Sudan’s financial system is relatively small by regional standards. The banking sector comprises almost 40 banks, including five foreign and four state-owned banks. Sudan’s banking sector remains under capitalized, deficient in employing modern technology, and lacking in trained and experienced human resources. Most banks and other financial institutions are concentrated in Khartoum. Most foreign banks operating in Sudan are based in Gulf states, including Saudi Arabia, United Arab Emirates, and Qatar. The Central Bank of Sudan lists banks operating in Sudan. The financial and banking sector is regulated by the Central Bank of Sudan (under the Sudan Central Bank Act, 2002), the Khartoum Stock Exchange (under the Khartoum Stock Exchange Act, 1994) and the Insurance Supervisory Authority (under the Insurance Control Act, 2001).
Sudan has a home-grown, unique Islamic banking system and is in the process of reintroducing conventional banking practices.
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