Alfatawa AL Shareyyah For Sudanese Banks

Abstract:

This book is published as one unit of the book series produced by Center for research Publishing and Consultancy - Sudan Academy for Banking and Financial Sciences.

It was prepared by a committee of Sharia scholars, economists and bankers.

The version at hand is book one, issued in ThulHijja 1425 A.H- February 2005 in collaboration with the General secretariate of the Higher Shariah supervisory Board for Banks and Financial Institutions.

The subject of the book is Fatawa (religious opinions) meant to answer questions and solve problems that were faced by Sudanese banks (mainly Islamic Banks).

Questions were asked by banks' staff or more particularly by the sharia supervisory boards of these banks. They were answered by the Higher Shariah supervisory Board for Banks and Financial Institutions. Some times Fatawa were issued by the local sharia supervisory board of each bank. .. that only difficult or matters of disputative nature were referred to the Higher sharia board for a Vito. Topics of those questions were sorted out and each topic was given a separate section. These sections comprised the six chapters of the book.

The total number of sections is twenty six sections.

The topics tackled were: Fatawa on Musharaka (Musahamat, Financing by participation in Economic Sector,The Principle of “AlghunmBilghurm”, Guarantees, Liquidation), Fatawa on Mudaraba (Limited Mudaraba, Profits and Losses, Miscellaneous Fatawa), Fatawa on Salam and Istisna (Salam, Definition and legality, Financing by portfolios, Selling of the Salam commodity before holding it, Removal Of Ghaban, Demission and Exchange, (ALISAR) Financial Straits, Istisna (bid to manufacture)), Fatawa On Murabaha (Application Problems in Murabaha mode of finance, Procedures of Murabah execution, AL EENA Selling, Guarantee and financial straits, Miscellaneous Fatawa on Murabaha) and Fatawa On Deposits, Current and Saving Deposits, Investment deposits, MiscelleneousFatawa on Deposits).

Usually each chapter is started by an introductory literature about the topic to be discussed in the chapter later on. That includes a definition of topic from both the language and terminology point of view. Along with its legality by citing Quran, Sunna and jurists points of view.

Most of the members of the Sharia supervisory boards in banks are also members of the Higher Sharia supervisory Board - Central Bank. The Higher Sharia supervisory Board prevails over bank's board and its verdict is final in each issue or problem.

The material of the book is interesting because it deals with a relatively new field of Knowledge i.e. Islamic banking in particular.

The book answers many questions that arise in the mind of contemporary Muslims about the Islamic banking system. I believe it is both interesting and of great benefit.

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