without prejudice to the generality of that, the Bank shall particularly:

First : Issue shares or any stock exchange to transfer them or for dealing

in them.

Second: accept all kinds of trusts in all kinds of local or foreign currencies, and open all types of accounts in all types of currencies, besides the establishment of treasuries for receiving and safekeeping of any money, documents or others.

Third : Work in stock exchange market and carry on foreign exchange operations.

Fourth: carry on speculation, “Murabaha” and sharing operations in all types of commercial, industrial, real estate, agricultural and other activities within the framework of the Islamic Sharia’ Law.

Fifth: Grant good loans according to principles and regulations approved by the Board of Directors

Sixth: Conduct all works of guardianship, manage legacies, companies and corporations, whether national or foreign ones.

Seventh: Commence or establish any other business as seen necessary or adequate by the BOD in a way that supports the Bank’s objectives and achieves public benefit in accordance with the Islamic Sharia’ Law.

Eighth: Take loan or negotiate loan obtaining, provided that all necessary measures that insure any loans or facilities granted by the Bank shall be taken according to the Islamic Sharia’ law.

Ninth: Insure covering of all of its assets possessed, imported, exported or dealt in.

Tenth: Obtain any concessions granted by the government or any other authority and investment in these concessions.

Eleventh: Utilize and invest any monies available at the Bank according to the Islamic Sharia’ Laws.

j. To carry on any agency operations that relates to banking work, in addition to appoint agents, establish branches, offices and companies in Sudan and abroad.

k. To prepare and qualify staff well trained in banking work in accordance with the Islamic method.

Third: Laws and Regulations Governing the Bank’s Operation:-

The Bank’s Statute (Memorandum and Articles of Association):-

· Companies Ordinance 1925

· Banking Works Regulation Act,1991

· Khartoum Stock Market Act

· Work Relations Act

· Taxation and Zakat Act

· Sudan Civil Procedures Act 1984

· Sale of Mortgaged Assets to the Bank Act

· Investment Encouragement Act

· Lease Act

· World Chamber of Commerce Regulations, Laws and Conventions.

· Central Bank of Sudan Regulations, Policies, Circulars and Directions.

· The Bank’s Internal Regulations

· All Laws and Regulations that regulate banking work in Sudan and abroad.

Fourth: The Bank’s Branches and Subsidiaries Companies and Its Current Capital Contributions:-

Based on the Bank’s top management’s belief in the significance of geographical expansion for the purpose of maintaining public banking awareness and mobilization, utilization and development of resources to efficiently contribute in economic and social development, the Bank’s branches have been increased up to (22) branches to date, (15) of which in the capital city, (7) in the various Sudanese states, in addition to (1) branch at (Souque “6” Elhaj Yousuf). These branches are connected by the internet and provided with modern technological devices. The Bank also has suggested establishing branches in the various Sudanese states that are proposed to gradually be opened so as to cover the whole parts of the country, by the Will of Allah.

Subsidiaries:-

In order to achieve its developmental, investment and business objectives, the Bank – since its foundation- has established two companies, one of them is a business and investment company, and the other is an agricultural service company. Both companies are operating and covering all fields of trade, agriculture and services, and the various types of investment and development.

These two companies are:

- The International Modern Investment Company Ltd.

- Gondeela for Agricultural and Investment Services Co. Ltd.

For the purpose of integrating the two companies’ efforts and activating their economic and commercial role; and for strengthening their working capital of up to (1,167,000) SDG; the BOD has taken a decision to merger Gindeela Company in the International Modern Investment Company Ltd – 21 October St. – East of Elmawadda Specialized Hospital – North of Elzaytoona Specialized Hospital.

Capital Contributions:

Due to the significance of long-term investment for the Country’s development, and in order to achieve the developmental dimension; and to economically support and direct the Country, the Bank has contributed in a considerable number of leading companies and corporations that operate in the various economic, developmental and strategic sectors in the Country. The below table shows the Bank’s capital contributions:

Capital Contributions:

Amounts in SDG

No

Company Name

Current Balance

1

International Modern Co. (Subsidiary)

1.155.000

2

Soundus Agricultural Project

25.000

3

National Petroleum Co

24.450

4

Electronic Banking Services Co

26.681

Total

1.231.131

 

 

 


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